New Midland Mall owner plans to bring movie theater, national retailers
After going through foreclosure, the Midland Mall has a new owner who hopes some creative ideas can bring a resurgence of business to the 27-year-old property.
Kohan Retail Investment, based in Great Neck, New York, closed on the mall property at 6800 Eastman Ave. on Thursday, June 28, for $9.4 million, the firm’s founder Michael Kohan told MLive. The deal comes nearly two years after CBL and Associates Properties, the mall’s former owner, went into foreclosure after defaulting on a $31.9 million loan.
“I think it’s a big opportunity,” Kohan said. “Midland is an exceptional town with a strong economy. The property is in a good commercial area and I think there’s a lot of value there.”
Success, however, hinges on replacing empty anchor stores with national retailers, entertainment options and even residential apartments, Kohan said.
“There are countless options for those spaces,” he said.
Despite NCG Midland Cinemas located only a half-mile away from the mall, Kohan said he wants to bring an “updated” movie theatre to the mall property.
“The movie theatre is a top priority,” he said.
He has a meeting this month to discuss other options for the mall, including a gym, apartments and more retailers.
“If you have apartments 100 feet from the mall, where are those residents going to go? They’ll go to the mall,” Kohan said.
The mall, which opened in 1991, is home to less than 50 retailers today, according to its website. Anchor stores Sears and JCPenney closed in 2016 and 2017, respectively. Younkers, located on the north end of the building, closes in August after its parent company Bon-Ton Stores filed for bankruptcy.
“That whole mall area is a very important section of the city, in terms of economic development,” said Midland City Manager Brad Kaye. “Prosperity for that area is important for the economy of the city and the surrounding property values — so it’s something we’re always concerned about.
“We look forward to working with the new owners.”
Kohan’s firm owns and operates 24 malls across the country, including The Orchards Mall in Benton Harbor, Michigan.
Kohan said his firm is retaining Shawn Weiss as the mall’s general manager.
Posted By: mlive on July 2, 2018. For more information, please click here to read the source article.
To receive the In The Know from Signature Associates, please click here to be added to our mailing list.
« Back to News
Did you know?
- In 2017, Signature completed more than 1,106 transactions totaling 34.7 million square feet and 1,536 acres with a value of $1.2 billion.
- Signature Associates has 6 veterans or active duty military officers.
- Almost 60% of Signature’s professionals have been with the firm at least 10 years.
- Signature Associates completed over 1,106 transactions in 2017.
- Signature loves animals! Over 60 professionals have dogs and 20 professionals have cats and collectively we’ve raised thousands of dollars in the last year alone for area animal shelters.
- Signature is featured as: Best & Brightest Companies to Work For 2017, Cool Places to Work 2017 & 2016, and Top Workplaces 2017, 2016, 2015 & 2014
- Signature Associates and its team donate time and money to over 40 organizations throughout Michigan, Ohio and the United States.
- Signature Advisory and Management Services team performed comprehensive construction management services for projects totaling over $60 million and managed more than 8 million square feet of commercial space for our third-party clients, making us the largest locally owned third-party property management firm in the market.
- Signature Associates has completed more industrial leases than any other brokerage firm.
- Signature Team Cares was formed in January 2017 to help further our efforts and long history of partnering with local organizations to improve lives and to benefit our communities.