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Namdar Realty Group

Real estate investment firm From Wikipedia, the free encyclopedia

Namdar Realty Group
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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]

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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]

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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 PREIT 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]

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Failed Bon-Ton purchase

See also: The Bon-Ton

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

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Mall properties owned or managed by Namdar Realty Group as of 2024 include:[22] (This list is incomplete)

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References

External links

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