March 26th, 2012Northgate Mall Has New Owner
Colerain Township, OH - Two years after a bank foreclosed on Northgate Mall, a new owner has purchased the million-square-foot property and will soon begin a massive redevelopment.
Dallas-based Tabani Group closed on Monday on the mall, the vacant former Dillard’s and Borders stores, and land surrounding the property. A total purchase price was not disclosed, but court documents show that Tabani agreed in February to pay $21.5 million for all but Dillard’s.
The mall and retail center owner and operator spent months in negotiations with a court-appointed receiver, twice backing out of the deal. The mall’s value dropped when several tenants closed, new leases fell through and a handful of retailers renegotiated for lower rents.
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