The new owner of Chapel Hill Mall in Akron has purchased another Northeast Ohio mall.
Mike Kohan, owner of Kohan Retail Investment Group of Great Neck, N.Y., confirmed on Monday that he had purchased Richmond Town Square in Richmond Heights last Thursday.
Kohan purchased Chapel Hill Mall on Brittain Road in July for $8.6 million from U.S. Bank. The bank had been looking for a buyer ever since the previous owner gave it back to avoid foreclosure.
His business specializes in buying distressed malls, sometimes with mixed results.
The purchase price for Richmond Town Square was not available. Cuyahoga County records show that Richmond Town Square Realty Holding, Inc. is now the property owner. According to records at the Ohio Secretary of State, the holding company's agent is Justine Briers with Chapel Hill's mailing address. Briers on Monday confirmed she is the administrative assistant at Chapel Hill.
When asked if there were any regional benefits for owning two malls near each other, benefits, Kohan said no.
Richmond Town Square and Chapel Hill Mall are in "similar situations. Macy’s left (Richmond Town Square) and they have to do some stuff to facilitate it," Kohan said in an interview. The two malls are "not competitors. They’re close to each other, but have different crowds to begin all together."
Kohan said he is working on getting new tenants for Chapel Hill, including non retailers.
| RICHMOND TOWN SQUARE REALTY HOLDING LLC |