Namdar Realty Group is an American
shopping mall
A shopping mall (or simply mall) is a North American term for a large indoor shopping center, usually anchored by department stores. The term "mall" originally meant a pedestrian promenade with shops along it (that is, the term was used to refe ...
investment company based in
Great Neck, New York
Great Neck is a region on Long Island, New York, that covers a peninsula on the North Shore (Long Island), North Shore and includes nine villages, among them Great Neck (village), New York, Great Neck, Great Neck Estates, New York, Great Neck Es ...
. They primarily purchase shopping malls with partner Mason Asset Management.
Namdar and Mason are both family owned, and as of 2021, own over 400 properties including 100 plus malls.
Strategy
Namdar and Mason primarily purchase malls for low prices, with various problems, but do not invest in improving them.
The deals for these malls are done in cash.
Most malls they purchase are in markets considered B and C grade.
Because of this low price/maintenance, they have a high return on investment.
Namdar's primary source of investment capital comes from bonds on the
Tel Aviv Stock Exchange
The Tel Aviv Stock Exchange (TASE; ; colloquially known as The Bursa, ) is Israel's only public stock exchange and a public company that has been traded on the Tel-Aviv Stock Exchange since August 1, 2019. Legally, the exchange is regulated by ...
.
Namdar and Mason often charge lower rent to keep mall vacancies low.
They will also split proprieties to sell off individual pieces.
The companies also work with Uber Capital Group LLC and Gorjian Acquisitions to acquire properties.
CH Capital Group has become a partner in several acquisitions.
History
Namdar and Mason partnered to begin purchasing malls in 2012, with the first mall purchased being
Desoto Square Mall.
Phillipsburg Mall
Phillipsburg Mall was an indoor shopping mall located along U.S. Route 22 in Warren County, New Jersey, United States. Despite its name, the mall was actually located on the border of Lopatcong Township and Pohatcong Township, just east of Phi ...
was purchased from
PREIT
Pennsylvania Real Estate Investment Trust is a publicly traded real estate investment trust that invests in shopping centers mostly in the Mid-Atlantic states.
History
The company was founded by Sylvan M. Cohen in 1960 as one of the first equi ...
in 2013 for $11.5 million, with numerous subdivisions and sales later occurring including the anchor building housing Kohl's.
The roof at the former Sears at the Phillipsburg Mall would later collapse.
Lawsuits were ongoing in 2018 over
Regency Square Mall's lack of maintenance by Namdar.
Voorhees Town Center
Voorhees Town Center (formerly Echelon Mall) is a regional shopping mall and a residential area located in Voorhees Township, New Jersey. It was built in 1970 and named after Echelon Airfield which was located where the mall stands today. The ...
was having maintenance and security issues the same year.
Jennifer Furniture
Jennifer Furniture (formerly Jennifer Convertibles) is an American retail company, based in Great Neck, New York. The company is owned by John Garg and the Namdar Realty Group.
History and operations
The company was founded in 1975 in Woodbu ...
was purchased in June 2020 by John Garg and Namdar.
Namdar and Mason purchased most of the bankrupt
Goodrich Quality Theaters
Goodrich Theater NewCo, LLC. (GQT Movies, formerly GQTI) is a chain of 22 movie theaters, headquartered in Grand Rapids, MI, representing a total of 174 screens in the United States. The majority of GQT Movies' locations are in Michigan, but ot ...
chain in July 2020.
Namdar was a partner in several
New York City
New York, often called New York City or NYC, is the List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the L ...
area property purchases in 2021.
Failed Bon-Ton purchase
Namdar was part of a group of investors who attempted to purchase
The Bon-Ton
Bon-Ton Holdings Inc. is an American online retailer and former department store chain founded in 1898. After rapid expansion in the 1990s and early 2000s, the original company had financial troubles, ultimately filing for bankruptcy in 2018 ...
from liquidation. The group also included DW Partners LP and
Washington Prime Group
Washington Prime Group Inc. is an American real estate investment trust that invests in shopping centers. The company is organized in Indiana with its headquarters in Columbus, Ohio. From January 2015 to September 2016, the company had the name WP ...
.
Due to a fee issue, the attempt failed, and Bon-Ton liquidated.
List of properties
Mall properties owned or managed by Namdar Realty Group as of 2021 include:
(This list is incomplete)
References
External links
Namdar Realty Group websiteMason Asset Management websiteCH Capital Group website
{{Namdar Realty Group, state=autocollapse
Companies based in Nassau County, New York
Shopping center management firms