New York company purchases Oak View Mall in southwest Omaha
OMAHA, Neb. (WOWT) - The struggling Oak View Mall has a new owner.
Officials from NP Dodge told 6 News that the mall was purchased for $7.5 million from a New York company, the Kohan Retail Investment Group.
“The purchase includes the main mall, one of the four department stores, and the free-standing Longhorn Steakhouse along 144th Street,” said Trenton Magid, executive vice president of NP Dodge.
The new owner of the Oak View Mall owns dozens of malls throughout the United States. No word yet on future plans for the southwest Omaha property.
Oak View has struggled for years. The mall is close to 30 years old and has seen consumer shopping habits change.
“Enclosed malls have lost favor with shoppers, and the biggest question is, ‘Where is retail going in the united states and in the world for that matter?’ ” Magid said.
The Kohan group owns dozens of malls across the country. According to its website, which lists Omaha’s Oak View Mall as one of its properties, the group sees the future of the aging mall as a place for more than just shopping.
Enclosed malls have fallen out of favor. Across town, Omaha is witnessing the demolition of the old Crossroads Mall, which will be replaced with a half-billion-dollar multi-use development.
“The location of Oak View Mall at 144th and West Center Road is very solid. It’s a mile south of the new developing Heartwood Preserve with some record-breaking prices on pad sites, and land for all types of usage. And here we have a great location, but we have an obsolete retail product type, which is the enclosed mall.”
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