![]() ![]() The reassessment lowered the taxes paid by the shopping center.The main entrance at Clearview Mall, Butler. ![]() Gumberg filed an appeal requesting the county adjust its assessed tax value. In May 2019, the county commissioners approved a reassessment of the struggling mall's fair market value, dropping it from $32.3 million to $15 million after J.J. Grady went on to say the potential economic impact could prove important to the county and lead to an increase in tax revenue and funding for essential programs, namely educational programs. “It will take an innovative company like this to ensure the long-term survival of the property.” “The company has a strong portfolio of malls and they see a future of malls that go beyond shopping,” Grady said of Kohan Retail. The chamber hosts its annual “Health, Wellness & More” fair at the mall. He said Clearview Mall, as well as a handful of businesses housed in or around it, are members of the chamber. Jordan Grady, executive director of the Butler County Chamber of Commerce, is also excited about the sale. In fact, I think it might even be better.” I think anything that's going to bring more people to the mall - even if it's non-traditional retail outlets - is good. “In this post-COVID world, it's going to be challenging. “New blood and new ideas” is how Tim Moses, owner of Moses Jewelers, looks at the sale. They are social settings where people interact with one another and small businesses can get a boost in a public and well-trafficked platform.” “We can't wait for these spaces to be empty.”Īccording to the company's website, Kohan Retail Investment Group sees a future in aging malls “as a place for more than just shopping. ![]() “We have to think about the next step,” Kohan said. However, JCPenney announced earlier this month that the Butler store was one of 154 stores nationwide slated to close as part of the company's bankruptcy reorganization. Major tenants include Boscov's, Rural King, JCPenney, Dunham's Sports and Altitude Trampoline. Gumberg purchased the mall in 1996 from Metropolitan Life Insurance Company, and “made many modifications and improvements, which attracted new tenants and concepts to the property.” He said the company is exploring several avenues to revitalize the mall on Route 8 just north of Butler, including as a possible site for a future call center or entertainment space.Īccording to a statement, J.J. Kohan said the transfer of the property was finalized Thursday as Kohan Retail Investment Group assumed a $25 million note owed on the property. Gumberg, announced the sale to Clearview Mall Capital Holding, an affiliate of Kohan Retail Investment Group. Nationwide, the investment group owns more than 40 malls in 16 states.Ī statement issued by Mara Mrvos, executive director of corporate affairs for J.J. The Center Township complex brings the holding company's total of Pennsylvania malls to three - joining Lycoming Mall in Pennsdale and Washington Crown Center in Washington. ![]() “We're glad to be part of the community and will try to do whatever we can to help the community and the mall,” said Mike Kohan, a managing partner with the Great Neck, N.Y.-based company. Butler County's Clearview Mall came under new management Thursday as an affiliate of Kohan Retail Investment Group assumed ownership of the 762,768-square-foot complex from J.J. ![]()
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