Good company to work. The has since sold to new owners. [102], Mall properties owned by Kohan Retail Investment Group as of 2022 include:[103]. Daniel Galvan, a Coldwell Banker commercial broker based in McAllen, is handling the sale. Rick Kelley, Valley Morning Star, Harlingen, Texas, Lori Lightfoot becomes the first Chicago mayor in 40 years to lose re-election, Fiery Greece train collision kills 32, injures at least 85, A condition called POTS rose after covid, but patients can't find care, Drones fly deep inside Russia; Putin orders border tightened, Rep. Lauren Boebert Gets Absolutely Schooled By Jamie Raskin Using Trump's Own Words, SoCal storm timeline: More snow, heavier rain expected Wednesday, While California wearies of snowstorms, Northeast greets one, These 2 Summit County homes sold for $500,000 or more the week of Dec. 27, Jefferson Parish issues boil water advisory. Its a regional priority, too, with the Berkshires chronically short of jobs. If you do not agree with these terms, then do not use our website and/or services. [26] The Esplanade in June 2018 was purchased by Kohan for $9.25 million. The company has listed it now for $12 million. 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. "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. [70][71] The mall had serious material condition issues in April 2014 that Worthington, Minnesota took action on. All rights reserved. ", "It's a strategic move to sell it," he added. Ideas include housing, agriculture, research and development or warehousing, as well as retail. [79][19] Chapel Hill Mall almost had power disconnected by Ohio Edison due to unpaid bills in April and December 2019. He was also cited because the parking lot was in disrepair. News Staff Reporter Stephen T. Watson contributed to this report. Though he couldn't comment on KRIG specifically, University at Buffalo School of Management marketing professor Charles Lindsey said the purchase of a failing mall could pay off in the end. Malls were forced by the state to shut down for several months and invest in expensive air filtration upgrades. If you are experiencing difficulties logging in or are a subscriber getting a paywall, please try one or more of the following steps. 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 Kohan said he will address complaints current tenants have about lease rates upon closing. [23][86] Those taxes were paid off in December 2018, with three of the previous four checks sent to the county bouncing. -Company growth and advancement [97] The mall would close in later 2021 due to the effects of Hurricane Ida. Adrian Mall in Michigan was condemned last year but is still operating as repairs drag on. WebAbout us. Lincoln Mall in Illinois, purchased out of foreclosure for $150,000 in 2012, fell into disrepair and was taken over by its town. The affidavit says the town is concerned regarding Kohan's "financial wherewithal" and ability to redevelop the project. Kohan also owes almost $5 million in back taxes on the property. Read employee reviews and On 08/02/2022 Jewell Sr filed a Civil Right - Employment Discrimination lawsuit against Kohan Retail Investment Group. [91] Kohan resumed ownership of the mall in September. Esplanade in Louisiana owed $800,000 in back taxes as recently as March. New York-based shopping mall investment company Kohan Retail Investment Group has purchased the Wyoming Valley Mall in Wilkes-Barre Twp. Last month, KRIG put in a bid of $8.5 million on the mall, which is assessed at about $10.5 million. The mall has been appraised at $203 million. It was demolished in 2017. [8] In April 2011, Warren Mall was sold by Zamias for $720,000, and in April 2016 was under the ownership of Cocca Development. [87] Kohan owed around $550,000 on The Orchards Mall in various taxes before its sale in late 2018. [13] Tiffin Mall, purchased in 2012, was later sold to Key Hotel and Property Management in 2016 for $2.2 million. Public Records Policy. They do not pay their bills or employees. Parts of the property later went up for tax sale, were not sold, and the assets transferred to Jefferson Parish. At other properties, taxes and utility bills go unpaid. 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. Nobody bid, so the local parish now owns the mall. More:Goodbye, Chapel Hill Mall. With the action taken today, Onondaga County has now begun the process of taking over ownership of this mall and will work diligently and expeditiously to get this property redeveloped and back into productive use.. [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. No tax payments, no lights, no stores and no plan to make Hello, Chapel Hill Business Park. News reports of Kohan-owned malls not paying taxes, losing stores and failing to attract shoppers date to at least to 2009. Our county economically is doing fantastic, I really hope this sale is a sign of great things to come for the area.. [46] Kohan purchased both the Birchwood Mall and Westwood Mall in February 2021, paying $5.6 million for Birchwood. 2023 www.timesrecordnews.com. 5:20-CV-05378 | 2020-10-28, U.S. District Courts | Labor | [92] Chapel Hill Mall in January 2020 was foreclosed on by Summit County, Ohio for owing $753,732.82 in real estate taxes. [18] The malls outstanding taxes were paid off in October 2018 for $1.1 million. So what does Sabres GM Kevyn Adams do this week? California Consumer Limit the Use of My Sensitive Personal Information, California Consumer Do Not Sell or Share My Personal Information. CEO Mike Kohan said they purchased the mall for $9.2 million earlier this month. 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. Ashtabula County not immune to U.S. teacher shortage, Auditors Office kicks off National Weights and, Brainard sentenced to 4 to 6 years in prison fo, EPA opens office near site of Ohio toxic train , CAMPAGNE, Veronica Jan 30, 1927 - Feb 27, 2023, BOWSER, Betty Jun 28, 1933 - Feb 22, 2023, MOORE, SR., Charles Jun 28, 1950 - Feb 24, 2023, Pennsylvania state police drop off disabled homeless man in Ashtabula, Ashtabula County Court of Common Pleas filings, What If? LLC in August 2016. [49] Oak View Mall was purchased for $7.5 million in April 2021. Community Rules apply to all content you upload or otherwise submit to this site. This employer has not claimed their Employer Profile and is missing out on connecting with our community. But he doesnt want to tear down all or even portions of the mall. [94] Adrian Mall in March 2020 was almost condemned due to electrical, roof, and structural issues. Email notifications are only sent once a day, and only if there are new matching items. And hes not sour on the mall business: Kohan has spent $46 million to buy eight malls in the past 18 months, including the Aroostook Centre Mall in Presque Isle, Maine, according to media reports of transactions around the country. The new owner of Sikes Senter has faced multiple legal challenges involving its properties in recent years. The shutdown came the same week the towns Baker Hill Road District won a court judgment against Kohan for $294,203. ButKohans company currently owes back taxes onat leasttwo otherproperties. Then theres the Lycoming Mall in Pennsdale, Pennsylvania, where Kohan paid $58,900 in January to settle delinquent water and sewer bills and stop an auction, according to the Lycoming County Sheriff. [72][73] Worthington won a court decision about the former Kmart in June 2014, and demolition began in February 2015. Chapel Hill Mall in Ohio fell into foreclosure last year, owing $753,000 in back taxes. 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. Every day I learn learn something new. The county filed a tax foreclosure complaint against Kohanon Jan. 13. During Jefferson Parish, Louisiana 's investigation, it was discovered that additional taxes from 1992 were Thisshort unedited time-lapse video shows the mall before its modern makeover. But the mall is nearly vacant, and Mason Citys government is in negotiations to build an arena and hotel on the property. [12][66] Matteson, Illinois took over ownership in June 2014 and it closed in January 2015 after running out of money. [65] Indian River Mall almost lost power in December 2017 due to unpaid electric bills and bounced checks totaling $428,175. I own almost40 malls across the country.. [52] Kohan purchased the Triangle Town Center for $33.25 million in November 2021. Kohan Retail Investment Group is an investment management company based out of 1010 Northern Boulevard Suite 212, Great Neck, New York, United States. [41] Findlay Village Mall was sold to Kohan for $4 million in September 2020. "Now, in fairness, they buy distressed properties and those properties are challenging," Fink said. Kohan Retail Investment Group is excited to announce we have expanded our portfolio to include two stunning hotels in New York City. [100] Kohan paid almost $300,000 in unpaid bills and fees to avoid the sheriff's sale. 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. Kohan says the company bought it from Brookfield Properties LLC, another New York-based real estate investment company, for $49 million in a transaction that was completed Feb. 11. [42] Kohan purchased the Burnsville Center's debt at auction for $18 million in October 2020. 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. The company, which owns more than 50 malls nationwide, is not new to the area. 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. You have permission to edit this article. Check the latest closings and delays for schools, business, and churches around CNY and the Mohawk Valley. [43], The Outlets of Little Rock were purchased for $10 million in January 2021. To learn more contact us at (516) 708-9208 or visit our property portfolio page.. But in repeated previous interviews he has said the retail industry is tough right now, and thats why his properties are struggling. WebMapping by Mapline. Kim and her daughter and co-owner Helen Kim paid the K&C Law Firm $2,000 in an ADA lawsuit. Kohan Retail is extending a hand in this transformation by offering spaces to grow new businesses. At Great Northern Mall in Clay, New York, Kohan is nearly $3.1 million in arrears on his county, school and local property taxes, said Donald Weber, director of real property tax services for Onondaga County. It is time to innovate by reinventing and redefining retail space! Kohan, who also goes by other names, including Mehran Kohansieh, said the shutdown didnt include the Berkshire Mall Regal Cinemas 10 and Target store. 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