Real estate investment firm
Namdar Realty Group is a private, family-ownedreal estate investment trust based inGreat Neck, New York . As of 2021[update] [ 2] [ 4]
The company is most well-known for its ownership of over 100shopping malls . Namdar's mall portfolio largely consists of "class B" and "class C" malls in small-to-midsize markets, many of which have been classified asdead or dying .[ 5] absentee landlord with a reputation as a 'slumlord '".[ 6]
Namdar's business strategy focuses on acquiring pre-built "class B" and "class C" malls in smaller markets. Because of their locations and current states, the malls are typically purchased in cash for around $5.3 million.[ 7] [ 8] [ 9] [ 8] outparcels .[ 6] [ 9] capitalization rate averages 2-3 times that of a standard mall.[ 8]
Namdar's purchases are typically made with a partner firm,Mason Asset Management. [ 8] [ 6] [ 10] [ 11] [ 12] [ 13] Tel Aviv Stock Exchange .[ 6] [ 9]
Namdar and Mason partnered to begin purchasing malls in 2012, with the first mall purchased beingDesoto Square Mall inBradenton, Florida .[ 8] Phillipsburg Mall inWarren County, New Jersey , was purchased fromPREIT in 2013 for $11.5 million, with numerous subdivisions and sales later occurring including the anchor building housingKohl's .[ 9] Sears at the Phillipsburg Mall would later collapse.[ 14] Regency Square Mall inJacksonville, Florida .[ 2] [ 6] Voorhees Town Center inVoorhees Township, New Jersey , was having maintenance and security issues the same year.[ 6] Jennifer Furniture was purchased in June 2020 by John Garg and Namdar.[ 15] Goodrich Quality Theaters chain in July 2020.[ 16] [ 17] New York City area property purchases in 2021.[ 18] [ 19]
Failed Bon-Ton purchase [ edit ] Namdar was part of a group of investors who attempted to purchaseThe Bon-Ton from liquidation. The group also included DW Partners LP andWashington Prime Group .[ 1] [ 20] [ 20] [ 21]
Mall properties owned or managed by Namdar Realty Group as of 2024 include:[ 22]
Acadiana Mall ,Lafayette, Louisiana Bangor Mall ,Bangor, Maine Berkshire Mall ,Wyomissing, Pennsylvania Cache Valley Mall ,Logan, Utah Central Mall ,Fort Smith, Arkansas Chambersburg Mall ,Chambersburg, Pennsylvania College Square Mall ,Cedar Falls, Iowa Conestoga Mall ,Grand Island, Nebraska Country Club Mall ,Cumberland, Maryland Crossroads Mall ,Waterloo, Iowa Crossroads Mall,Beckley, West Virginia Crystal Mall ,Waterford, Connecticut Eastdale Mall ,Montgomery, Alabama Enfield Square Mall ,Enfield, Connecticut Ford City Mall ,Chicago, Illinois The Gallery at South DeKalb ,Decatur, Georgia Grand Traverse Mall ,Garfield Township, Grand Traverse County, Michigan Gulf View Square ,Port Richey, Florida Hamilton Mall ,Mays Landing, New Jersey Heritage Mall ,Albany, Oregon Hickory Point Mall ,Forsyth, Illinois Jackson Crossing ,Jackson, Michigan The Lakes Mall ,Muskegon, Michigan Logan Valley Mall ,Altoona, Pennsylvania Marley Station Mall ,Glen Burnie, Maryland Meriden Mall ,Meriden, Connecticut Merritt Square Mall ,Merritt Island, Florida Mesilla Valley Mall ,Las Cruces, New Mexico Midway Mall ,Elyria, Ohio Newburgh Mall ,Newburgh, New York Nittany Mall ,State College, Pennsylvania North Hanover Mall ,Hanover, Pennsylvania Northfield Square Mall ,Bourbonnais, Illinois Regency Square Mall ,Jacksonville, Florida River Oaks Mall ,Calumet City, Illinois River Valley Mall ,Lancaster, Ohio The Shops at Ithaca Mall ,Ithaca, New York Sierra Vista Mall ,Clovis, California South Park Mall ,San Antonio, Texas South Shore Mall ,Bay Shore, New York Southland Mall ,Memphis, Tennessee St. Louis Outlet Mall ,Hazelwood, Missouri Steeplegate Mall ,Concord, New Hampshire Stonecrest Marketplace ,Lithonia, Georgia Sunrise Mall ,Citrus Heights, California The Shoppes at Buckland Hills ,Manchester, Connecticut Uniontown Mall ,Uniontown, Pennsylvania University Mall ,Carbondale, Illinois Voorhees Town Center ,Voorhees Township, New Jersey Wenatchee Valley Mall ,East Wenatchee, Washington West Valley Mall ,Tracy, California Westgate Mall ,Amarillo, Texas Westland Center ,Westland, Michigan Pittsburgh Mills ,Tarentum, Pennsylvania ^a b Harris, Jon (April 10, 2018)."Who is the 'investor group' trying to save Bon-Ton from liquidation?" .The Morning Call . RetrievedJuly 23, 2020 . ^a b c Jones, Sasha (January 17, 2021)."Namdar Realty Group Plows Forward as Mall Properties Decay" .The Real Deal New York . RetrievedFebruary 10, 2021 . ^ "Company Overview of Namdar Realty Group LLC" .Bloomberg . Bloomberg. RetrievedJuly 22, 2020 .^ Duhart, Bill (July 22, 2019)."N.J. mall sold for half price to company that already owns a dying mall" .NJ.com . Advance Local Media. RetrievedJuly 23, 2020 . ^ Urbanski, Al (June 9, 2020)."Namdar acquires Connecticut mall, its seventh this year" .Chain Store Age . RetrievedJuly 23, 2020 . ^a b c d e f Adelman, Jacob (May 13, 2018)."Owner of former Echelon Mall, called 'slumlord' in Fla., taps overseas cash to become nation's biggest mall buyer" .The Philadelphia Inquirer . RetrievedJuly 23, 2020 . ^ Wiltermuth, Joy (August 17, 2021)."Meet the Long Island guys who love unloved shopping malls" .MarketWatch . RetrievedSeptember 20, 2021 . ^a b c d e Naidu, Richa; O'Donnell, Carl (June 26, 2018)."Who is making money from struggling U.S. malls?" .Reuters . RetrievedJuly 23, 2020 . ^a b c d Harris, Jon (March 15, 2019)."What happened to the Phillipsburg Mall? Behind the vacancies and decay: A tough retail climate and low-investment owners" .The Morning Call . RetrievedJuly 23, 2020 . ^ Ocasio, Victor (February 8, 2017)."24-year-old's firm arranges $7.8M in financing" .Newsday . RetrievedJuly 23, 2020 . ^ "Executive of the Month: Joel Gorjian of Gorjian Acquisitions and Namdar Realty Group acquires 18 retail properties nationwide" .New York Real Estate Journal . November 15, 2016. RetrievedJuly 23, 2020 .^ Parton, Mitchell (February 25, 2020)."New York investors buy San Antonio mall worth $102M" .San Antonio Business Journal . RetrievedOctober 12, 2020 . ^ Valigra, Lori (April 19, 2019)."Bangor Mall sells for $12.6 million, well below assessed value" .Bangor Daily News . RetrievedOctober 12, 2020 . ^ Novak, Steve (October 23, 2019)."Bon-Ton gone: Another Phillipsburg Mall anchor is torn down (and ownership is silent)" .Lehigh Valley Live . RetrievedJuly 23, 2020 . ^ Parrish, Tory N. (March 1, 2021)."Jennifer Furniture comes back to its LI roots" .Newsday . RetrievedApril 9, 2021 . ^ Moore, Lindsay (July 17, 2020)."Goodrich Quality Theaters will reopen after being bought out of bankruptcy" .mlive . Advance Local Media. RetrievedJuly 23, 2020 . ^ "Goodrich Theaters purchased, reopening plans announced" .1450 99.7 WHTC . July 20, 2020. RetrievedJuly 23, 2020 .^ White, Alexandra (June 24, 2021)."West Village Apartment Building Sells for $23.5 Million" .The Real Deal New York . RetrievedSeptember 20, 2021 . ^ "Klosed, Namdar buy five-building Hell's Kitchen portfolio for $26M" .Real Estate Weekly . June 25, 2021. RetrievedSeptember 20, 2021 .^a b Lawder, Melanie (April 11, 2018)."Bon-Ton bankruptcy court ruling makes liquidation more likely" .Milwaukee Business Journal . American City Business Journals. RetrievedJuly 23, 2020 . ^ Wilson, Marianne (April 18, 2018)."Bon-Ton Stores headed for liquidation" .Chain Store Age . RetrievedJuly 23, 2020 . ^ "Namdar Realty Group Properties" .Namdar Realty Group . RetrievedJuly 23, 2020 .
