New mall owner wants traffic, prefers retail tenants | Local News

ByBasilia D. Griffith

Apr 13, 2022 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

“Basically, we need to have targeted traffic.”

In a nutshell, which is what the CEO of the corporation that has bought the Indiana Shopping mall wishes for a complicated in which more than 50 % its house is vacant.

“We are likely right after vendors,” Mike Kohan stated Tuesday. “Retailers are our initial precedence.”

It is not his only priority, however.

In accordance to Ten-X, the organization that conducted the auction received by Kohan Retail Investment decision Team of Wonderful Neck, N.Y., the shopping mall has 48.9 percent occupancy.

KRIG owns retail complexes all over the United States, which include 50 percent a dozen searching malls in Pennsylvania.

The nearest one particular is Clearview Mall, 60 miles absent in suburban Butler. In the region KRIG also owns Washington Crown Heart, 90 miles absent in Washington County.

Kohan stated his organization shut two weeks ago on the practically $7 million acquire of the 43-year-outdated Indiana Mall, masking 455,690 square ft amid a 44.84-acre whole lot together Oakland Avenue in White Township.

He said he wishes “stuff that delivers traffic” to the shopping mall, a landmark amid the business district extending from downtown Indiana and the Indiana University of Pennsylvania campus to the Windy Ridge industrial park and interchange of Oakland Avenue (condition Route 286) with U.S. Route 422.

Existing mall occupants include J.C. Penney (the only surviving unique anchor shop), Harbor Freight (opened in 2018), Kohl’s (opened in 2019 in a lot of the previous Sears locale) and Motion picture Scoop Theaters.

Kohan said he’d look at phone facilities as nicely as medical tenants, but he actually wishes enjoyment venues — in addition to the MovieScoop Cinemas.

He would like “arcades and other amusement activities” at the shopping mall.

“I am delighted to be portion of the neighborhood,” Kohan reported. He needs the neighborhood “to give us strategies, to store in the shopping mall,” as he seeks “to make the mall a place for every person.”