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Namdar Realty Group

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Namdar Realty Group
Company typePrivate[1]
IndustryRetail, real estate
FounderIgal Namdar (Namdar)
Elliot Nassim (Mason)[2]
Headquarters
Great Neck, New York[3]
,
United States
ProductsShopping malls

Namdar Realty Group is a shopping mall investment company based in Great Neck, New York. They primarily purchase troubled shopping malls with partner Mason Asset Management.[2][4] As of 2019, Namdar and Mason own over 200 properties including 100 plus malls.[2][5]

Strategy

Namdar and Mason primarily purchase malls for low prices, with various problems, but do not invest in improving them.[2][6] Most malls they purchase are in markets considered B and C grade.[7] Because of this low price/maintenance, they have a high return on investment.[2] Namdar's primary source of investment capital comes from bonds on the Tel Aviv Stock Exchange.[4][6]

Namdar and Mason often charge lower rent to keep mall vacancies low.[2] They will also split proprieties to sell off individual pieces.[4][6] The companies also work with Uber Capital Group LLC and Gorjian Acquisitions to acquire properties.[8][9]

History

Namdar and Mason partnered to begin purchasing malls in 2012, with the first mall purchased being Desoto Square Mall.[2] Phillipsburg Mall was purchased from PREIT in 2012 for $11.5 million, with numerous subdivisions and sales later occurring including the anchor building housing Kohl's.[6] The roof at the former Sears at the Phillipsburg Mall would later collapse.[10] Lawsuits were ongoing in 2018 over Regency Square Mall's lack of maintenance by Namdar.[4] Voorhees Town Center was having maintenance and security issues the same year.[4] Namdar and Mason purchased most of the bankrupt Goodrich Quality Theaters chain in July 2020.[11][12]

Failed Bon-Ton purchase

See also: The Bon-Ton

Namadr was part of a group of investors who attempted to purchase The Bon-Ton from liquidation. The group also included DW Partners LP and Washington Prime Group.[1][13] Due to a fee issue, the attempt failed, and Bon-Ton liquidated.[13][14]

List of properties

Mall properties owned or managed by Namdar Realty Group as of 2020 include:[15] (This list is incomplete)

References

  1. ^ a b Harris, Jon (April 10, 2018). "Who is the 'investor group' trying to save Bon-Ton from liquidation?". The Morning Call. Retrieved 23 July 2020.
  2. ^ a b c d e f g Naidu, Richa; O'Donnell, Carl (26 June 2018). "Who is making money from struggling U.S. malls?". Reuters. Retrieved 23 July 2020.
  3. ^ "Company Overview of Namdar Realty Group LLC". Bloomberg. Bloomberg. Retrieved 22 July 2020.
  4. ^ a b c d e 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. Retrieved 23 July 2020.
  5. ^ Duhart, Bill (22 July 2019). "N.J. mall sold for half price to company that already owns a dying mall". NJ.com. Advance Local Media. Retrieved 23 July 2020.
  6. ^ 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. Retrieved 23 July 2020.
  7. ^ Urbanski, Al (June 9, 2020). "Namdar acquires Connecticut mall, its seventh this year". Chain Store Age. Retrieved 23 July 2020.
  8. ^ Ocasio, Victor (February 8, 2017). "24-year-old's firm arranges $7.8M in financing". Newsday. Retrieved 23 July 2020.
  9. ^ "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. Retrieved 23 July 2020.
  10. ^ Novak, Steve (23 October 2019). "Bon-Ton gone: Another Phillipsburg Mall anchor is torn down (and ownership is silent)". Lehigh Valley Live. Retrieved 23 July 2020.
  11. ^ Moore, Lindsay (17 July 2020). "Goodrich Quality Theaters will reopen after being bought out of bankruptcy". mlive. Advance Local Media. Retrieved 23 July 2020.
  12. ^ "Goodrich Theaters purchased, reopening plans announced". 1450 99.7 WHTC. July 20, 2020. Retrieved 23 July 2020.
  13. ^ a b Lawder, Melanie (April 11, 2018). "Bon-Ton bankruptcy court ruling makes liquidation more likely". Milwaukee Business Journal. American City Business Journals. Retrieved 23 July 2020.
  14. ^ Wilson, Marianne (April 18, 2018). "Bon-Ton Stores headed for liquidation". Chain Store Age. Retrieved 23 July 2020.
  15. ^ "Namdar Realty Group Properties". Namdar Realty Group. Retrieved 23 July 2020.
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