A troubled Massachusetts mall owned by the Kohan Retail Investment Group has just one national retailer remaining among the dwindling enterprises there, the Berkshire Eagle reported.
A Foot Locker store closed this week at the Berkshire Mall in Lanesborough, leaving a Bath & Body Works and three other retailers in the portion of the complex owned by Kohan. (Target and Regal Cinemas both own their locations at the site.)
The Kohan group, which buys up distressed malls across the country, owns Chapel Hill Mall in Akron — which avoided an electrical cutoff last month after the owner and Ohio Edison resolved overdue utility bills.
The report also said Kohan missed a May 1 deadline to submit his fourth quarterly tax payment for the current fiscal year, after not paying the previous three for the Berkshire Mall.
The 720,000-square-foot mall temporarily closed in March after power was shut off for nonpayment on the property's electric bill. Mike Kohan was quoted in news stories saying the nonpayment involved issues with the electric utility over a meter issue.
"Our bills are so high and we have so few stores," Kohan told the Berkshire Eagle.
Kohan Retail Investment Group, which is based in Great Neck, N.Y., paid $8.6 million for Chapel Hill Mall in July 2016. Since then, the company has acquired at least 14 other distressed malls.
News reports show several other of the 26 properties currently listed on the company's website have run into recent difficulties meeting their financial obligations on time:
• In January, water and sewer bills were partially paid just in time to delay the auction of Lycoming Mall in Pennsdale, Pa. An unpaid electric bill there also caused an August electric shutoff.
• Southbridge Mall in Mason City, Iowa, is scheduled for tax auction in June.
• At least $3.1 million is owed in taxes at the Great Northern Mall in Clay, N.Y., with a tax auction looming in 2021 if the debt is not resolved.
• Unpaid bills were resolved in time to prevent the October tax auction of Washington Square Mall in Indianapolis.
• Water was cut off early last year at The Orchards Mall in Benton Harbor, Mich., because of unpaid bills.
• An overdue electric bill was paid just in time to keep the lights on in December 2017 at Indian River Mall in Vero Beach, Fla.
• Utilities were disconnected in 2012 at Village Square Mall in Effingham, Ill., because of unpaid bills.
Two other malls that are no longer listed as Kohan properties also had problems while under his ownership.
Electricity was shut off in February 2015 at Rotterdam Square Mall in Schenectady, N.Y. That mall is under new ownership and has been renamed Viaport Rotterdam.
A 2012 temporary closure resulting from unpaid gas bills preceded the 2014 permanent closure of Jamestown Mall in Florrisant, Mo.