The largest mall buyer in the country recently snapped up one of Alabama’s oldest malls.
Montgomery’s Eastdale Mall, which opened in 1977, was bought last week by Mason Asset Management, Namdar Realty Group and CH Capital Group.
Eastdale’s national retail tenants include JCPenny, Kay Jewelers, GNC Live Well, Cinnabon, Dillards and Bath & Body Works among others.
The Mason Asset Management, Namdar Realty Group and CH Capital Group partnership says it is the largest mall buyer in the country.
“Acquisitions are a direct reflection of our evaluation of the potential of a given property and redeveloping those properties to optimal performance is always the goal,” said Elliot Nassim, president of Mason Asset Management. “When it comes to that redevelopment, the partnership works diligently to determine what use for the property will best benefit the surrounding neighborhood and reinvigorate the local community that these malls call home.”
Nassim added that the Eastdale Mall has been neglected for a number of years, but he and his team are looking forward to announcing some new lease signings soon.
The partnership delivers a personalized approach to each mall property, filling vacancies with tenants that best serve their respective communities or identifying alternative uses for the properties, Nassim said.
Mason Asset Management, based in Long Island, has a national portfolio of more than 120 shopping centers, including 45 regional malls, totaling more than 30 million square feet of space.