Dallas group gets option to buy Northgate Mall
A Texas real estate investment group, Tabani Group International, has obtained an option to purchase and redevelop Northgate Mall.
McBride Dale Clarion, a land-use and real estate consulting firm acting as agent for the group, submitted a revised preliminary development plan for the mall to the Colerain Township Zoning office July 22 identifying the Tabani Group as the applicant.
The submitted plan shows five additional outlots: two are identified as banks and three as restaurants. The plan does not specify what the restaurants are but Lexington-based Cheddars has been reported to be interested.
Jeremiah Sunden, who works for Tabani, said the groupâ€™s managing director, Zeshan Tabani, has been working closely on the Northgate project but was out of the officeÂ and could not be reached for comment Monday.
According to the Tabani Group website, it â€œcreates value through capital improvements, increasing occupancy rates through aggressive professional marketing, and leveraging strategic management to grow and develop our portfolio investments. Tabani Group specializes in â€˜special situationâ€™ properties, i.e. troubled properties requiring meaningful investment/repositioning.â€
San Diego-based Douglas Wilson Co. was appointed as receiver for the 1 million square-foot retail shopping center in February 2010 when Wells Fargo Bank foreclosed on the mall against owners Feldman Mall Properties. The Douglas Wilson firm has been overseeing the operation of Northgate Mall as it prepared to market and sell the property. The mall is anchored by Sears and Macyâ€™s, following the closure of Dillardâ€™s in 2009.
The sale was handled by Rockwood Real Estate Advisors, headquartered in New York.
Rockwood managing director Tom Dobrowski said his firm is still negotiating the mall sale. He said he expects a contract to be signed within the next couple of weeks, and is hopeful the deal will be signed sooner, rather than later. He said he expects the final selling price of the mall to be in the low-to-mid $30 million range. Feldman Mall Properties bought the mall for $110 million in 2005.
Colerain Township Assistant Administrator and Economic Development Director Frank Birkenhauer said he is pleased to see activity at the mall.
â€œItâ€™s good to see new business investing in Northgate Mall,â€ he said. â€œIt is just a first step, but it shows the vitality of the mall. As the revitalization of Northgate continues, I believe the development will bring a lot more good news and the redevelopment will bring new and exciting businesses into the township.â€
According to McBride Dale Clarion, the application for a plan revision is expected to go before the Hamilton County Regional Planning Commission Sept. 1; a special meeting of the Colerain Township Zoning Commission may be convened to review the plan in late August.
Birkenhauer said the plan could go to the Colerain Township Board of Trustees for a decision by the end of September.