He was also cited because the parking lot was in disrepair. The closing of the sale is to be finalized January 18th. I own almost40 malls across the country.. [12][66] Matteson, Illinois took over ownership in June 2014 and it closed in January 2015 after running out of money. In Glen Allen, Virginia, Henrico County authorities fined Kohan in October after the ventilation system failed at his Virginia Center Commons. 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. All rights reserved. News reports of Kohan-owned malls not paying taxes, losing stores and failing to attract shoppers date to at least to 2009. The Rotterdam Square Mall has since been sold again, and redeveloped as VIA Port Rotterdam. The mall continues to lose tenants, even as it offers space for alternative uses, such as a martial arts studio and pet rescue. WebFinance Department. As it is a small company, we get to wear different hats and learn different things. [98] Great Northern Mall was closed for month in January and February 2022 due to repairs for frozen pipes. They primarily purchase endangered/troubled shopping malls. KRIG is redefining retail spaces as more than just places to shop. [96], Kohan in March 2021 owed $320,000 in back taxes on The Esplanade. He said hes in talks with a marijuana entrepreneur. To learn more contact us at (516) 708-9208 or visit our property portfolio page.. For personal reason I chose to stay at the property when this owner took over aware it wasnt going to be easy. When the Kohan group purchased Valle Vista, the vacancy rate was around 25 percent. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. [49] Oak View Mall was purchased for $7.5 million in April 2021. [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. 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. Even when they reopened, customers stayed away, fearing contact with the coronavirus. 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). 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. ), Age Discrimination in Employment Act (ADEA) - 29 USC 621-634 California Consumer Limit the Use of My Sensitive Personal Information, California Consumer Do Not Sell or Share My Personal Information. [93] The mall also had electric and water payment issues the same month. Public Records Policy. [94] Adrian Mall in March 2020 was almost condemned due to electrical, roof, and structural issues. Kohan Retail Investment Group is in the business of buying troubled malls. Kohan also owes almost $5 million in back taxes on the property. The new owner of Sikes Senter has faced multiple legal challenges involving its properties in recent years. Hes trying, he says, to fill malls with locally owned stores. Malls were forced by the state to shut down for several months and invest in expensive air filtration upgrades. [31] Towne Square Mall was sold for $5.15 million to Towne Square Mall Holdings LLC in December 2019. A check written for an earlier payment had bounced. [59] Fashion Square Mall was purchased at auction in September 2022 for $10.8 million. Hes very nice to work with on the phone. Kohan had bought the property out of foreclosure, promising to pay $9 million in accumulated fines and taxes. "We have grave reservations," said James Shaw, Hamburg town supervisor. The mall has been appraised at $203 million. I have nothing but GREAT things to say about this employer. Self-storage might be another idea, he said. I've been a business reporter for The News since 2008 and write the Discount Diva column, which appears in every Sunday's paper. This is a great time for businesses to consider large spaces that can be transformed into localized shops or venues at affordable prices. 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. LLC in August 2016. Kohan owned the Rotterdam Square Mall near Schenectady, New York, for just about a year in 2014 and 2015. Today, the 86-acre property has just 17 tenants. [87] Kohan owed around $550,000 on The Orchards Mall in various taxes before its sale in late 2018. WebMapping by Mapline. Kohan Retail Investment Group bought Burnsville Center in an $18 million deal late last year. There was a problem saving your notification. Just an awful company, mall management is laughable as well. [42] Kohan purchased the Burnsville Center's debt at auction for $18 million in October 2020. [25] Towne Square Mall and additional properties were purchased for $4 million in May 2018. The mall was slated for demolition in 2012. 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. ", "It's a strategic move to sell it," he added. 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 It is looking into restructuring its $715 million debt on its Syracuse mall, Destiny USA. UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. Henrico County authorities fined Kohan in October. [14] Macerich sold Rotterdam Square Mall to Kohan for $8.5 million on January 15, 2014. I have had a great time in the company and am very grateful to the company. [70][71] The mall had serious material condition issues in April 2014 that Worthington, Minnesota took action on. Both have lost anchors and other important stores, have high vacancy rates and have seen a steep drop in traffic. By continuing to use this website, you agree to UniCourts General Disclaimer, Terms of Service, "If the court authorizes the purchase, Hamburg will do what it can to facilitate a successful experience.". Kohan couldnt be reached for comment Wednesday. 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. If Kohan buys your mall RUN! Kohans malls shut down intermittently and without warning as was the case with the Berkshire Mall, which shut down for nearly a week and counting after it lost power. It also alleges that Newmark, the real estate company contracted by McKinley's receiver, didn't sufficiently market the property to find additional bidders. "This other outfit, their history is a little sketchy.". List of properties with unclear ownership. Maybe shoppers intended to browse and relax in free air-conditioning. 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. 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. [13] Tiffin Mall, purchased in 2012, was later sold to Key Hotel and Property Management in 2016 for $2.2 million. (Wood, Peter) (Entered: 09/19/2022), Docket(#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. It was demolished in 2017. The closed Canadian border cut off a flow of customers that malls like the Walden Galleria and the Fashion Outlets relied upon. Jewell Sr. v. Kohan Retail Investment Group et al. 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. Berkshire Mall in Massachusetts closed four times following power cutoffs for non-payment. [38] Virginia Center Commons was sold to VCC Partners LLC and Shamin VCC LLC in early 2020 for $8.3 million. [92] Chapel Hill Mall in January 2020 was foreclosed on by Summit County, Ohio for owing $753,732.82 in real estate taxes. Kohan, who also goes by other names, including Mehran Kohansieh, said the shutdown didnt include the Berkshire Mall Regal Cinemas 10 and Target store. You have permission to edit this article. [54] NorthTown Mall was purchased for $49 million in February 2022. Authorities in Vero Beach, Florida,threatened to cut off power to Kohans Indian River Mall after the company failed to pay its electric bills for three months. Thomas Matuszko, executive director of the regional planning agency, said the town and the district need the property just off busy Route 8 to be economical viable and generating revenue. Email notifications are only sent once a day, and only if there are new matching items. The county will now begin the process of taking ownership. 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. 2021-08-03, Alachua County - Eighth Judicial Circuit Court | Personal Injury | It also has a history of being criticized for the way it runs them. "Hundreds upon hundreds of regional malls no longer have the financial resources to make this type of transformation," Lindsey said. Ohio Edison threatened to turn off the electric and filed a civil complaint Jan. 13,in regard to the $195,700 Kohan owesOhio Edison, according to Summit County Court records. No longer listed on the Kohan website as of November 2022. Tulsa Promenade in Oklahoma went into receivership in 2019 for missed mortgage payment and maintenance issues. [72][73] Worthington won a court decision about the former Kmart in June 2014, and demolition began in February 2015. It was sold to WRS Inc. Real Estate Investments in 2019. The Nassau County-based company has a record of buying malls falling behind on utility, tax and mortgage payments and letting the properties languish in disrepair. They buy other properties without investing into the existing properties which puts a strain on cash flow . We are absolutely happy to have investment and people taking an interest to develop our county, Thomas said. - Great team work At other properties, taxes and utility bills go unpaid. On my behalf as County Treasurer, a civil lawsuit was filed against Southbridge Mall Realty Holding, LLC for the delinquent real estate taxes and interest on the buildings and improvements known locally as Southbridge Mall.Prior to Fiscal Year 2017-2018, the Southbridge Mall buildings and improvements were taxed as separate parcels from the 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. The affidavit says the town is concerned regarding Kohan's "financial wherewithal.". Copyright Kohan Retail Investment Group 2016-2021. Cancellation and Refund Policy, Privacy Policy, and The company has listed it now for $12 million. [89][90] Tulsa Promenade was placed into receivership in July 2019 due to missed mortgage payments and maintenance issues. Equal Employment Opportunity Act (EEOA) - 42 USC 2000e Rotterdam Square Mall near Schenectady had its power shut off over an unpaid $300,000 electric bill. 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. The corporate office of Kohan Retail Investment Group is a great place to work at. [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. Tech billionaire Vinod Khosla has sued California and a county sheriff in what is the latest battle in the investor's fight to keep a beach near his $37 million estate to himself. [8] In April 2011, Warren Mall was sold by Zamias for $720,000, and in April 2016 was under the ownership of Cocca Development. Kohan has a habit of paying off its bills at the last minute. Cookie Settings/Do Not Sell My Personal Information. That information was not received through National Grid. The company is very understanding and helpful when required. He said he'll have results to present in April. 2023 Advance Local Media LLC. Esplanade in Louisiana owed $800,000 in back taxes as recently as March. 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. Overall, it is a great company to work for. Glassdoor has 14 Kohan Retail Investment Group reviews submitted anonymously by Kohan Retail Investment Group employees. Winds light and variable. [2][76] The mall was later sold to ViaPort USA for $9.25 million. 2022-10-10. But in repeated previous interviews he has said the retail industry is tough right now, and thats why his properties are struggling. Read employee reviews and [18] Chapel Hill Mall was purchased in July 2016 by Kohan for $8.6 million. [52] Kohan purchased the Triangle Town Center for $33.25 million in November 2021. [79] VF Factory Outlet Mall closed in October 2017. 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. The mall owners are in arrears for more than $700,000 in unpaid taxes, and power was shut off to the mall last week. The Kohan group has purchased more than 20 malls nationwide, with a business plan to improve those properties and stabilize them financially. Earlier, Kohan paid off a $100,000 water bill just minutes before the city cut off the water. The retail landscape has changed, but many shopping malls have not. That mallclosed permanently in 2019. On 08/02/2022 Jewell Sr filed a Civil Right - Employment Discrimination lawsuit against Kohan Retail Investment Group. It is asking its lenders for five more years to overcome , Mall owner Kohan Retail Investment Group and developer Benderson Development Co. have yet to speak and they appear to differ on their visions , The owners of the struggling Eastern Hills Mall in Clarence will save more than $2.4 million in property taxes over 10 years, after reaching a, The Town of Amherst intends to create an urban renewal area covering the Boulevard Mall, and a wide swath of the neighboring commercial distri. This employer October 2020 our Privacy Policy properties were kohan retail investment group lawsuit for $ 49 million in 2018... He added the process of taking ownership in the company and am very grateful to the company is understanding! Promenade in Oklahoma went into receivership in 2019 payment and maintenance issues of Sikes Senter has faced multiple legal involving. 96 ], Kohan paid off a flow of customers that malls like the Walden Galleria and the is. 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