Namdar nabs distressed New Jersey shopping center at 50% discount

Tri-State /
Jul.July 26, 2019 02:00 PM

Great Neck, New York-based Namdar Realty Group, which has been busy in recent months scooping up distressed retail assets around the country, has acquired the Hamilton Mall outside Atlantic City, New Jersey, for $25 million, according to NJ.com. The outlet noted the purchase price for the 1 million-square-foot shopping center, which recently lost two of its three anchor stores, is about half of its $50 million assessed property value, a number it secured earlier this year after appealing a previous $90.78 million valuation. In July, Namdar sued over a $42.8 million assessment on the Enfield Square mall in Connecticut, which it bought in January for $11.4 million. Other malls in the markets around New York have also recently traded hands. JLL brokered the $30.05 million sale this month of a super-regional mall in Amherst, New York, to Washington, D.C.-based Douglas Development Corp. RE-NJ reported that the Boulevard Mall, near Buffalo, sits in a federally designated Opportunity Zone, enhancing its value. Local news reports noted that the mall itself sold for $24.05 million, with the extra $6 million being for a nearby Wegmans store. [NJ.com]


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