The Conestoga Mall in Grand Island has been sold by J. Herzog & Sons of Denver to Namdar Realty Group of Great Neck, N.Y.
The sale took place on June 9.
Both companies are privately owned real estate investment and management firms.
Conestoga Mall is a 611,719-square-foot enclosed retail center anchored by Dillard’s, Sears, J.C. Penney and Younkers. It was built in 1974 by Ericson Development of Edina, Minn., and was expanded in 1979 with the addition of Sears and again in 1980 with the addition of J.C. Penney.
J. Herzog & Sons acquired the mall in December 2002 from the Richard E. Jacobs Group of Cleveland.
Under its ownership and management, J. Herzog & Sons completely renovated the entire mall, managing more than $3.8 million of capital expense and tenant improvements and maintaining a 94 percent occupancy rate in recent years. It added new flooring, filled in the sunken seating pits and upgraded to new pylon signs along Webb Road and Highway 281.
Herzog has also added a number of new national retailers, including Best Buy, Justice and Jo Ann Fabric, Hot Topic along with expanding the movie theater, which is now owned by AMC.
Herzog & Sons has sold most of its regional shopping centers and currently have two left in its portfolio, including one in Fort Dodge, Iowa, and one in Sterling, Ill., according to a press release from Conestoga Mall.
Namdar Realty Group is a privately held investment and management firm owned by Igal Namdar. Since 2000, the company has invested in more than 2 million square feet in commercial real estate in the United States. The company’s portfolio includes a number of retail strip centers and medical and/or office buildings.
In 2015, the Imperial Mall in Hastings was sold to Igal Namdar for $1.05 million. Its previous owners, RockStep Capital, based in Texas, bought the property in 2014. It was put up for auction on June 1, 2015, with a starting bid of $750,000.
Conestoga Mall is a regional shopping center with a trade area of more than 260,000 people that spans north to the South Dakota border, south to the Kansas border, east to York and west to North Platte.