Mall poised to succeed with new ownership

Now that the new owner of the Midway Mall in Elyria has been revealed, there’s a good chance the shopping center can reclaim some of its former economic glory.

Namdar Realty Group is the new owner of the massive property at 3433 Midway Mall in Elyria, after winning it on an online auction July 12.

Igal Namdar, president of Namdar Realty, purchased the property for $4.25 million through Elyria Realty LLC, a limited liability company, according to Lorain County Auditor’s Office transcripts.

The sale covers seven parcels including J.C. Penney, a retail strip center featuring Aspen Dental, Atlas Theater and Staples and other major mall tenants including Dunham’s Sporting Goods and Best Buy.

The sale did not include Sears, which will close in early September, and the shuttered Macy’s and Dillard’s department stores, which also were anchor tenants.

Elyria Mayor Holly Brinda said Macy’s is doing its due diligence in trying to sell its building to Johnny K’s Powersports, a company specializing in sporting equipment.

Namdar Realty is a privately held commercial real estate investment and management firm and owns over 15 million square feet of commercial real estate in the United States.

And the company is no stranger to Lorain County.

Namdar Realty owns Sheffield Center in Lorain.

It also owns Cable Shores Center in Canton, Gallia Street Shoppes in Portsmouth, Canton Centre Mall in Stark County, Hamilton Plaza in Hamilton, Kmart Plaza in Springfield, Marion Plaza in Columbus and Northmont Plaza in Englewood.

The company’s portfolio also includes a number of medical and/or office buildings.

What’s good to hear is that Brinda said she has been in touch with Elliot Nassim, owner of Mason Asset Management Group, which will manage Midway Mall for Namdar.

Brinda said she discussed with Nassim the impressions of the property and what steps the company will take to improve it.

Namdar Realty plans to redevelop and try to fill restaurants in the area.

What’s promising, according to Brinda, is Namdar Realty already is working with potential suitors.

So, this means more jobs and money pouring into the local economy.

Brinda said she also has talked with Nassim about the Highest Best Use Study and Redevelopment Plan, which the city of Elyria commissioned and was conducted by Jeff Green Partners and the Hoffman Strategy Group.

Findings of the study include recommendations to redevelop a smaller, retail and mixed use town center-like attraction, keeping J.C .Penney at the forefront, adding entertainment businesses, relocating some businesses that are across the street from Midway Mall, adding apartments and another hotel.

At this time, Namdar Realty is not seeking government help to redevelop the area.

Brinda said, “They were open to the highest best use study, but I believe they want to try their way first and it seems like they will be successful in doing it and we want them to be successful.”

But if Namdar Realty needs a little assistance, the city of Elyria will be there to help.

If it is determined that it will be hard to fill the space at Midway Mall, the city then will offer to provide assistance to Namdar Realty.

The relationship the city is forging with Namdar is an early indicator the Midway Mall can succeed.

Economically, the Midway Mall is a crucial area for Elyria.

It has big box retailers, restaurants, grocery stores, medical facilities, small entrepreneurs, hotels, housing, easy access to the highways and byways — except for the never ending road construction — recreation including two golf courses and a fitness center, and a theater.

On the downside, Sears is closing and Payless ShoeSource at the Midway Mall shuttered its doors earlier this year as part of the company’s bankruptcy filing.

It’s possible other struggling retailers at the Midway Mall are contemplating whether to lock their doors.

Namdar Realty can come in with its expertise and work with the existing businesses to retain them and attract other enterprises to produce a thriving economic showpiece.

There are other successful shopping areas in Lorain County, including Chestnut Commons in Elyria, which has a mix use of businesses, and Avon Commons.

Further west into Cuyahoga County, there’s Crocker Park in Westlake.

The Midway Mall area has a chance for viability again if it has the right fusion of businesses.

Brinda said, “There is a lot of positive things happening in the area.”

Hopefully, Namdar Realty, with or without the city’s help, can rejuvenate and redevelop the Midway Mall and restore its prominence.