Spartanburg’s Westgate Mall Now Owned by NY-based Namdar Realty Group

Commercial Real Estate Firm Makes a Multi-million Dollar Acquisition

In recent business developments, the Westgate Mall in Spartanburg, South Carolina was purchased by Namdar Realty Group, a New York-based commercial real estate investment and management firm. The deal was sealed on May 23, with the property trading hands for over $15 million.

Continued Operation as a Mall Amidst Planned Remodeling

In relation with the acquisition, Namdar Realty Group has announced plans for a series of remodeling work on the property. Despite the planned changes, the firm has made it clear that the property will continue functioning as a mall, ensuring continuity for existing tenants and customers.

The sale of the property was represented by Reedy River Retail Team’s Dustin Tenney, also associated with SVN Blackstream, in collaboration with his partners Daniel Holloway of SVN Second Story based in Chattanooga, Tennessee, and SVN Vanguard of San Diego, California.

About Namdar Realty Group

Namdar Realty Group is renowned for its diverse portfolio, which includes retail assets, multi-family, mixed-use, office, and health care properties throughout the United States. The recent procurement of Westgate Mall in Spartanburg is set to be a significant addition to the Group’s well-established portfolio.

Community’s Reaction to the Purchase

Spartanburg’s Westgate Mall has been a fixture of the local community and the shopping scene in the area for many years. The announcement of the sale has reportedly been met with anticipation and watchfulness by the local community, intrigued by the planned remodeling and what the new ownership might signify for the mall’s future.

Impact on Local Economy

While local stakeholders reflect on the implications of the sale, economists and industry experts speculate that the property’s upgrade and continued operation as a shopping mall under new ownership could potentially inject a new energy into the local economy.

The new investments promised by Namdar Realty Group could spur job creation and further diversify the retail offering at the mall. These changes might potentially attract a greater number of customers, from local residents to tourists, enhancing the mall’s status as a regional shopping hub.

In Conclusion

The sale of Spartanburg’s Westgate Mall to Namdar Realty Group is an exciting development in the area’s retail landscape. As the New York-based firm makes its mark on the South Carolina property market, all eyes will be on the progress of the planned remodeling work and the subsequent impact on the local economy. Only time will tell how these changes will materialize and what the new chapter holds for the beloved Westgate Mall.

Authored by HERE News Network