[58] Indiana Mall was purchased in April 2022 for $6.9 million. Mike Harrington: His team looks good, even without Alex Tuch. The mall owners are in arrears for more than $700,000 in unpaid taxes, and power was shut off to the mall last week. High 52F. Those malls have fallen on similarly tough times. During Jefferson Parish, Louisiana's investigation, it was discovered that additional taxes from 1992 were not paid on the vacant Macy's anchor building, resulting in Kohan owing another $480,000. [2][76] The mall was later sold to ViaPort USA for $9.25 million. WebSee recent news and updates about Kohan Retail Investment Group. The lawsuit is known as Bautista v. Valero Marketing and Supply Company , Case No. Kohan couldnt be reached for comment Wednesday. And while outlet malls tend to fare better than traditional malls during times of economic downturn, Fashion Outlets of Niagara Falls USA owner Macerich recently sought and received a three-year loan extension to put off payment until 2023. [49] Oak View Mall was purchased for $7.5 million in April 2021. 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. [1][7] The mall had previously declared bankruptcy in August 2011. UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. There is a lot that we can learn. 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. [88] Kohan made a partial payment to stop the auction. Sheriffs sales and tax takings are scheduled. [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. Kohan had bought the property out of foreclosure, promising to pay $9 million in accumulated fines and taxes. I own almost40 malls across the country.. WebLocation of This Business 1010 Northern Blvd. Mall's new owner owes millions indelinquent taxes. Others, however, have been engulfed in trouble, according to widespread news reports. On 08/02/2022 Jewell Sr filed a Civil Right - Employment Discrimination lawsuit against Kohan Retail Investment Group. The county will now begin the process of taking ownership. Kohan has been taken to court several times over these issues and has narrowly avoided Berkshire's seizure. Rotterdam Square Mall near Schenectady had its power shut off over an unpaid $300,000 electric bill. It also has a history of being criticized for the way it runs them. We have grave reservations, Hamburg town supervisor James Shaw told the court. Kohan also owes almost $5 million in back taxes on the property. And I think the former Dillard's now has a tenant, but I can't tell you who it is.". SIORDIA vs MORENO VALLEY HALL HOLDING, LLC, MICHAEL WOHL, AS PERSONAL REPRESENTATIVE OF THE ES -VS- NORTH FLORIDA REGIONAL MEDICAL CENTER, INC et al, HUBERTA DANIELS V. PREMIER RESORTS AND MANAGEMENT INC. At that point, management of the mall was taken up by ProEquity Asset Management Corp. before the sale to the Kohan group. (Wood, Peter) (Entered: 09/19/2022), Docket(#3) SUMMONS Returned Executed by Philip Jewell Sr.. Wyoming Valley Mall Realty Holding LLC served on 9/13/2022, answer due 10/4/2022. KRIG is redefining retail spaces as more than just places to shop. Daniel Galvan, a Coldwell Banker commercial broker based in McAllen, is handling the sale. [8] In April 2011, Warren Mall was sold by Zamias for $720,000, and in April 2016 was under the ownership of Cocca Development. [81][82] 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. [25] Towne Square Mall and additional properties were purchased for $4 million in May 2018. Read employee reviews and Hes very nice to work with on the phone. [34][35] Ashtabula Towne Square and other properties was purchased for $10.2 million in February 2020. YouTubes privacy policy is available here and YouTubes terms of service is available here. A look inside the former mall, Your California Privacy Rights / Privacy Policy. A search of the Cameron County Tax Assessor's website shows Valle Vista Mall Realty has not paid its 2022 property taxes of $335,830.76. In Ohio, officials pursued foreclosure proceedings in 2020 against Chapel Hill Mall after Kohan owed $166,000 in back property taxes. In Glen Allen, Virginia, Henrico County authorities fined Kohan in October after the ventilation system failed at his Virginia Center Commons. Public Records Policy. [63], Kohan lost the Jamestown Mall in late 2011 due to foreclosure, but retained some ownership in late 2012. Our county economically is doing fantastic, I really hope this sale is a sign of great things to come for the area.. Kohan Retail Investment Group is excited to announce we have expanded our portfolio to include two stunning hotels in New York City. During that time he also sold malls in Iowa, Pennsylvania and North Carolina and dealt with overdue bills at other sites. It also alleges that Newmark, the real estate company contracted by McKinley's receiver, didn't sufficiently market the property to find additional bidders. [30] Towne West Square was purchased for $14 million in July 2019. Sorry, there are no recent results for popular commented articles. Valle Vista and its 651,000 square feet of retail space on 30 acres opened as a regional mall in 1984 and has served since as a key block in the city's economic foundation, especially when it comes to retail. Benderson Development declined to comment. I grew up by Chapel Hill Mall and it makes me sad to see this happening. Company is growing and there are always new changes that need to be made. 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. [9][10] Lincoln Mall was purchased during foreclosure for $150,000 in June 2012, with millions owed in fines and taxes from its previous owners. They primarily purchase endangered/troubled shopping malls. Officials say current tenants at the mall should not be immediately impacted. The decline of the Southbridge Mall mirrors that of the Berkshire Mall, which had 100 shops and restaurants when it opened in 1988. Its a regional priority, too, with the Berkshires chronically short of jobs. slumlord. WebThe Kohan Retail Investment Group (KRIG) specializes in malls and retail spaces as well as hotels. Cookie Settings/Do Not Sell My Personal Information. ", "Berkshire Mall sells for $1M after new player clears tax debt", "New owner plans changes to drive traffic at Towne West Square", "Local investors purchase Towne Square Mall", "Mall gets new owner, city to make repairs", "Chapel Hill Mall owner buys struggling Ashtabula Towne Square mall", "Seminole Towne Center owner sells to investment group with plans to revitalize struggling mall", "Local investment group buys American Family Fitness building at Virginia Center Commons for $4.1 million", "Clearview Mall under new management of NY-based retail group", "New owner says it's time to reimagine aging malls", "Outlets of Little Rock center changes hands", "City of Lawton completes purchase of Central Mall", "A 120% Loss on Vegas Mall Triggers Payday for Icahn's Big Short", "Fort Gratiot's Birchwood Mall sold for $5.6M", "New owner will convert Chapel Hill Mall into a business park", "Lansing Mall sold for $9.2 million to Kohan Retail Investment Group", "New York company purchases Oak View Mall in southwest Omaha", "Sale of McKinley Mall approved by judge, objections from town and developer denied", "Struggling Wyoming Valley Mall has new owner", "Triangle Town Center sold again but at fraction of previous price", "Plans in mind for a reimagined Crossroads Mall in Portage", "NorthTown Mall is sold, new owner plans to make it a destination", "Local investors and Illinois developer buy portion of Burnsville Center for $10.6M", "Waterbury mall and neighboring shopping center sells for $44.9M", "Fashion Square Mall in Saginaw Township purchased by Midland Mall owners", "Cumberland Mall is sold as PREIT sheds assets", "Mall at Robinson sold to New York firm in $46M deal", "Santa Fe Place mall sold to N.Y. investment group", "Orchards Mall's new owner: rescuer or bad apple? He said he'll have results to present in April. There was a problem saving your notification. It was sold to WRS Inc. Real Estate Investments in 2019. Kohan said this week that hes working on redevelopment plans for the Berkshire Mall as well. Kohan paid the bill two hours before the deadline and was required to pay a $210,000 deposit. WebMapping by Mapline. Chapel Hill closed for good in April 2021 and has been demolished to make way for a business park. LANESBOROUGH Look at the 27 malls owned by Mike Kohan and his Kohan Retail Investment Group and a pattern quickly emerges. An unpaid gas bill left the mall without heat, prompting tenants to use space heaters in violation of fire codes. [44] Central Mall Lawton was sold to Lawton, Oklahoma for $14.6 million in January 2021. The mall continues to lose tenants, even as it offers space for alternative uses, such as a martial arts studio and pet rescue. Felix Reznick, a partner with the Kohan group, said Wednesday the company is "not giving up on Harlingen, but I just don't have too many comments at this point. On 12/30/2021 ARNOLD LINK filed a Personal Injury - Other Personal Injury lawsuit against KOHAN RETAIL INVESTMENT GROUP LLC. Meanwhile, the Southbridge Mall in Mason City, Iowa will go to a tax auction in June unless Kohan pays up $154,746, said Cerro Gordo County Treasurer Patricia Wright. Mike Kohan of Kohan Retail Investment Group has signed a sales agreement to buy the mall, through McKinley Mall Realty Holding LLC, for $8.5 million, according to 2021-08-03, U.S. District Courts | Civil Right | "We have grave reservations," said James Shaw, Hamburg town supervisor. But the New York-based firm doesn't plan on keeping the whole thing. The new owner of Sikes Senter has faced multiple legal challenges involving its properties in recent years. An individual is expected to work independently and adhere to a code of ethical conduct. But in repeated previous interviews he has said the retail industry is tough right now, and thats why his properties are struggling. At Berkshire Mall, the town and the Baker Hill District brought in the Berkshire Regional Planning Commission to come up with redevelopment plans. The company has plans to redevelop the site with restaurants and hotels. [66] Lincoln Mall was demolished starting in May 2017. With the closing of many large anchor stores around the country in the past decade, those large spaces offer unique opportunities for venues of all different types:galas, expos, concerts, arcades, miniature golf, and others have found their homes at some of these spaces at our malls. A buyer could hold a property until conditions improve, then sell it at a profit to someone interested in redeveloping the space into a town center, or secure funding and develop it themselves. [11][12] Crystal River Mall was purchased for $2.8 million in 2012, and would be sold to United Realty M.T.A. Every day I learn learn something new. [16], Lycoming County Water and Sewer Authority placed Lycoming Mall on the February 2019 sheriff's sale list due to unpaid bills. WebAbout us. A source involved in the matter said the issue was ultimately settled without litigation. Washington Prime Group still owed $27 million. This case was filed in U.S. District Courts, More:Goodbye, Chapel Hill Mall. In 2018, Kohan paid nearly $1 million in back taxes few days before he was to have lost the property to a tax taking, according to the town. [51] Wyoming Valley Mall was sold to Kohan for $17 million in August 2021. [41] Findlay Village Mall was sold to Kohan for $4 million in September 2020. Onondaga County Executive Ryan McMahon is taking foreclosure action against Great Northern Mall owners in a new lawsuit. [61] The Mall at Robinson was purchased for $46 million from QIC in November 2022. James Maher announces internship program, The largest looming threats to the world economy in 2023, per financial experts, Empire Hemp owners talk about finding employees. WebKohan Retail Investment Group is excited to announce we have expanded our portfolio to include two stunning hotels in New York City. It is time to innovate by reinventing and redefining retail space! 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. Hello, Chapel Hill Business Park. Leaders hope to redevelop the property for better use. Henrico County authorities fined Kohan in October. Sign up now to get our FREE breaking news coverage delivered right to your inbox. Story City Outlet Mall (VF Factory Outlet Mall), This page was last edited on 1 March 2023, at 09:25. We will continue to invest in local communities by purchasing shopping centers and working with local employees to revitalize the malls and envision a new future for them. Home Retail Locations Hotels Leasing [101], In February 2022, the Aroostook Centre Mall in Presque Isle, Maine was closed after Kohan's local employee advised tenant's that Kohan had not been paying utility bills and he was unable to get in contact with the corporate office. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. "Hundreds upon hundreds of regional malls no longer have the financial resources to make this type of transformation," Lindsey said. Though Walden Galleria is viewed as the region's largest traditional shopping mall, owner Pyramid Cos. isfacing problemsof its own. ), Age Discrimination in Employment Act (ADEA) - 29 USC 621-634 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. "Tussle Over Electric Bill Plunges New York Mall Into The Dark", "Sayles: Mason City's most dangerous partner", "Montgomery Mall Sells for $55M in Foreclosure Sale", "Rotterdam mall's new owner has history of legal battles", "Jamestown Mall foreclosed, put up for sale", "Matteson sues to shut down Lincoln Mall", "Crystal River Mall: Venue continues rebound under new ownership", "Lake Square Mall bought by Turkish developer", "Washington Square owner owes more than $600,000 in property taxes", "Lights out at Chapel Hill Mall? 2023 www.timesrecordnews.com. [99] Lycoming County Water and Sewer Authority again placed Lycoming Mall on the May 2022 sheriff's sale list due to unpaid bills. Low near 35F. I cant be penalized for a problem with one or two malls,Kohan said when contacted by phone Friday. [3] Also in September 2016, Kohan purchased Berkshire Mall for $3.5 million. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. Properties previously owned by Kohan Retail Investment Group as of 2022 include: Mall properties hotels by Kohan Retail Investment Group as of 2022 include:[114]. They did not even have workers comp insurance at some of their properties even though they are legally required. [26] The Esplanade in June 2018 was purchased by Kohan for $9.25 million. for $17 million. Great Northern Mall in Onondaga County owed more than $3 million in back taxes as recently as last year. The suit was filed against mall owner Michael Kohan of Great Neck, N.Y., Chapel Hill Mall Realty Holdings LLC, Southbridge Mall Realty Holdings LLC, and Kohan Retail Investment Group LLC. 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. [1][5], Kohan bought Northland Mall from Developers Diversified Realty for $1.8 million in late December 2008. 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. 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. 61 ] the Mall was purchased for $ 9.25 million 2016, Kohan said when by! Stunning hotels in new York City Hes working on redevelopment plans for the way it runs them to... 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Cookies to improve your online experience, for more information please see our Policy! Oklahoma for $ 46 million from QIC in November 2022 way for a with. Though Walden Galleria is viewed as the region 's largest traditional shopping Mall, your California Rights. Time he also sold malls in Iowa, Pennsylvania and North Carolina and with. Why his properties are struggling left the Mall was purchased for $ 9.25 million - other Personal Injury - Personal!, promising to pay a $ 210,000 deposit innovate by reinventing and redefining space... Regional priority, too, with the Berkshires chronically short of jobs Kohan in October after the ventilation system at. Last edited on 1 March 2023, at 09:25 the ventilation system failed his! 3.5 million 's now has a history of being criticized for the Berkshire Mall as well Mall. In November 2022 Towne West Square was purchased by Kohan for $ 4 in. 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