Just heard that the mall is sold. No walmart. Macy's, kmart, sears OWN those buildings. this company bought the MALL only. don't know the name of the company that bought them.
Macy's owns their building. That is true.
All the others are owned by a single owner on the tax rolls.
If K-mart and Sears now own their buildings, they just bought them.
The parcel that went up for auction was everything except Macy's.
"While Foreign Terrorists were plotting to murder and maim using homemade bombs in Boston, Democrap officials in Washington DC, Albany and here were busy watching ME and other law abiding American Citizens who are gun owners and taxpayers, in an effort to blame the nation's lack of security on US so that they could have a political scapegoat."
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
Buyer lined up for Rotterdam Square mall Friday, December 27, 2013 By Justin Mason (Contact) Gazette Reporter
ROTTERDAM — Rotterdam Square is on the verge of being purchased by a downstate retail investor pledging to bring in more tenants and improve the standards at Schenectady County’s only indoor shopping mall.
Mike Kohan of the Kohan Retail Investment Group said he is poised to buy the sprawling center off of Campbell Road from the Macerich Co. sometime next week, possibly as early as Monday. He said his goal will be to invest in the property and bring in new tenants that will revitalize the mall.
“We have to bring in some more tenants, adjust the issues with maintenance and work with the community to bring it to standards that are acceptable,” he said Friday.
Kohan — who also goes by the name Mehran Kohansieh — wouldn’t discuss the purchase price of the mall prior to closing on the deal. He said he’s been interested in purchasing the property since the fall.
“It’s been on the radar for a couple of months,” he said.
Karen Maurer, a spokeswoman for Macerich, did not return calls for comment.
Macerich had scheduled a two-day online auction for the property and set the starting bid at $2 million. But the auction was abruptly canceled earlier this month.
Built in 1988, Rotterdam Square comprises 463,987 square feet of retail space and about 70 acres of land. The structure, valued at more than $30 million, includes a 10-unit food court, restaurant, movie theater, three anchor stores and more than 50 retailers.
The mall’s three anchor stores are Macy’s, Kmart and Sears. Sears recently renewed its lease for five years, ending in 2018. Macy’s owns its 120,000-square-foot store and the seven acres of land on which it sits.
Other major tenants include Gap, TJ Maxx, Shoe Dept. Encore, American Eagle Outfitters and Victoria’s Secret. The mall also has a long-term lease with Rotterdam Square Cinema, the seven-screen theater that completed $500,000 worth of renovations in 2010.
Kohan Retail Investment Group owns about a dozen properties spread across the United States. These holdings include the 926,000-square-foot Tulsa Promenade in Oklahoma, the 429,000-square-foot Crystal River mall in Florida, the 423,967-square-foot Staunton Mall in Virginia and the 265,000-square-foot Mayberry Mall in North Carolina.
Ray Gillen, Schenectady County’s commissioner of economic development and planning, said he was encouraged after having a phone conversation with the prospective owner, whom he declined to name prior to the closing. He said the new owner has done revitalization projects at other malls around the country and seems like a good fit for Rotterdam Square.
“The first step is to close the transaction, which they have not done yet,” he said.
Macerich bought Rotterdam Square eight years ago in a $2.3 billion acquisition of its Rochester-based parent company, Wilmorite Inc. The buyout came with 11 regional malls, including Wilton Mall outside of Saratoga Springs, and two open-air shopping centers.
Rotterdam Square has struggled to maintain a high occupancy rate for years, especially during the height of the economic downturn when roughly a fifth of the mall’s storefronts were empty. The mall’s occupancy was listed at 86.9 percent just prior to the online auction.
Both of the Capital Region properties owned by Macerich are reportedly on the market as the Santa Monica, Calif.-based company attempts to divest non-core malls. Wilton Mall was listed among 17 so-called Class B malls — ones generating at least $350 per square foot — being sold by the company through Eastdil Secured, according to a report by Reuters published on Dec. 7.
Larger real estate investment trusts have been selling off lower-performing malls in an attempt to bolster portfolios. Investors are more likely to pay premium prices for companies with higher-quality malls.
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At KRIG, we are exploring new ways to bring the simple pleasures back to everyday life. Malls are evolving, and as time goes on they are no longer just a tent to house box stores and chains, but more local small- and medium-sized businesses of all stripes. Large spaces offer opportunity for fundraising events, festivals, farmers markets, miniature golf, dancing, concerts, banquets, theatre, and virtually any social gathering all under one roof with protection from the elements.
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JUST BECAUSE SISSY SAYS SO DOESN'T MAKE IT SO...BUT HE THINKS IT DOES!!!!! JUST BECAUSE MC1 SAYS SO DOESN'T MAKE IT SO!!!!!
'I take distressed properties and try to revitalize them' Mehran Kohansieh typically buys malls or shopping centers out of bankruptcy or foreclosure, sometimes with mixed results and controversy September 01, 2013|By Becky Yerak and Corilyn Shropshire, Chicago Tribune reporters
By 2009, officials in St. Louis County in Missouri were at the end of their rope.
Jamestown Mall, which opened in 1973, had been on a steady decline since its heyday in the mid-1990s, and county and other local economic interests hired the Urban Land Institute to help them develop a vision for the enclosed shopping center.
When representatives of the nonprofit arrived at the mall, they found the main building "in desperate need of substantial maintenance," according to a report the institute later wrote. Two of the four major mall anchors were vacant, and, even at a weekday lunchtime, the food court was nearly empty and fewer than a half-dozen shoppers were observed in concourses.
Two years later, in August 2011, the mall's operator, Jamestown Mall Realty Management LLC, filed for bankruptcy reorganization, citing dwindling revenues because of weakened mall traffic and retailer defaults on leases. Two months earlier, the mall's lender had sued Jamestown, saying it was owed $2.7 million.
One of the mall's principals was Mehran Kohansieh, of Little Neck, N.Y.
Last month in Matteson, Kohansieh, who also goes by the name Mike Kohan or Mike Kohen, found himself battling city officials who sought to shutter Lincoln Mall, calling it a public danger.
He typically buys distressed malls or shopping centers out of bankruptcy or foreclosure.
The Urban Land Institute cited several factors for Jamestown Mall's problems: a dated configuration, its location, fragmented ownership, declining quality of retailers, the advent of online shopping and significant competition.
The mall, which underwent a major expansion in 1995, was almost doomed from the start. Developers were betting on explosive residential development that never materialized partly because of sinkholes, the report said.
Besides being 3 miles from the nearest interstate, the mall was more than a half-mile from a major intersection, and fewer than 150,000 people lived within 5 miles of Jamestown Mall. Regional malls typically need at least 200,000 residents to be successful.
The report also cited a "general misperception that the mall is unsafe and that management gives inadequate attention to customer service."
Kohansieh bought the Missouri mall for $3.3 million in May 2009, less than half what the previous owners paid. The center had already been struggling, with its occupancy having dropped to 44 percent in 2008, according to the St. Louis Post-Dispatch. In an August 2009 story in the St. Louis paper, Kohansieh was quoted saying his plan to rejuvenate the mall included opening five or six of his own stores, including a low-cost women's clothing store and a 79-cent store.
In 2011, Dover Kohl & Partners envisioned that it would cost nearly $300 million to redevelop the mall.
In the throes of a sluggish economy, the plan went nowhere.
In August 2011, Kohansieh's Jamestown Mall Realty Management LLC filed for bankruptcy reorganization. Kohansieh and one other New York investor each owned 36 percent of the mall; four other New York investors owned the rest, bankruptcy records show.
In 2011, the lender said it planned to sell the property outside of bankruptcy.
But in November 2012, the Post-Dispatch reported that Kohansieh, identified as the mall's manager, was trying to get the heat turned on at the mall and that a new owner had taken over.
Last month, the St. Louis Economic Development Partnership and St. Louis County said their records show that a Kohansieh company remains among the mall's owners; some of the anchors were owned separately.
The St. Louis County assessor's office website shows a mall parcel is owned by New Jamestown Mall Holding LLC, whose contact persons include Mehran Kohansieh.
Nicole Coleman, general manager of Jamestown Mall, said Kohansieh is no longer an investor in the shopping center. She said the interior of the mall is about 25 percent occupied.
On Friday, Kohansieh declined to commentl, saying that he is no longer an owner. "If I was part of it, I'd be more than glad to discuss it," he said.
Tom Curran, director of intergovernmental affairs for St. Louis County, said Jamestown Mall is for sale for $2.5 million.
"Physically, the mall has been kept up from an appearance standpoint," Curran said, noting that the interior of the mall is clean and well-lit. "It's not completely empty, but it's in desperate need of tenants."
Village Square Mall in Effingham
Kohansieh also owns Village Square Mall in Effingham. Illinois corporation records for 2013 show him as a member of Village Square Mall Realty Management LLC, formed in 2008, and Effingham County land records also show "Mike Kohen" on parcel information.
"Malls have challenges," Kohansieh said Friday. "We're trying our best."
Kohansieh and other New York investors bought the Effingham mall for $2 million from LaSalle Bank, which had owned the mall since it foreclosed on it. At the time, more than one-third of its stores were vacant.
SouthShore Mall
In 2012, another Kohansieh company, SouthShore Mall Realty Management LLC, bought SouthShore Mall in Aberdeen, Wash., from an affiliate of Chicago-based General Growth. Ownership hasn't changed since then, said Dawn Currie, recording supervisor for the Grays Harbor County auditor.
The deed lists a Little Neck, N.Y., address connected to Kohansieh.
SouthShore Mall was 60 percent occupied and was sold for about $1 million, according to a General Growth regulatory filing.
Aberdeen Mayor Bill Simpson said he initially talked to Kohansieh but for at least the past six months has been dealing with another investor of the group.
Jamie Walsh, general manager of SouthShore Mall, said the occupancy rate of her "funky little mall" is more than 60 percent and said it is making money. Walsh, an architect by training, said it's "not a pretty building" but that most of the leaks have been taken care of and that "it's structurally sound."
She said the mall is in better shape now than when the group acquired it and identified Kohan as one of the mall's investors.
"Mike is a smart guy," she said. "He knows how to get great deals on properties."
Kohansieh said SouthShore Mall's challenges include being in a small market.
Still trying to buy malls
This year, Kohansieh unsuccessfully tried to buy the Pier Shops at Caesars, a four-story Atlantic City, N.J., luxury mall that juts out 900 feet over the ocean, according to The Press of Atlantic City. It had been on the market since an investment group that included U.S. Bank took it over in 2011 in a foreclosure sale from Taubman Centers.
The article said the mall cost $200 million to develop at the height of the Atlantic City real estate boom in 2006. Shops include Gucci, Louis Vuitton and Tiffany; Kohansieh told The Press that the mall was losing $3 million a year and he planned to add more lower-price stores.
"They need someone like me who does this type of stuff," Kohansieh told the newspaper. "I take distressed properties and try to revitalize them."
He told the paper that his holdings include Mayberry Mall in North Carolina, Staunton Mall in Virginia and Crystal River Mall in Florida. Virginia incorporation records also show that Staunton Mall Realty Management LLC is "active" and that Kohansieh is its registered agent.
The Daily News Leader in Staunton, Va., reported in 2010 that the mall was sold to a New York-based investment company for $4.05 million. Principals of Staunton Mall Realty Management LLC included Mehran Kohansieh, the paper said at the time. The mall's previous owner filed for bankruptcy.
The village of Matteson has gone to court to shut down the Lincoln Mall in the south suburb, alleging the property's owner has failed to resolve dangerous conditions there.
The mall's owner, a venture of Little Neck, N.Y.-based investor Michael Kohan, hasn't fixed building code and fire safety violations at the property, the complaint says.
The property “is in a dangerous and hazardous condition and poses a serious and imminent threat to the health, life and safety of the public,” according to the suit, filed today in Cook County Circuit Court.
The village wants a judge to issue injunctions to close the property at 208 Lincoln Mall Drive.
Mr. Kohan, who also goes by the name Mehran Kohansieh, according to the suit, said in a brief interview he hadn't seen the complaint but is aware of poor conditions at the property.
“Our architect has been in touch with them,” he said of the village.
Mr. Kohan's venture took control of the 990,000-square-foot property in June 2012, according to property records, buying the mall in a foreclosure sale for $150,000. Lincoln's previous owner faced a $39 million foreclosure suit in 2009 related to alleged missed payments on the debt.
“After repeatedly trying to work with this business owner on a correction plan, we can no longer allow him to ignore his responsibility at the expense of the health and safety of visitors,” village of Matteson President Andre Ashmore said in a statement.
Northwood to press its case against owner of mall Written by Kelly Kaczala Monday, 05 August 2013 08:52
A hearing will be held on Thursday in the Wood County Court of Common Pleas on Northwood’s efforts to get the owners of the Woodville Mall to tear down the dilapidated structure.
“The court has to decide that the mall is a nuisance, and that it’s a hazard to public health and safety,” said City Administrator Bob Anderson. “People are breaking in, there’s broken glass. It’s dangerous. We’re asking the court to grant us relief by ordering the owner to abate the nuisance. At this stage, it almost means demolishing it.”
The city would not be satisfied if the mall were razed, with just a concrete slab and broken up asphalt remaining, similar to the former Southwyck Mall site, considered by many to be an eyesore since it was torn down on Reynolds Road in South Toledo.
“There have been a couple of inquires about whether it would be good enough for the city if they just tear down the mall, leaving the slab and asphalt. The answer is `No.’”
He hopes the property is redeveloped commercially or is landscaped as a green space or park.
“Something other than acres and acres of asphalt that weeds grow through,” he said.
The hearing will be held on Thursday, Aug. 8 at 9 a.m. at the court located in Bowling Green, said Anderson.
The hearing is the city’s latest legal battle against the mall’s owners to get them to either correct county and state code violations, or tear the building down.
Mall violations On December 14, 2011, Woodville Mall Realty, the owner of the mall at the time, and Mehran Kohansieh, an officer, member, manager and owner of Woodville Mall Realty, were served with a Notice of Building Code Violations. On December 16, 2011, a complaint for temporary and permanent injunctive relief was filed against Woodville Mall Realty and others, including Kohansieh, in the court of common pleas. On June 7, 2012, a default judgment and permanent injunction were granted against Woodville Mall Realty and Kohansieh, as well as other defendants associated with the mall.
The court noted in the default judgment that the city had established “by clear and convincing evidence” that the mall had moisture, mold and water damage throughout the building; the sprinkler system was non-functional in parts of the mall and may be inadequate in the event of fire; the owner had not paid for gas to heat the mall and that the pipes of the sprinkler system may freeze over the winter, causing further damage to the fire suppression system; the roof had failed leaving two large holes and numerous leaks in other parts of the roof; and water had caused damage to the floor in the mall, soaking the carpet and buckling the flooring in some sections, causing unsafe walking conditions.
The court noted that the dilapidated conditions were in violation of several Wood County Health and Ohio Building codes. Since the owners failed to make repairs to comply with the codes, the court prohibited the defendants from allowing public access to the mall until the violations are corrected to the satisfaction of the Wood County Combined General Health District, the Wood County Building Inspection, and the Northwood Fire Department.
On January 17, the city filed a complaint against the owners of the mall in the court of common pleas for nuisance abatement, and removal of the building.
Named as defendants are Woodville Mall Realty Management, LLC; Kohansieh; Ohio Plaza Shopping Center, LLC, which purchased the mall from Woodville Mall Realty on December 27, 2012; Soleyman Ghalchi, an officer, member, manager and owner of Ohio Plaza; Woodville, LLC; and other defendants known as John Doe’s who may have a current or future interest in the mall.
“To date, all violations…have not been corrected to the satisfaction of the Wood County Combined General Health District, the Wood County Building Inspection, and the Northwood Fire Department,” states the complaint.
Prior to buying the mall on Dec. 27, 2012, Ohio Plaza and Ghalchi had “constructive and/or actual notice and knowledge of the public record of the Woodville Mall case, including the June 7, 2012 Default Judgment Entry and the permanent injunction ordered by the court,” states the complaint.
The city maintained in the complaint that the mall “has been and continues to be a nuisance.”
“The defendants have had reasonable and ample notice, time and opportunity to abate the dangerous conditions and eliminate the nuisance, but have failed and/or refused to do so,” states the complaint.
Jamestown Mall owner goes bankrupt Shopping center plans to stay open while new owner is sought.(Business)
Article from: St Louis Post-Dispatch (MO) | August 13, 2011 | Copyright inShare
Byline: LISA BROWN lbrown@post-dispatch.com > 314-340-8127
Jamestown Mall's New York-based owner has filed for bankruptcy and is seeking a new owner for the shopping center.
Jamestown Mall Realty Management LLC, based in Little Neck, N.Y., filed for Chapter 11 bankruptcy in federal court in St. Louis on Monday, listing its assets and liabilities as ranging between $1 million and $10 million. Its unsecured creditors include $127,000 owed to Ameren, $121,000 owed to the Internal Revenue Service, and $29,000 owed to the Missouri Department of Revenue.
Mehran Kohansieh, the managing member of Jamestown Mall Realty Management, declined to comment.
Prior to buying the mall on Dec. 27, 2012, Ohio Plaza and Ghalchi had “constructive and/or actual notice and knowledge of the public record of the Woodville Mall case, including the June 7, 2012 Default Judgment Entry and the permanent injunction ordered by the court,” states the complaint.
The city maintained in the complaint that the mall “has been and continues to be a nuisance.”
“The defendants have had reasonable and ample notice, time and opportunity to abate the dangerous conditions and eliminate the nuisance, but have failed and/or refused to do so,” states the complaint.
sounds like they are in the right county to do the same thing!! time will tell.
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
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