Kohan Retail Investment Group

Kohan Retail Investment Group is a shopping mall investment company based in Great Neck, New York. They primarily purchase endangered/troubled shopping malls.[1][5] As of late 2018, Kohan owns 27 malls.[6][7][8][n 2]

Kohan Retail Investment Group
Private
IndustryRetail, real estate
FounderMike Kohan[1][2][3][n 1]
Headquarters
Great Neck, New York[4]
,
United States
ProductsShopping malls

History

Northland Mall (Minnesota) was purchased for $1.8 million in late December 2008.[9] Kohan purchased the Jamestown Mall in 2009 for $3.3 million.[1][10] Staunton Mall was purchased from bankrupt First Republic Realty for $4.05 million in November 2010.[11] In April 2011, Warren Mall was sold by Zamias for $720,000, and in April 2016 was under the ownership of Cocca Development.[12][13] Lincoln Mall was purchased during foreclosure for $150,000 in June 2012, with millions owed in fines and taxes from its previous owners.[14][15] Crystal River Mall was purchased for $2.8 million in 2012, and would be sold to United Realty M.T.A. LLC in August 2016.[16] Tiffin Mall, purchased in 2012, was later sold to Key Hotel and Property Management in 2016 for $2.2 million.[17] Macerich sold Rotterdam Square Mall to Kohan for $8.5 million on January 15, 2014.[5] Lake Square Mall was purchased in March 2014 for $13.28 million, but would be sold to Via Properties in September with Kohan remaining manager.[18] Staunton Mall was sold for $4.5 million in March 2014.[11] The Orchards Mall, purchased in 2014, was sold to Durga LLC in late 2018.[19]

PREIT sold Lycoming Mall to Kohan for $26.35 million in March 2016, who owns it under the name Lycoming Mall Realty Holding.[20] Washington Square Mall was purchased in April 2016 for $2.5 million.[21] Chapel Hill Mall was purchased in July 2016 by Kohan for $8.6 million.[22] Southbridge Mall during its tax sale was purchased by Kohan for $1.5 million in September 2016.[3] Also in September 2016, Kohan purchased Berkshire Mall for $3.5 million.[23][24] Richmond Town Square was purchased for $7.25 million in November 2017.[25] Kohan purchased six malls in 2018 for $46 million.[26] Part of Eastland Center was purchased in 2018 for $3.125 million.[6] Prescott Gateway Mall was sold to Kohan for $8.8 million in February 2018, half of what the previous owners purchased it for.[27] Towne Square Mall and additional properties were purchased for $4 million in May 2018.[28] The Esplanade in June 2018 was purchased by Kohan for $9.25 million.[29] Valle Vista Mall was purchased for $12.5 million in mid-2018.[26]

Parts of Marquette, Michigan's Westwood Mall was sold to two different owners in February 2019, one being Kohan.[30] Berkshire Mall was sold to Durga Property Holdings for $1 million in July 2019.[31] Towne West Square was purchased for $14 million in July 2019.[32] Towne Square Mall was sold for $5.15 million to Towne Square Mall Holdings LLC in December 2019.[33][34] Ashtabula Towne Square and other properties was purchased for $10.2 million in February 2020.[35][36] Ownership of the Seminole Towne Center was transferred to Kohan in March 2020.[37] Virginia Center Commons was sold to VCC Partners LLC and Shamin VCC LLC in early 2020 for $8.3 million.[38] Kohan later sold another Virginia Center Commons anchor building for $4.1 million to Impact Investments Group LLC in April 2020.[39] Clearview Mall in Butler, PA was taken over by Kohan in June 2020.[40]

Controversies

Kohan lost the Jamestown Mall in late 2011 due to foreclosure, but retained some ownership in late 2012.[1][10] The mall had previously declared bankruptcy in August 2011.[1] After purchasing Woodville Mall in 2009, it was closed in December 2011 by court order, and demolished by Northwood, Ohio in March 2014 due to its poor material condition.[41][42] Lincoln Mall suffered from serious material condition issues during Kohan's ownership and in August 2013 went into receivership.[15][43] Matteson, Illinois took over ownership in June 2014 and it closed in January 2015 after running out of money.[44][43][45] At the malls closure, over $10 million in fines and taxes was owed to Matteson by Kohan.[43] Lincoln Mall was demolished starting in May 2017.[46] During a 2013 police drug search, serious issues were discovered in Northland Mall's former Kmart that included mold, roof damage, and other major issues. Ownership also owed $141,081.61 in taxes to Nobles County, Minnesota.[47][48] The mall had serious material condition issues in April 2014 that Worthington, Minnesota took action on.[49][50] Worthington won a court decision about the former Kmart in June 2014, and demolition began in February 2015.[51] The mall was sold to 7&41 LLC in May 2015.[52]

Due to lack of payment on a $300,000 bill, Rotterdam Square Mall lost power on February 12, 2015.[2][53] The mall was later sold to ViaPort USA for $9.25 million.[54] Since its purchase, Berkshire Mall has suffered from serious tax issues with many payments being missed. Kohan has been taken to court several times over these issues and has narrowly avoided Berkshire's seizure.[24][55] Berkshire has also suffered from a series of power outages.[8] Kohan owed $627,789 in property taxes on the Washington Square Mall in 2017, and the mall was put up for tax sale.[21] The malls outstanding taxes were paid off in October 2018 for $1.1 million.[8] VF Factory Outlet Mall closed in October 2017.[42] Indian River Mall almost lost power in December 2017 due to unpaid electric bills and bounced checks totaling $428,175. The bill was paid the day electric was to be shutoff.[56]

Mayberry Mall was almost closed on February 1, 2018 by local government officials due to roof and mold issues. It was sold to WRS Inc. Real Estate Investments in 2019.[57][58] In August 2018, Kohan sued Clay, New York for a reduction in the Great Northern Mall's taxes, while owing $1.53 million to county government.[59] Due to the roofs poor condition, Effingham City declared Village Square Mall unsafe in August 2018.[60] Due to Kohan not paying Lycoming Mall's PPL electric bill, it lost power in late August 2018.[61] In September 2018, Southbridge Mall was sued by Cerro Gordo County for $177,324 in back taxes.[26][62] Those taxes were paid off in December 2018, with three of the previous four checks sent to the county bouncing.[63] Kohan owed around $550,000 on The Orchards Mall in various taxes before its sale in late 2018.[19]

Lycoming County Water and Sewer Authority placed Lycoming Mall on the February 2019 sheriff's sale list due to unpaid bills.[64] Kohan made a partial payment to stop the auction.[8][22] Chapel Hill Mall almost had power disconnected by Ohio Edison due to unpaid bills in April and December 2019.[7][65] Tulsa Promenade was placed into receivership in July 2019 due to missed mortgage payments and maintenance issues.[66] Kohan resumed ownership of the mall in September.[67] Chapel Hill Mall in January 2020 was foreclosed on by Summit County, Ohio for owing $753,732.82 in real estate taxes.[68] The mall also had electric and water payment issues the same month.[69] Adrian Mall in March 2020 was almost condemned due to electrical, roof, and structural issues.[70] It was later condemned in June 2020 due to numerous serious issues.[71]

List of properties

Mall properties owned by Kohan Retail Investment Group as of 2020 include:[72]

List of properties with unclear ownership

List of former properties

Properties previously owned by Kohan Retail Investment Group as of 2020 include:

Notes
  1. Uses several aliases including Mike Kohen, Mehan Kohansiek, Mehran Kohansieh, Mehran Kohansiek, and Mehrzad I. Kohansieh.
  2. Numbers vary per source, but most range in the upper 20's.
  3. Ownership unclear as of December 2018.
gollark: Praise supreme overlord ubq323?
gollark: What if I don't want to? How do you know I know we know AutoBotRobot knows what that server is?
gollark: You don't know that.
gollark: Encrypted msgpack objects?
gollark: Anyway, broadly speaking a kernel just provides abstractions over the hardware and provides APIs for each program/process.

References
  1. Yerak, Becky; Shropshire, Corilyn (September 1, 2013). "'I take distressed properties and try to revitalize them'". Chicago Tribune. Retrieved 12 April 2019.
  2. Neuman, Scott (February 12, 2015). "Tussle Over Electric Bill Plunges New York Mall Into The Dark". NPR. Retrieved 12 April 2019.
  3. Sayles, J.W. (January 9, 2018). "Sayles: Mason City's most dangerous partner". Mason City Globe Gazette. Retrieved 15 April 2019.
  4. "Company Overview of Kohan Retail Investment Group". Bloomberg. Bloomberg. Retrieved 3 April 2019.
  5. O'Brien, Tim (21 January 2014). "Rotterdam mall's new owner has history of legal battles". Times Union. Retrieved 12 April 2019.
  6. Kurt, Nagl (29 November 2018). "Eastland's new owner brings big promises, spotty record of mall redevelopment". Crain's Detroit Business. Retrieved 15 April 2019.
  7. Byard, Katie (April 5, 2019). "Utility won't pull plug on Chapel Hill Mall electricity". Akron Beacon Journal. Retrieved 16 April 2019.
  8. Kinney, Jim (27 March 2019). "No tax payments, no lights, no stores and no plan to make it better: Berkshire Mall owner Mike Kohan has frustrated towns all over the country". masslive.com. Retrieved 16 April 2019.
  9. Lucin, Kari (23 January 2009). "Northland Mall sold for $1.8 million". The Globe. Retrieved 21 April 2019.
  10. Brown, Lisa (December 3, 2011). "Jamestown Mall foreclosed, put up for sale". St. Louis Post-Dispatch. Retrieved 12 April 2019.
  11. Peters, Laura (March 11, 2014). "Staunton Mall sells for $4.5 million". The News Leader. Retrieved 16 April 2019.
  12. Klein, Ben (October 25, 2013). "Big Lots Leaving". Times Observer. Retrieved 20 April 2019.
  13. "New Owner, New Plan". Times Observer. April 16, 2016. Retrieved 3 April 2019.
  14. Maidenberg, Micah (6 August 2013). "Matteson sues to shut down Lincoln Mall". Crain's Chicago Business. Retrieved 16 April 2019.
  15. Shropshire, Corilyn; Grimm, Andy (August 8, 2013). "Matteson sues to shut down Lincoln Mall". Chicago Tribune. Retrieved 16 April 2019.
  16. Bates, Michael D. (September 23, 2017). "Crystal River Mall: Venue continues rebound under new ownership". Chronicle Online. Retrieved 20 April 2019.
  17. "Mall being sold". The Advertiser-Tribune. September 4, 2016. Retrieved 20 April 2019.
  18. Omaye, Jayna (September 5, 2014). "Lake Square Mall bought by Turkish developer". Orlando Sentinel. Retrieved 15 April 2019.
  19. Wittkowski, Tony (December 5, 2018). "New owner of Orchards Mall is revealed". The Herald Palladium. Retrieved 15 April 2019.
  20. Reuther, Mike (April 20, 2016). "Lycoming Mall sells for more than $26M". Williamsport Sun-Gazette. Retrieved 17 April 2019.
  21. Olson, Scott (August 3, 2017). "Washington Square owner owes more than $600,000 in property taxes". Indianapolis Business Journal. Retrieved 15 April 2019.
  22. Livingston, Doug (April 2, 2019). "Lights out at Chapel Hill Mall? Store owners warned power could be shut off next week for nonpayment of electric bills". Akron Beacon Journal. Retrieved 16 April 2019.
  23. Dobrowolski, Tony (September 2, 2016). "Berkshire Mall to be sold to NY developer with eye on revival". The Berkshire Eagle. Retrieved 20 April 2019.
  24. Dobrowolski, Tony (February 6, 2019). "More tax trouble for Berkshire Mall, as owner misses another payment deadline". The Berkshire Eagle. Retrieved 16 April 2019.
  25. Cho, Janet H. (5 February 2017). "'Malls aren't dead at all,' they're just evolving, retail expert says". cleveland.com. The Plain Dealer. Retrieved 15 April 2019.
  26. McNett, Jared (December 8, 2018). "Kohan Group buys 6 new properties in 2018 while owing back taxes on Mason City mall". Mason City Globe Gazette. Retrieved 16 April 2019.
  27. Orr, Scott (February 20, 2018). "Prescott Gateway Mall sells to New York investment group, will include Hotshots museum". The Daily Courier. Retrieved 16 April 2019.
  28. Lawrence, Keith (May 16, 2018). "New York investment firm buys Owensboro mall". Kentucky New Era. The Messenger-Inquirer. Retrieved 13 December 2019.
  29. Thompson, Richard; Roberts, Faimon (September 15, 2018). "Examining Esplanade Mall future: New, controversial owner; future home to Kenner City Hall?". The Advocate. Retrieved 16 April 2019.
  30. Bowers, Lisa (February 12, 2019). "Westwood Mall sold to developers". The Mining Journal. Retrieved 21 April 2019.
  31. Parnass, Larry (July 11, 2019). "Berkshire Mall sells for $1M after new player clears tax debt". The Berkshire Eagle. Retrieved 15 July 2019.
  32. Rengers, Carrie; Leiker, Amy Renee (July 11, 2019). "New owner plans changes to drive traffic at Towne West Square". The Wichita Eagle. Retrieved 15 July 2019.
  33. Mayse, James (December 10, 2019). "Local investors purchase Towne Square Mall". Messenger-Inquirer. Retrieved 13 December 2019.
  34. Lawrence, Keith (December 11, 2019). "Ray says mall can again be destination". Messenger-Inquirer. Retrieved 13 December 2019.
  35. Terry, Shelley (February 12, 2020). "Mall sold". Star Beacon. Retrieved 2 April 2020.
  36. Naymik, Mark (February 14, 2020). "Chapel Hill Mall owner buys struggling Ashtabula Towne Square mall". WKYC. Retrieved 2 April 2020.
  37. Rabines, Amanda (March 31, 2020). "Seminole Towne Center owner sells to investment group with plans to revitalize struggling mall". Orlando Sentinel. Retrieved 2 April 2020.
  38. "Commercial real estate highlights". Richmond Times-Dispatch. March 8, 2020. Retrieved 2 April 2020.
  39. Gilligan, Gregory J. (Apr 23, 2020). "Local investment group buys American Family Fitness building at Virginia Center Commons for $4.1 million". Richmond Times-Dispatch. Retrieved 20 July 2020.
  40. "Clearview Mall under new management of NY-based retail group". Butler Eagle. 25 June 2020. Retrieved 20 July 2020.
  41. Matuszak, John (December 12, 2014). "Orchards Mall's new owner: rescuer or bad apple?". The Herald Palladium. Retrieved 15 April 2019.
  42. Lawless, Ronna (October 11, 2017). "Outlet mall owner has history of failed properties, unpaid bills". Story City Herald. Retrieved 16 April 2019.
  43. Maidenberg, Micah (10 November 2014). "Judge orders struggling Lincoln Mall to close". Crain's Chicago Business. Retrieved 16 April 2019.
  44. Maidenberg, Micah (3 June 2014). "Matteson to take over — and try to sell — struggling Lincoln Mall". Crain's Chicago Business. Retrieved 16 April 2019.
  45. Brigid, Sweeney (7 January 2015). "Lincoln Mall shutters for good". Crain's Chicago Business. Retrieved 16 April 2019.
  46. Nolan, Mike (May 8, 2017). "Demolition of Matteson's Lincoln Mall gets underway". Daily Southtown. Chicago Tribune. Retrieved 16 April 2019.
  47. Hagen, Aaron (August 8, 2013). "Old Kmart building runs afoul with city". The Globe. Retrieved 21 April 2019.
  48. Hagen, Aaron (October 31, 2013). "City takes Northland Mall owner to court". The Globe. Retrieved 21 April 2019.
  49. Hagen, Aaron (14 April 2014). "Can it be fixed?". The Globe. Retrieved 21 April 2019.
  50. Hagen, Aaron (28 April 2014). "Northland Mall declared hazardous". www.dglobe.com. Retrieved 21 April 2019.
  51. Trester, Erin (24 February 2015). "Tumbling down". The Globe. Retrieved 21 April 2019.
  52. Kirtz, Kristin (21 May 2015). "It's a done deal". The Globe. Retrieved 21 April 2019.
  53. Rooney, Ben (12 February 2015). "New York shopping mall's power is cut after owner fails to pay bill". CNN Money. Retrieved 12 April 2019.
  54. O'Brien, Tim (10 March 2016). "New photos: Rotterdam mall adds entertainment spaces". Times Union. Retrieved 12 April 2019.
  55. Dobrowolski, Tony (April 5, 2019). "New court action ramps up pressure on Berkshire Mall owner". The Berkshire Eagle. Retrieved 16 April 2019.
  56. Lofholm, Andrew (6 December 2017). "Indian River Mall pays $428K electric bill". WPTV. Retrieved 16 April 2019.
  57. Joyce, Tom (6 February 2019). "It's official: Mayberry Mall sold". Mt. Airy News. Retrieved 12 April 2019.
  58. Joyce, Tom (18 March 2019). "Work underway at mall". Mt. Airy News. Retrieved 15 April 2019.
  59. Moriarty, Rick (20 August 2018). "Great Northern Mall in Clay seeks huge tax cut". syracuse.com. Retrieved 16 April 2019.
  60. Schabbing, Dawn (August 7, 2018). "City puts pressure on mall owner". Effingham Daily News. Retrieved 16 April 2019.
  61. Krize, Nikki (28 August 2018). "Power Outage Closes Lycoming Mall". WNEP. Retrieved 17 April 2019.
  62. Fiorini, Courtney (September 21, 2018). "Cerro Gordo County Treasurer sues Southbridge Mall owner for unpaid taxes". Mason City Globe Gazette. Retrieved 16 April 2019.
  63. Stewart, Ashley (December 6, 2018). "Mason City mall owner pays $150K in taxes meeting county deadline". Mason City Globe Gazette. Retrieved 20 April 2019.
  64. Papa, Kristina (14 January 2019). "Lycoming Mall Owes Thousands in Unpaid Water, Sewer Bills". WNEP. Retrieved 17 April 2019.
  65. "Chapel Hill Mall owner pays electric bill, avoids power shutoff". Akron Beacon Journal. December 9, 2019. Retrieved 13 December 2019.
  66. Averill, Mike (July 25, 2019). "Tulsa Promenade stores to stay open as owner, lender 'work out their differences' over unpaid $6M, court-appointed receiver says". Tulsa World. Retrieved 10 September 2019.
  67. Morgan, Rhet (September 23, 2019). "Judge returns possession, operation of Promenade Mall to property's owner". Tulsa World. Retrieved 11 October 2019.
  68. Goist, Robin (13 January 2020). "Summit County files foreclosure complaint against Chapel Hill Mall". cleveland.com. Retrieved 13 January 2020.
  69. Terry, Shelley (February 15, 2020). "Mall's new owner owes millions in delinquent taxes". Star Beacon. Retrieved 2 April 2020.
  70. Durham, Spencer (March 12, 2020). "Adrian Mall to remain open despite leaking roof". The Daily Telegram. Retrieved 2 April 2020.
  71. Durham, Spencer (June 16, 2020). "Adrian Mall condemned". The Daily Telegram. Retrieved 20 July 2020.
  72. "Kohan Retail Properties". Kohan Retail Investment Group. Retrieved 20 July 2020.
  73. Niehaus, Michaele (December 16, 2018). "Sheriff's sale of Westland Mall a formality". The Hawk Eye Newspaper. Retrieved 17 April 2019.
  74. Lawless, Ronna Lawless (April 17, 2018). "Big changes planned at Story City outlet mall". The Ames Tribune. Retrieved 3 April 2019.
  75. Havil, Dave (17 June 2016). "The SouthShore Mall is now "Shoppes at Riverside," Inviting Public to Grand Re-Opening • Newstalk KBKW". KBKW. Retrieved 21 April 2019.
  76. Crook, Lynn S. (18 October 2019). "Washington Square Mall to get makeover, improvements". WRTV. Retrieved 22 October 2019.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.