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]
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 |
Strategy
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]
History
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]
Failed Bon-Ton purchase
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]
List of properties
Mall properties owned or managed by Namdar Realty Group as of 2024 include:[22] (This list is incomplete)
- Acadiana Mall, Lafayette, Louisiana
- Bangor Mall, Bangor, Maine
- Beaver Valley Mall, Monaca, Pennsylvania
- Berkshire Mall, Wyomissing, Pennsylvania
- Cache Valley Mall, Logan, Utah
- Central Mall, Fort Smith, Arkansas
- Chambersburg Mall, Chambersburg, Pennsylvania
- Chapel Hills Mall, Colorado Springs, Colorado
- The Citadel, Colorado Springs, Colorado
- College Square Mall, Cedar Falls, Iowa
- Concord Mall, Wilmington, Delaware
- 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
- Florence Mall, Florence, Kentucky
- Ford City Mall, Chicago, Illinois
- The Gallery at South DeKalb, Decatur, Georgia
- Genesee Valley Center, Flint, 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
- Northwest Arkansas Mall, Fayetteville, Arkansas
- Pittsburgh Mills, Tarentum, Pennsylvania
- Phillipsburg Mall, Phillipsburg, New Jersey
- 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), Memphis, Tennessee
- St. Louis Outlet Mall, Hazelwood, Missouri
- Steeplegate Mall, Concord, New Hampshire
- Sunrise Mall, Citrus Heights, California
- Trumbull Mall, Trumbull, 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
- Wiregrass Commons, Dothan, Alabama