As American malls begin a return to operations in a revised retail environment, Namdar Realty Group pursues its standard strategic mission of snapping up viable malls in B and C markets.
The Great Neck, N.Y.-based company this week acquired Westfield Meriden in central Connecticut from Unibail Rodamco Westfield for an undisclosed price. To be renamed Meriden Mall, the property lost its Macy’s anchor in March and also saw doors closed by Charlotte Russe, Things Remembered, and Payless Shoe Source.
It’s the seventh mall deal close this year by Namdar, which owns 55 malls across the country, the heaviest concentrations being in the Northeast, Midwest, and South. Other 2020 acquisitions include the Concord Mall in Wilmington, Del., the Eastdale Mall in Montgomery, Ala., the Westgate Mall in Amarillo, Texas, and the South Park Mall in San Antonio. The size of each of those properties exceeds 750,000 sq. ft.
Namdar claims to be the No. 1 buyer of B and C shopping malls in the United States and usually pays cash to close all deals. It seeks malls of any size that offer value-add opportunities with low prices per square foot.
In addition, Namdar owns 70 outdoor retail centers plus mixed-use, office, and residential properties nationwide.