Namdar Realty Group


Namdar Realty Group is a private, family-owned real estate investment trust based in Great Neck, New York., the company owns over 400 properties.
The company is most well-known for its ownership of over 100 shopping malls. Namdar's mall portfolio largely consists of "class B" and "class C" malls in small-to-midsize markets, many of which have been classified as dead or dying. The company has been criticized for poor management of its mall properties, particularly in terms of deferred maintenance, being described in one lawsuit as an "absentee landlord with a reputation as a 'slumlord'".

Strategy

Namdar's business strategy focuses on acquiring pre-built "class B" and "class C" malls in smaller markets. Because of their locations and current states, the malls are typically purchased in cash for around $5.3 million. Once acquired, properties' maintenance spending is substantially reduced, and store rents are lowered to avoid low vacancy rates. The company will also often sell its malls' outparcels. Due to reduced maintenance and low acquisition costs, Namdar's capitalization rate averages 2-3 times that of a standard mall.
Namdar's purchases are typically made with a partner firm, Mason Asset Management. Uber Capital Group, Gorjian Acquistions, and CH Capital Group have also been Namdar partners. Namdar's primary source of investment capital comes from bonds on the Tel Aviv Stock Exchange.

History

Namdar and Mason partnered to begin purchasing malls in 2012, with the first mall purchased being Desoto Square Mall in Bradenton, Florida. Phillipsburg Mall in Warren County, New Jersey, was purchased from PREIT in 2013 for $11.5 million, with numerous subdivisions and sales later occurring including the anchor building housing Kohl's. The roof at the former Sears at the Phillipsburg Mall would later collapse. Lawsuits were ongoing in 2018 over lack of maintenance by Namdar of Regency Square Mall in Jacksonville, Florida. Voorhees Town Center in Voorhees Township, New Jersey, was having maintenance and security issues the same year. Jennifer Furniture was purchased in June 2020 by John Garg and Namdar. Namdar and Mason purchased most of the bankrupt Goodrich Quality Theaters chain in July 2020. Namdar was a partner in several New York City area property purchases in 2021.

Failed Bon-Ton purchase

Namdar was part of a group of investors who attempted to purchase The Bon-Ton from liquidation. The group also included DW Partners LP and Washington Prime Group. Due to a fee issue, the attempt failed, and Bon-Ton liquidated.

List of properties

Mall properties owned or managed by Namdar Realty Group as of 2024 include: