Learn more about recent acquisitions, upgrades, and other information. Tennessee-based CBL & Associates, the previous owner of the main mall building and tenant spaces, as well as outlots, has filed for Chapter 11 bankruptcy. [2][76] The mall was later sold to ViaPort USA for $9.25 million. Benderson owns the McKinley Plaza across from the mall, and parcels on the mall property including its two former Macy's stores. Even when they reopened, customers stayed away, fearing contact with the coronavirus. [53] Montgomery Mall while in foreclosure was purchased for $55 million in November 2021. 2022-07-13, Riverside County Superior Courts | Personal Injury | They primarily purchase endangered/troubled shopping malls. hired a landscaping firm to manicure the Kohan-owned Esplanade Mall when the weeds took over. The Akron Beacon Journal reported the City of Akron foreclosed on Chapel Hill Mall after Kohan failed to pay $166,000 in unpaid back taxes. I own almost40 malls across the country.. The Kohan group has purchased more than 20 malls nationwide, with a business plan to improve those properties and stabilize them financially. They run malls into the ground. The company's pending purchase ofMcKinley Mallhas some people worried KRIG's spotty record will continue in the Town of Hamburg. An affidavit from Benderson Development filed Wednesday complains that Newmark did not give Benderson a chance to submit an offer on the property, and that Benderson is prepared to offer a "significantly higher bid" than Kohan's. Mark W. Siegars, attorney for the Baker Hill Road District, which built and maintains roads near the mall, said Tuesday that the district is still evaluating its next steps. Home Retail Locations Hotels Leasing [85] In September 2018, Southbridge Mall was sued by Cerro Gordo County for $177,324 in back taxes. Kohan was also sued for failure to pay contracted workers and for not paying a $245,000 snowplowing bill. 5:20-CV-04906 | 2020-10-05. Learn More. And I think the former Dillard's now has a tenant, but I can't tell you who it is.". Kohanfinalized the purchasefrom Sure Fire Group LLC, a group of local investors, for $10.2 million on Tuesday, paying $4 million of the total price with cash, said Ashtabula County Auditor David Thomas. [66] Lincoln Mall was demolished starting in May 2017. Hes trying, he says, to fill malls with locally owned stores. Kohan Retail is extending a hand in this transformation by offering spaces to grow new businesses. Cali Despite that improvement, the mall may well be in financial trouble. The Akron Beacon Journal reported the City of Akron foreclosed on Chapel Hill Mall after Kohan failed to pay $166,000 in unpaid back taxes. Northland Mall in Minnesota, riddled with mold and roof damage, owed more than $140,000 in back taxes before the mall was sold in 2015. List of properties with unclear ownership. Performance Rating Act - 5 USC 4303, Jewell Sr. v. Kohan Retail Investment Group et al. At Berkshire Mall, the town and the Baker Hill District brought in the Berkshire Regional Planning Commission to come up with redevelopment plans. [47] Chapel Hill Mall was sold by Kohan to Industrial Commercial Properties in March 2021. He makes a lot of promises.. An unpaid gas bill left the mall without heat, prompting tenants to use space heaters in violation of fire codes. Kohan Retail Investment Group is in the business of buying troubled malls. [21][78] Berkshire has also suffered from a series of power outages. Popular Searches Kohan Retail Investment Group Kohan Retail Investment Group LLC Kohan Retail Kakhani Real Estate Inc KOHNAN REAL ESTATE Inc Revenue $4.7 M Employees 20 Privacy Policy Terms & Conditions. The corporate office of Kohan Retail Investment Group is a great place to work at. Onondaga County Executive Ryan McMahon is taking foreclosure action against Great Northern Mall owners in a new lawsuit. Figures from the Wichita Appraisal District show the malls value has declined over the years from a high of $66.6 million in 2018 to $44.5 million in 2021. [8] In April 2011, Warren Mall was sold by Zamias for $720,000, and in April 2016 was under the ownership of Cocca Development. I cant be penalized for a problem with one or two malls,Kohan said when contacted by phone Friday. Kohan also owns the Great Northern Mall in Clay, N.Y., where he owes $3.4 million in delinquent taxes, with a tax auction looming in 2021 if the debt is not resolved, according to the Onondaga CountyProperty Tax Service records. Website. So what does Sabres GM Kevyn Adams do this week? [15] Staunton Mall was sold for $4.5 million in March 2014. The action comes as the owners, under 2023 Advance Local Media LLC. [93] The mall also had electric and water payment issues the same month. The affidavit says the town is concerned regarding Kohan's "financial wherewithal.". [102], Mall properties owned by Kohan Retail Investment Group as of 2022 include:[103]. Just an awful company, mall management is laughable as well. The company has plans to redevelop the site with restaurants and hotels. 5:21-CV-00706 | 2021-02-16, U.S. District Courts | Civil Right | Kohan paid the bill two hours before the deadline and was required to pay a $210,000 deposit. At other properties, taxes and utility bills go unpaid. [1][7] The mall had previously declared bankruptcy in August 2011. Partly cloudy. ANDRADE vs MORENO VALLEY MALL HOLDING, LLC. We believe the future of these large indoor spaces will be more of a hybrid of entertainment, food, and retail than the past model where retail reigned supreme. The Rotterdam Square Mall has since been sold again, and redeveloped as VIA Port Rotterdam. Must-read local business coverage that exposes the trends, connects the dots and contextualizes the impact to Buffalo's economy. Kohan owesOnondaga County $5.1 million in unpaid taxes for Great Northern Mall, which has been closed for a month due to heating issues. News Staff Reporter Stephen T. Watson contributed to this report. When the Kohan group purchased Valle Vista, the vacancy rate was around 25 percent. The bill was paid the day electric was to be shutoff. The new owner of Sikes Senter has faced multiple legal challenges involving its properties in recent years. No company is perfect. 2021-08-03, U.S. District Courts | Civil Right | Company is growing and there are always new changes that need to be made. WebThere is 1 job at Kohan Retail Investment Group Explore them all Browse jobs by location Salisbury, MD 1 job See all available jobs Rating overview Rating is calculated based on 4 reviews and is evolving. [6] Kohan purchased the Jamestown Mall in 2009 for $3.3 million. Public Records Policy. [77] Since its purchase, Berkshire Mall has suffered from serious tax issues with many payments being missed. Ownership also owed $141,081.61 in taxes to Nobles County, Minnesota. Finally, one place to get all the court documents we need. Lincoln Mall in Illinois, purchased out of foreclosure for $150,000 in 2012, fell into disrepair and was taken over by its town. The company, which owns more than 50 malls nationwide, is not new to the area. But the New York-based firm doesn't plan on keeping the whole thing. Today, the 86-acre property has just 17 tenants. If you do not agree with these terms, then do not use our website and/or services. That information was not received through National Grid. [3] Also in September 2016, Kohan purchased Berkshire Mall for $3.5 million. Kohan Retail Investment Group is a shopping mall investment company based in Great Neck, New York. In 2017, unable to sell the Harlingen mall, Washington Prime Group decided to dump the property back on the lenders who had financed its sale with a loan of $40 million. [23] Fort Steuben Mall was purchased for $10.75 million in December 2018. In Richmond, Ohio, developer DealPoint Merrill purchased an old Sears and 22 acres of parking lot at the Richmond Town Center Mall last year. According to the report, Kohan missed a May 1 deadline to submit his fourth quarterly tax payment for the current fiscal year, after not paying the previous three for the Berkshire Mall. [16], Lycoming County Water and Sewer Authority placed Lycoming Mall on the February 2019 sheriff's sale list due to unpaid bills. In several instances, KRIG has lost ownership or control of the malls altogether. But the mall is nearly vacant, and Mason Citys government is in negotiations to build an arena and hotel on the property. [31] Towne Square Mall was sold for $5.15 million to Towne Square Mall Holdings LLC in December 2019. Henrico County authorities fined Kohan in October. [18] Chapel Hill Mall was purchased in July 2016 by Kohan for $8.6 million. Washington Prime Group still owed $27 million. 2022-12-14, Seminole County Courts | Personal Injury | Thomas said Kohans background raises concerns, butthecounty auditors office iswilling and ready to help makeKohans venture a success and he hopesKohanwill be as good a community partner as was Sure Fire Group LLC. Phone calls to Kohan by the Times Record News for comment on his plans for Sikes Senter and his property problems have not been returned. The mall also recently underwent a power outage, with sources saying the mall owes National Grid more than $800,000. Winds light and variable. A look inside the former mall, Your California Privacy Rights / Privacy Policy. Hello, Chapel Hill Business Park. Despite Kohans protestations, the power remained off and the mall remained closed Wednesday. [79] VF Factory Outlet Mall closed in October 2017. Keep reading with unlimited digital access. [41] Findlay Village Mall was sold to Kohan for $4 million in September 2020. [65] Indian River Mall almost lost power in December 2017 due to unpaid electric bills and bounced checks totaling $428,175. Chapel Hill Mall in Ohio fell into foreclosure last year, owing $753,000 in back taxes. -Friendly environment Mike Harrington: His team looks good, even without Alex Tuch. Kim and her daughter and co-owner Helen Kim paid the K&C Law Firm $2,000 in an ADA lawsuit. The mall was slated for demolition in 2012. "They have a lot already invested in the area which makes them really a very attractive buyer from the town's perspective as being the kind of owner they would like to see," said attorney Raymond Fink,a partner at Lippes Mathias Wexler Friedman who is representing the Town of Hamburg. The Kohan group, specialists in buying and improving distressed mall properties, bought the ailing mall property for $12.5 million. Kohan Retail Investment Group is an investment management company based out of 1010 Northern Boulevard Suite 212, Great Neck, New York, United States. Indian River Mall in Florida, owing $428,000 in electric bills, bounced checks and fees was nearly shut down in 2017. Sikes Senter opened in 1973,although much of the structure had been built for several years, left unused except for a supermarket on the west side. The closing of the sale is to be finalized January 18th. [26] The Esplanade in June 2018 was purchased by Kohan for $9.25 million. In the best cases, those malls are converting or trying to convert to lifestyle centers, such as those planned for Boulevard and Eastern Hills Malls. The has since sold to new owners. If the debt is not paid, the property will head to auction in 2021, Weber said. Local officials in Matteson, Ill., labeled Lincoln Mall a public danger because the fire sprinkler system had been dismantled, the roof began crumbling and electrical wiring was exposed. We are looking at nontraditional uses of that property, he said. "We have grave reservations," said James Shaw, Hamburg town supervisor. A judge ordered the mall closed because the owner failed to keep the property up to basic operating standards, according to a news release from the judges office. [94] Adrian Mall in March 2020 was almost condemned due to electrical, roof, and structural issues. [13] Tiffin Mall, purchased in 2012, was later sold to Key Hotel and Property Management in 2016 for $2.2 million. Malls were forced by the state to shut down for several months and invest in expensive air filtration upgrades. "They are searching for avenues but it is incredibly challenging.". That mallclosed permanently in 2019. Network is there to help those in need, Driver in indicted for fatal hit and run involving Ashtabula man, Los Compadres celebrating 20 years in business, Geneva school administrators meet with NAACP over bullying allegations, Police asking public's help in finding suspect in assault, City Council hires Akron architects to design three projects. [38] Virginia Center Commons was sold to VCC Partners LLC and Shamin VCC LLC in early 2020 for $8.3 million. I have nothing but GREAT things to say about this employer. Concern builds over McKinley Mall buyer's track record as Hamburg attempts to halt sale. While hotels may seem to be a far cry from our historical purchases of shopping malls, at the heart of what we do at KRIG has always been accommodation. All rights reserved. It is the duty of Hamburg officials to ensure the next owner is not just going to purchase the property and allow it to fall into disrepair an. [12][66] Matteson, Illinois took over ownership in June 2014 and it closed in January 2015 after running out of money. Not good please stay away shady practices, Shady practices, places zero value on staff, disorganizes, Do not pay bills, do not maintain insurnace, just run the mall dry taking in rents and do not contribute to marketing or tenant improvements. Get up-to-the-minute news sent straight to your device. [80], Mayberry Mall was almost closed on February 1, 2018 by local government officials due to roof and mold issues. [45] Prizm Outlets was purchased by Kohan at auction for $1.525 million in January 2021. New York-based Kohan, known for buying up troubled malls, landed half of the Burnsville Center property at auction for about $17 million a fraction of the $64.2 million owed on the property. News reports of Kohan-owned malls not paying taxes, losing stores and failing to attract shoppers date to at least to 2009. "I think there's some good stuff coming here, and I urge people to bid," Reznick said. [14] Macerich sold Rotterdam Square Mall to Kohan for $8.5 million on January 15, 2014. And the best part of all, documents in their CrowdSourced Library are FREE! Berkshire Mall closed indefinitely following $300K judgment on back taxes; Target, movie theater remain open. You have permission to edit this article. Get Contact Info for All Departments. Use of and/or registration on any portion of this site constitutes acceptance of our User Agreement, Privacy Policy and Cookie Statement, and Your Privacy Choices and Rights (each updated 1/26/2023). Glassdoor has 14 Kohan Retail Investment Group reviews submitted anonymously by Kohan Retail Investment Group employees. "This other outfit, their history is a little sketchy.". [46] Kohan purchased both the Birchwood Mall and Westwood Mall in February 2021, paying $5.6 million for Birchwood. [24] Prescott Gateway Mall was sold to Kohan for $8.8 million in February 2018, half of what the previous owners purchased it for. Jamestown Mall in Missouri was foreclosed in 2011. Read employee reviews and ratings on Glassdoor to decide if Kohan Retail Investment Group is right for you. Always pushing forward to develop the best. More:Sikes Senter sold to New York-based investment group Kohan Retail. The days of out-of-town landlords failing to pay their taxes while simultaneously depreciating their properties are over. UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. WebThe North Plains Mall is an enclosed shopping mall in Clovis, New Mexico owned by Kohan Retail Investment Group.It is the only mall within its 95-mile radius and thus has drawn consumers across eastern New Mexico and west Texas. Store owners warned power could be shut off next week for nonpayment of electric bills", "Berkshire Mall to be sold to NY developer with eye on revival", "More tax trouble for Berkshire Mall, as owner misses another payment deadline", "Kohan Group buys 6 new properties in 2018 while owing back taxes on Mason City mall", "Eastland's new owner brings big promises, spotty record of mall redevelopment", "Prescott Gateway Mall sells to New York investment group, will include Hotshots museum", "New York investment firm buys Owensboro mall", "Examining Esplanade Mall future: New, controversial owner; future home to Kenner City Hall? Customers and employees become unhappy once they realize nothing will improve. Kohan Retail Investment Group, a Great Neck, New York-based company, has purchased NorthTown Mall, on Spokanes North Side, says the company CEO Mike Kohan. [79][19] Chapel Hill Mall almost had power disconnected by Ohio Edison due to unpaid bills in April and December 2019. [89][90] Tulsa Promenade was placed into receivership in July 2019 due to missed mortgage payments and maintenance issues. The one reviewer that said there was room for growth must be the owner. If you are experiencing difficulties logging in or are a subscriber getting a paywall, please try one or more of the following steps. Kohan owned the Rotterdam Square Mall near Schenectady, New York, for just about a year in 2014 and 2015. [32][33] Village Square Mall was sold to Durga Property Holdings in early 2020. New York-based Kohan Retail Investment Group wants to increase traffic and boost occupancy at Ashtabula Towne Square butcompany president Mike Kohanhas had some trouble keeping up with the taxes onsome of his other properties. Come up with redevelopment plans for growth must be the owner 's some stuff! Stephen T. Watson contributed to this report, Your California Privacy Rights / Privacy.... They realize nothing will improve 2,000 in an ADA lawsuit 66 ] Lincoln Mall sold. 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Plaza across from the Mall also had electric and water payment issues the same month reports Kohan-owned... At auction for $ 4.5 million in November 2021 days of out-of-town landlords failing to attract shoppers date to least. Mall was almost condemned due to unpaid electric bills, bounced checks totaling $ 428,175 is nearly vacant and! At least to 2009 realize nothing will improve, which owns more than 50 malls nationwide with! They reopened, customers stayed away, fearing contact with the coronavirus underwent a power outage, sources! [ 23 ] Fort Steuben Mall was sold by Kohan to Industrial Commercial properties in March 2020 almost... From serious tax issues with many payments being missed payment issues the same month Buffalo...