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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 a private, family-owned real estate investment trust based in Great Neck, New York. As of 2021, the company owns over 400 properties.[2][4]

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The company is most well-known for its ownership of over 100 shopping malls. Namdar's mall portfolio largely consists of "class B" and "class C" malls in small-to-midsize markets, many of which have been classified as dead or dying.[5] The company has been criticized for poor management of its mall properties, particularly in terms of deferred maintenance, being described in one lawsuit as an "absentee landlord with a reputation as a 'slumlord'".[6]

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Strategy

Namdar's business strategy focuses on acquiring pre-built "class B" and "class C" malls in smaller markets. Because of their locations and current states, the malls are typically purchased in cash for around $5.3 million.[7] Once acquired, properties' maintenance spending is substantially reduced (up to 67% less than other malls),[8][9] and store rents are lowered to avoid low vacancy rates.[8] The company will also often sell its malls' outparcels.[6][9] Due to reduced maintenance and low acquisition costs, Namdar's capitalization rate averages 2-3 times that of a standard mall.[8]

Namdar's purchases are typically made with a partner firm, Mason Asset Management.[8][6] Uber Capital Group,[10] Gorjian Acquistions,[11] and CH Capital Group[12][13] have also been Namdar partners. Namdar's primary source of investment capital comes from bonds on the Tel Aviv Stock Exchange.[6][9]

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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.[8] 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.[9] 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][6] Voorhees Town Center in Voorhees Township, New Jersey, was having maintenance and security issues the same year.[6] 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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See also

References

External links

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