The has since sold to new owners. 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 affidavit says the town is concerned regarding Kohan's "financial wherewithal.". Finally, one place to get all the court documents we need. for $17 million. Concern builds over McKinley Mall buyer's track record as Hamburg attempts to halt sale. Self-storage might be another idea, he said. Website. Customers and employees become unhappy once they realize nothing will improve. Ste. (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. [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. 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. slumlord. "I think there's some good stuff coming here, and I urge people to bid," Reznick said. [17] Washington Square Mall was purchased in April 2016 for $2.5 million. Must-read local business coverage that exposes the trends, connects the dots and contextualizes the impact to Buffalo's economy. [69] 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. [28], Parts of Marquette, Michigan's Westwood Mall was sold to two different owners in February 2019, one being Kohan. Read employee reviews and ratings on Glassdoor to decide if Kohan Retail Investment Group is right for you. The Rotterdam Square Mall has since been sold again, and redeveloped as VIA Port Rotterdam. Indian River Mall in Florida, owing $428,000 in electric bills, bounced checks and fees was nearly shut down in 2017. News reports of Kohan-owned malls not paying taxes, losing stores and failing to attract shoppers date to at least to 2009. 2023, Charter Communications, all rights reserved. The lawsuit is known as Bautista v. Valero Marketing and Supply Company , Case No. Hart Lyman company said a vacant mall was part of the agreement, but Kohan Retail Investment Group hasn't upheld their end. Kohan owned Central Mall in Lawton until January 2021, when the group sold it to the city, whose FISTA Development Trust Authority is repurposing it into a center for retail and high-tech training. The Editorial Board: Local developer Benderson should have chance to submit a bid for McKinley Mall, McKinley Mall sale is approved, sidelining Benderson and Town of Hamburg, Walden Galleria owner in danger of defaulting on mortgage, What's the future of the McKinley Mall? The town recently rezoned the land under McKinley Mall and its ring properties hoping to attract a broader pool of buyers ones that would bring exciting ideas and breathe new life into the struggling property. [15] Staunton Mall was sold for $4.5 million in March 2014. But he doesnt want to tear down all or even portions of the mall. Malls were forced by the state to shut down for several months and invest in expensive air filtration upgrades. A look inside the former mall. 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 [19] Southbridge Mall during its tax sale was purchased by Kohan for $1.5 million in September 2016. So what does Sabres GM Kevyn Adams do this week? Website. [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. All rights reserved. [43], The Outlets of Little Rock were purchased for $10 million in January 2021. Kohan owned the Rotterdam Square Mall near Schenectady, New York, for just about a year in 2014 and 2015. Mall's new owner owes millions indelinquent taxes. Public Records Policy. [44] Central Mall Lawton was sold to Lawton, Oklahoma for $14.6 million in January 2021. News Staff Reporter Stephen T. Watson contributed to this report. The deal would move faster if the property sold at auction. The Berkshire Mall also owes $363,700 to Lanesborough itself, including the new taxes, back taxes and penalties, which are due May 1, according to the town. (NOTICE TO ATTORNEYS RECEIVING THE SUMMONS ELECTRONICALLY: You must print the summons and the attachment when you receive it in your e-mail and serve the complaint on all defendants in the manner prescribed by Rule 4 of the Federal Rules of Civil Procedure). Check the latest closings and delays for schools, business, and churches around CNY and the Mohawk Valley. 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. LLC in August 2016. [89][90] Tulsa Promenade was placed into receivership in July 2019 due to missed mortgage payments and maintenance issues. We held Moonbeam responsible when it came to Shoppingtown Mall and today, we are doing the same with the owners of Great Northern Mall. McMahon said in a statement Wednesday. Overall, it is a great company to work for. Feb. 15HARLINGEN Valle Vista Mall, purchased by the Kohan Retail Investment Group in 2018, is back on the market. The mall has been closed since March 21 due to a power outage the third such instance over the past two years. Finally, one place to get all the court documents we need. The decline of the Southbridge Mall mirrors that of the Berkshire Mall, which had 100 shops and restaurants when it opened in 1988. It was hard to believe how busy the Boulevard Mall was this afternoon on such a beautiful Western New York day where many go to a park or hit the beaches. [22] Kohan purchased six malls in 2018 for $46 million. Equal Employment Opportunity Act (EEOA) - 42 USC 2000e You have permission to edit this article. The company has listed it now for $12 million. [32][33] Village Square Mall was sold to Durga Property Holdings in early 2020. Benderson Development declined to comment. [23][86] Those taxes were paid off in December 2018, with three of the previous four checks sent to the county bouncing. Uses several aliases including Mike Kohen, Mehan Kohansiek, Mehran Kohansieh, Mehran Kohansiek, and Mehrzad I. Kohansieh. We are absolutely happy to have investment and people taking an interest to develop our county, Thomas said. As tenants empty that shopping center, the first step would be to lay new roads and sewers that would serve the residential and commercial properties. Kohan finalized the purchase from 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 "If the court authorizes the purchase, Hamburg will do what it can to facilitate a successful experience.". [66] Lincoln Mall was demolished starting in May 2017. Last May, The Akron Beacon Journal reported Kohan had financial troubles at another property the Berkshire Mall in Massachusetts. [93] The mall also had electric and water payment issues the same month. 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. "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? Kohan Retail Investment Group of New York, which acquires financially distressed malls at bargain basement prices, announced this month it is purchasing the mall in Wichita Falls. Kohan has a habit of paying off its bills at the last minute. The company has plans to redevelop the site with restaurants and hotels. A message was left with Kohan Retail Investment Group owner Mike Kohan. [64][65] Lincoln Mall suffered from serious material condition issues during Kohan's ownership and in August 2013 went into receivership. Woodmont Co., the court-appointed receiver that has maintained the mall since Philadelphia real estate fund Stoltz defaulted on a $25.8 million loan payment in 2018, accepted the offer. There is a lot that we can learn. The Kohan group, specialists in buying and improving distressed mall properties, bought the ailing mall property for $12.5 million. Adrian Mall in Michigan was condemned last year but is still operating as repairs drag on. When the Kohan group purchased Valle Vista, the vacancy rate was around 25 percent. [18] The malls outstanding taxes were paid off in October 2018 for $1.1 million. Though malls have long been on the decline, the Covid pandemic hit them hard. [52] Kohan purchased the Triangle Town Center for $33.25 million in November 2021. 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. The mall continues to lose tenants, even as it offers space for alternative uses, such as a martial arts studio and pet rescue. Thisshort unedited time-lapse video shows the mall before its modern makeover. Hello, Chapel Hill Business Park. In addition, the owners have been assessed a penalty fee with interest that stands at $23,508.79 as of Wednesday. Benderson owns the McKinley Plaza across from the mall, and parcels on the mall property including its two former Macy's stores. [46] Kohan purchased both the Birchwood Mall and Westwood Mall in February 2021, paying $5.6 million for Birchwood. [27] Valle Vista Mall was purchased for $12.5 million in mid-2018. [61] The Mall at Robinson was purchased for $46 million from QIC in November 2022. [38] Virginia Center Commons was sold to VCC Partners LLC and Shamin VCC LLC in early 2020 for $8.3 million. (#1) COMPLAINT against Kohan Retail Investment Group, Wyoming Valley Mall Realty Holding LLC ( Filing fee $402, Receipt Number APAMDC-6018336), filed by Philip Jewell Sr.. (Attachments: #1 Civil Cover Sheet)(ep) (Entered: 08/02/2022), (#2) Summons Issued as to Kohan Retail Investment Group, Wyoming Valley Mall Realty Holding LLC and provided TO ATTORNEY ELECTRONICALLY VIA ECF for service on Defendant(s)in the manner prescribed by Rule 4 of the Federal Rules of Civil Procedure. [54] NorthTown Mall was purchased for $49 million in February 2022. The closing of the sale is to be finalized January 18th. No company culture or communication. [79] VF Factory Outlet Mall closed in October 2017. 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. 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