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The struggling Woodville Mall in Northwood, which has been up for sale since April, 2007, has been sold to a New York mall property investor who has indicated he plans to fix the mall and add stores.
Mike Kohan of Little Neck, N.Y., under the name of Woodville Mall Realty Management LLC, recently purchased the 794,000-square foot mall for $700,000 from owners Sammy Kahen and Jack Kashani, two real estate investors from California who had bought the former North Towne Square mall as well.
Mr. Kohan could not be reached for comment yesterday.
The California investors bought the mall at Williston Road and Woodville Road in 2004 for $2.5 million and planned to fix it up.
But their plans to renovate the 40-year-old mall were never realized and tenants began leaving, including anchor tenants Elder-Beerman, which closed in August, and the Fox Theater, which closed in September.
The Elder-Beerman site is being offered for sale at $1.69 million. A Sears store and The Andersons general store remain as anchors. There are a handful of smaller tenants inside the mall.
The asking price for the mall had been $3.5 million early this year. According to the Wood County auditor's office, the mall property is appraised at $932,000 and the tax assessed value is $326,200.
A year ago a Minnesota investment firm, Metro Equity Management LLC, had expressed interest in buying the mall, but its interest waned and by last spring its vice president, Jeff Houge, said the deal was all but dead.
The Blade reported in August that Mr. Kohan was interested in buying Woodville Mall, and planned to renovate it and offer space at $1 or $2 per square foot. He said he would repair the roof and add carpeting.