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Florence Mall has been sold to ownership group that includes Mason Asset Management, Namdar Realty

By Judy Clabes
NKyTribune editor

Florence Mall has been on the market for some time, and now a national management group has announced that “It’s sold.”

The ownership group that includes Mason Asset Management and Namdar Realty Group –– the Great Neck, New York-based partnership which leases and manages shopping centers across the country –– has announced their acquisition of Florence Mall at 2028 Florence Mall Road, in Florence.

Mason Asset Management will oversee all leasing efforts, while Namdar Realty Group will continue to operate the mall as usual.

“We are looking forward to the future of Florence Mall,” says Igal Nassim, Mason Asset Management. “We are currently exploring a number of leasing options for current vacancies, and we look forward to further bolstering the available offering at the mall through an aggressive leasing strategy.”

The group expects to be sharing news soon of lease signings, store openings, and other activities on-property.

“We knew it was for sale,” said Florence Mayor Diane Whelan. “We have a meeting with the management company on our schedule.”

Key Bank was the owner of the Florence Mall debt and had put the property up for sale.

Mason Asset Management is a Long Island-based real estate investment and advisory company with expertise in the acquisition, management, disposition, and leasing of commercial real estate properties throughout the United States.

Founded in 2010, the company invests in value-add properties and provides transactional and advisory services to banks, financial institutions, and owners with a focus on the real estate restructuring industry. Since its inception, Mason Asset Management has firmly established its position as a preeminent privately owned owner/operator of retail assets nationally and currently has a national portfolio of more than 120 shopping centers, including 45 regional malls, totaling more than 30 million square feet.

Its website lists its only Kentucky property as a 35,000 Sq.ft. shopping center in Campbellsville.

City of Florence photo

The website lists among its criteria for purchase: the Midwest, 50,000 sq. ft. or more, and $1 million or more in value.

In at least one example of its holdings, an outlet shopping center in New Jersey was converted into mixed-income housing units.

Florence Mall was built in 1979 by Hobart Development Company and originally featured Sears, Shillito’s, Pogue’s, and JCPenney as its four anchor stores. In its heyday, it had over 100 stores and a food court and was a destination for shopping, dining, and entertainment.

The Mall has 940,967 sq. ft. and two floors.

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