Namdar Realty Group
TypePrivate[1]
IndustryRetail, real estate
Founded1999 (1999) (Namdar)[2]
FounderIgal Namdar (Namdar)
Elliot Nassim (Mason)[3]
Headquarters
Great Neck, New York[4]
,
United States
ProductsShopping malls
Websitenamdarrealtygroup.com

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]

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 2023 include:[22] (This list is incomplete)

References

  1. 1 2 Harris, Jon (April 10, 2018). "Who is the 'investor group' trying to save Bon-Ton from liquidation?". The Morning Call. Retrieved 23 July 2020.
  2. 1 2 3 Jones, Sasha (January 17, 2021). "Namdar Realty Group Plows Forward as Mall Properties Decay". The Real Deal New York. Retrieved 10 February 2021.
  3. 1 2 3 4 5 6 7 Naidu, Richa; O'Donnell, Carl (26 June 2018). "Who is making money from struggling U.S. malls?". Reuters. Retrieved 23 July 2020.
  4. ↑ "Company Overview of Namdar Realty Group LLC". Bloomberg. Bloomberg. Retrieved 22 July 2020.
  5. 1 2 3 4 5 Adelman, Jacob (May 13, 2018). "Owner of former Echelon Mall, called 'slumlord' in Fla., taps overseas cash to become nation's biggest mall buyer". The Philadelphia Inquirer. Retrieved 23 July 2020.
  6. ↑ Duhart, Bill (22 July 2019). "N.J. mall sold for half price to company that already owns a dying mall". NJ.com. Advance Local Media. Retrieved 23 July 2020.
  7. 1 2 3 4 Harris, Jon (March 15, 2019). "What happened to the Phillipsburg Mall? Behind the vacancies and decay: A tough retail climate and low-investment owners". The Morning Call. Retrieved 23 July 2020.
  8. ↑ Wiltermuth, Joy (August 17, 2021). "Meet the Long Island guys who love unloved shopping malls". MarketWatch. Retrieved 20 September 2021.
  9. ↑ Urbanski, Al (June 9, 2020). "Namdar acquires Connecticut mall, its seventh this year". Chain Store Age. Retrieved 23 July 2020.
  10. ↑ Ocasio, Victor (February 8, 2017). "24-year-old's firm arranges $7.8M in financing". Newsday. Retrieved 23 July 2020.
  11. ↑ "Executive of the Month: Joel Gorjian of Gorjian Acquisitions and Namdar Realty Group acquires 18 retail properties nationwide". New York Real Estate Journal. November 15, 2016. Retrieved 23 July 2020.
  12. ↑ Parton, Mitchell (February 25, 2020). "New York investors buy San Antonio mall worth $102M". San Antonio Business Journal. Retrieved 12 October 2020.
  13. ↑ Valigra, Lori (19 April 2019). "Bangor Mall sells for $12.6 million, well below assessed value". Bangor Daily News. Retrieved 12 October 2020.
  14. ↑ Novak, Steve (23 October 2019). "Bon-Ton gone: Another Phillipsburg Mall anchor is torn down (and ownership is silent)". Lehigh Valley Live. Retrieved 23 July 2020.
  15. ↑ Parrish, Tory N. (March 1, 2021). "Jennifer Furniture comes back to its LI roots". Newsday. Retrieved 9 April 2021.
  16. ↑ Moore, Lindsay (17 July 2020). "Goodrich Quality Theaters will reopen after being bought out of bankruptcy". mlive. Advance Local Media. Retrieved 23 July 2020.
  17. ↑ "Goodrich Theaters purchased, reopening plans announced". 1450 99.7 WHTC. July 20, 2020. Retrieved 23 July 2020.
  18. ↑ White, Alexandra (24 June 2021). "West Village Apartment Building Sells for $23.5 Million". The Real Deal New York. Retrieved 20 September 2021.
  19. ↑ "Klosed, Namdar buy five-building Hell's Kitchen portfolio for $26M". Real Estate Weekly. 25 June 2021. Retrieved 20 September 2021.
  20. 1 2 Lawder, Melanie (April 11, 2018). "Bon-Ton bankruptcy court ruling makes liquidation more likely". Milwaukee Business Journal. American City Business Journals. Retrieved 23 July 2020.
  21. ↑ Wilson, Marianne (April 18, 2018). "Bon-Ton Stores headed for liquidation". Chain Store Age. Retrieved 23 July 2020.
  22. ↑ "Namdar Realty Group Properties". Namdar Realty Group. Retrieved 23 July 2020.
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