Rotterdam Square Mall in Schenectady County, NY sold for $8.5 million, according to the president of the company who said he closed on the purchase last week.
Mike Kohan, president of Kohan Retail Investment Group on Long Island, said the deal for the 585,000-square-foot mall in Rotterdam, west of Schenectady, closed Jan. 15.
A bridge loan was provided by Emerald Creek Capital in New York City while permanent financing is sought, Kohan said.
The seller was Macerich, a Santa Monica, California-based real estate investment trust that has owned the mall since 2005. Company officials could not immediately be reached this morning.
The property was scheduled to be auctioned online Dec. 9, but the auction wasn't held.
The Daily Gazette in Schenectady first reported Jan. 17 that the sale to Kohan had closed, but did not have the purchase price.
It's unclear how much Macerich paid for Rotterdam Square Mall when it bought the shopping center in 2005 as part of a $2.3 billion acquisition of 13 malls in several states, including Wilton Mall near Saratoga Springs.
Rotterdam Square Mall is assessed for $30 million, according to the town assessor's office.
Kohan Retail Investment Group owns about 17 shopping malls scattered throughout the U.S., but this is the company's first investment in New York, Kohan said.
Kohan focuses on buying aging, under performing malls, retaining national retail anchors, luring small and medium-sized tenants, and filling large vacancies by leasing the space for social gatherings, such as festivals, fund-raising events and concerts.
Rotterdam Square Mall was built in 1983. Anchors today include Macy's (NYSE:M), Sears (NYSE:SHLD), Kmart, TJ Maxx (NYSE: TJX) and a seven-screen, independently-owned movie theater. Kohan said the occupancy rate, 86 percent, makes the mall more "stabilized" than other malls that his company has bought over the past decade or more. Still, the first challenge is keeping the national tenants at a time when some large retailers are scaling back. Macy's, for instance, is cutting 2,500 jobs and closing five stores by this spring. None of the closures are in the Capital Region.
If you go back to the beginning of this thread, almost 200 posts ago, you'll find out that much of it was speculation and conjecture... and little of it was fact. That seems to happen a lot on this board.
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
If you go back to the beginning of this thread, almost 200 posts ago, you'll find out that much of it was speculation and conjecture... and little of it was fact. That seems to happen a lot on this board.
On this, you and I can agree.
Amazing, although I shouldn't be surprised.
We are advised NOT to judge ALL Muslims by the actions of a few lunatics, but we are encouraged to judge ALL gun owners by the actions of a few lunatics. Funny how that works.
If you go back to the beginning of this thread, almost 200 posts ago, you'll find out that much of it was speculation and conjecture... and little of it was fact. That seems to happen a lot on this board.
Unless this new company spends a ton of cash with a total rebuild of the mall and brings in quality stores, most of the conjecture will be fulfilled. Look at every failed mall in the area over the last 20 years.. .two discount anchor stores and one floor..
"Arguing with liberals is like playing chess with a pigeon; no matter how good I am at chess, the pigeon is just going to knock out the pieces, crap on the board, and strut around like it is victorious." - Author Unknown
Within a few short years this mall will cease to exist and the buildings will be gone. Developer will use the property for a more lucrative purpose. IMHO
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!!!!!
sold for 8.5 million which is WELL below assessed value of 30 mil. Do you know what that means?
Who can explain it? Whoever explains it will get 3 little sticky stars on their report
"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."
Within a few short years this mall will cease to exist and the buildings will be gone. Developer will use the property for a more lucrative purpose. IMHO
agree.imho
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
Within a few short years this mall will cease to exist and the buildings will be gone. Developer will use the property for a more lucrative purpose. IMHO
little league fields?
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
Actually, the cemetery, which is only a teeny tiny portion of the entire parcel, was the private burial plot of the family that owned a farm there in the 18th and 19th century. Eventually, the farm was developed for other uses - including a building with a number of apartments and a commercial structure (I believe Quandt's Foods) of some kind. The WHOLE property was NEVER a cemetery. NONE of the mall is actually built on the private family burial ground.
George Amedore & Christian Klueg for NYS Senate 2016 Pete Vroman for State Assembly 2016[/size][/color]
"For this is what America is all about. It is the uncrossed desert and the unclimbed ridge. It is the star that is not reached and the harvest that is sleeping in the unplowed ground." Lyndon Baines Johnson
Within a few short years this mall will cease to exist and the buildings will be gone. Developer will use the property for a more lucrative purpose. IMHO
Watch out, box and Harry will scold you for conjecture.
Logged
