A Great Neck-based realty company tag team officially acquired ownership of a mall in Illinois on Dec. 21, according to a report from Sauk Valley Media, adding thousands of square feet to the companies’ portfolios.
Denver-based J. Herzog & Sons sold the Northland Mall property in Sterling, Illinois, to Great Neck-based Namdar Realty Group, a privately owned commercial real estate investment and management firm that owns over 15 million feet of commercial real estate across the country.
Namdar Realty Group specializes in acquiring distressed commercial real estate.
Mason Asset Management, a real estate investment and advisory company in Great Neck with nearly 30 million square feet worth of commercial investments, will manage the property.
The sale follows Herzog’s sale of a Nebraska property to Namdar earlier in 2017, as well as a string of mall purchases in other parts of the country by the two Great Neck companies.
Mason Asset Management and Namdar Realty share more than 20 properties, according to their online portfolios.
Their portfolios include shopping centers and office buildings as close as the Manhasset Medical Condominiums on East Shore Road and Hillside Park in New Hyde Park and properties far away as Alameda Shopping Center in Tulsa, Oklahoma, and Oakland Park Festival Centre in Florida.
A representative of Namdar Realty Group directed Blank Slate Media to call Mason Asset Management, which did not respond to requests for comment.