MANKATO — A New York investment group that owns about 50 malls is the new owner of River Hills Mall.
Kohan Retail Investment Group, based in Great Neck, New York, now lists River Hills as one of its properties on its website.
Kohan last fall purchased half of the Burnsville Center at auction.
Media reports in recent years often paint Kohan as a savior that purchased failing malls and brought new life to them, but also an investment group that has had its own financial difficulties at some locations.
Kohan did not return calls seeking comment.
Recent stories from Kenner, Louisiana, say city leaders have had to move in to clean up the neglected Esplanade Mall that Kohan Retail Investment Group lost at a sheriff’s sale last year after not paying property taxes on the mall.
In 2019 MassLive.com published a story saying several of Kohan’s malls “shut down intermittently and without warning” and at some locations “taxes and utility bills go unpaid. Sheriff’s sales and tax takings are scheduled.”
Kohan also owns two hotels.
River Hills was owned by real estate giant Brookfield Property Partners, which has been selling some malls or walking away from some of its malls in “friendly foreclosures,” where a borrower willingly hands back a property to creditors. Even prior to the pandemic, many malls and retailers were suffering because of online competition.
At River Hills, vacancies include two former anchor stores — Herbergers and Sears.