Towne West Square, called a “ghost town” by a tenant manager less than a year ago, has sold to a New York investment group for $14 million — far less than a $44.8-million loan on the property.
Kohan Retail Investment Group, of Great Neck, N.Y., has purchased the mall and bills itself as a redeveloper of aging malls nationally. It lists 27 malls on its website, including Towne West.
The sale, which sells the collateral behind the loan on the mall, is the latest chapter in the saga of the 39-year-old mall located at Kellogg and I-235.
(Read more: KAKE – News)