Indian River Mall Sold to New York Firm for $12 Million

by Kelly Tyko

Vero Beach, FL – The new owner of the Indian River Mall has a history of buying struggling malls to revitalize them.

Kohan Retail Investment Group of Great Neck, New York, bought the mall for $12 million Friday, said Mehran Kohansieh, who leads the investment group and also goes by Mike Kohan.

The purchase includes approximately 293,000 square feet of retail space and about 79 acres. The sale doesn’t include the buildings or land occupied by anchors J.C. Penney, Sears, Macy’s and Dillard’s who own their spots, comprising about 447,000 square feet.

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