Preview: Northland Mall sold for $1.8 millionWORTHINGTON — Northland Mall has been sold for $1.8 million to mall developer Mike Kohan of Queens, N.Y.
By: Kari Lucin, Worthington Daily Globe
WORTHINGTON — Northland Mall has been sold for $1.8 million to mall developer Mike Kohan of Queens, N.Y.
The transfer of ownership from Developers Diversified Realty (DDR) to Kohan became official Dec. 31, 2008.
Kohan plans to entice local businesses into the mall with low rent, promotions and events to draw in shoppers.
“I’m reaching out to local merchants in town and we will help them,” Kohan said. “I will give them all the benefits, all the incentives that they ask for, for them to start, and hopefully we’re going to grow together.”
Initially, prior owners of the mall had asked for approximately $2.7 million for Northland Mall, and Kohan had offered only $1.6 million. After Peebles signed a lease agreement with the mall, Kohan increased his bid to $1.8 million, which was then accepted.
Kohan praised the renovations done by Peebles and paid for by DDR, noting how it brought attention and foot traffic to the mall.
“What I do with these kinds of malls… I go in and I try to revitalize it and try to bring tenants in,” Kohan said. “I would give incentives to local and national tenants to come into the mall… I consider them as my partners.”
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