Company type | Private [1] |
---|---|
Industry | Retail, real estate |
Founded | 1999[2] | (Namdar)
Founder | Igal Namdar (Namdar) Elliot Nassim (Mason) [3] |
Headquarters | , United States |
Products | Shopping malls |
Website |
namdarrealtygroup |
Namdar Realty Group is an American shopping mall “investment” company based in Great Neck, New York. They primarily purchase dying or dead shopping malls with partner Mason Asset Management. [3] [5] Namdar and Mason are both family owned, and as of 2021, own over 400 properties including 100 plus malls. [2] [3] [6]
Namdar and Mason primarily purchase malls for low prices, with various problems, but do not invest in improving them. [3] [7] The deals for these malls are done in cash. [8] Most malls they purchase are in markets considered B and C grade. [9] Because of this low price/maintenance, they have a high return on investment. [3] Namdar's primary source of investment capital comes from bonds on the Tel Aviv Stock Exchange. [5] [7]
Namdar and Mason often charge lower rent to keep mall vacancies low. [3] They will also split properties to sell off individual pieces. [5] [7] The companies also work with Uber Capital Group LLC and Gorjian Acquisitions to acquire properties. [10] [11] CH Capital Group has become a partner in several acquisitions. [12] [13]
Namdar and Mason partnered to begin purchasing malls in 2012, with the first mall purchased being Desoto Square Mall in Bradenton, Florida. [3] Phillipsburg Mall in Warren County, New Jersey, was purchased from Pennsylvania Real Estate Investment Trust in 2013 for $11.5 million, with numerous subdivisions and sales later occurring including the anchor building housing Kohl's. [7] The roof at the former Sears at the Phillipsburg Mall would later collapse. [14] Lawsuits were ongoing in 2018 over lack of maintenance by Namdar of Regency Square Mall in Jacksonville, Florida. [2] [5] Voorhees Town Center in Voorhees Township, New Jersey, was having maintenance and security issues the same year. [5] Jennifer Furniture was purchased in June 2020 by John Garg and Namdar. [15] Namdar and Mason purchased most of the bankrupt Goodrich Quality Theaters chain in July 2020. [16] [17] Namdar was a partner in several New York City area property purchases in 2021. [18] [19]
Namdar 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] [20] Due to a fee issue, the attempt failed, and Bon-Ton liquidated. [20] [21]
Mall properties owned or managed by Namdar Realty Group as of 2024 include: [22] (This list is incomplete)
Company type | Private [1] |
---|---|
Industry | Retail, real estate |
Founded | 1999[2] | (Namdar)
Founder | Igal Namdar (Namdar) Elliot Nassim (Mason) [3] |
Headquarters | , United States |
Products | Shopping malls |
Website |
namdarrealtygroup |
Namdar Realty Group is an American shopping mall “investment” company based in Great Neck, New York. They primarily purchase dying or dead shopping malls with partner Mason Asset Management. [3] [5] Namdar and Mason are both family owned, and as of 2021, own over 400 properties including 100 plus malls. [2] [3] [6]
Namdar and Mason primarily purchase malls for low prices, with various problems, but do not invest in improving them. [3] [7] The deals for these malls are done in cash. [8] Most malls they purchase are in markets considered B and C grade. [9] Because of this low price/maintenance, they have a high return on investment. [3] Namdar's primary source of investment capital comes from bonds on the Tel Aviv Stock Exchange. [5] [7]
Namdar and Mason often charge lower rent to keep mall vacancies low. [3] They will also split properties to sell off individual pieces. [5] [7] The companies also work with Uber Capital Group LLC and Gorjian Acquisitions to acquire properties. [10] [11] CH Capital Group has become a partner in several acquisitions. [12] [13]
Namdar and Mason partnered to begin purchasing malls in 2012, with the first mall purchased being Desoto Square Mall in Bradenton, Florida. [3] Phillipsburg Mall in Warren County, New Jersey, was purchased from Pennsylvania Real Estate Investment Trust in 2013 for $11.5 million, with numerous subdivisions and sales later occurring including the anchor building housing Kohl's. [7] The roof at the former Sears at the Phillipsburg Mall would later collapse. [14] Lawsuits were ongoing in 2018 over lack of maintenance by Namdar of Regency Square Mall in Jacksonville, Florida. [2] [5] Voorhees Town Center in Voorhees Township, New Jersey, was having maintenance and security issues the same year. [5] Jennifer Furniture was purchased in June 2020 by John Garg and Namdar. [15] Namdar and Mason purchased most of the bankrupt Goodrich Quality Theaters chain in July 2020. [16] [17] Namdar was a partner in several New York City area property purchases in 2021. [18] [19]
Namdar 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] [20] Due to a fee issue, the attempt failed, and Bon-Ton liquidated. [20] [21]
Mall properties owned or managed by Namdar Realty Group as of 2024 include: [22] (This list is incomplete)