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CATEGORY: AcquisitionsREGION: MidwestPROPERTY: Canton Centre POSTED ON: November, 01 2004

CANTON, OH – Nassimi Realty, Inc. has announced that it recently completed the purchase of 433,500 square foot Canton Centre Mall, in Canton, OH, shadow-anchored by a 200,000+ sq.ft. Wal-Mart Supercenter. The Mall is located at 4000 Tuscarawas Street West near downtown Canton, Stark County, just west of I-77.

Anchor stores in the Canton Centre Mall include a 158,000 square foot J.C. Penney and an 116,000 square foot Kaufmann’s department store. The adjacent Wal-Mart Supercenter, which is currently under construction, is slated to open early next year. A portion of the original Mall was demolished to make room for the new Wal-Mart. Other stores in the Mall include Foot Locker, Kay Jewelers, Zales, Claire’s, Bank One, The Finish Line and Deb Shops.

Nassimi Realty acquired the shopping center from an affiliate of Miami-based Lennar Partners. Financing for the purchase was handled by New York-based Metropolitan National Bank.

Commenting on the acquisition, Nassimi Realty president, Mike Nassimi said, "Canton Centre Mall is in a prime location with strong shopper demographics. We are drawing up plans to reposition the Mall with a more appropriate mix of stores to take advantage of the changing market and the pending Wal-Mart Supercenter opening. We are pleased to make this property a part of our growing portfolio. It fits into our market niche of rehabilitating and repositioning aging properties. For this project, we are targeting retailers and restaurants that successfully co-tenant with Wal-Mart.”

Nassimi Realty is a privately held diversified investment and development company with holdings that include shopping centers in suburban Philadelphia, New Jersey, New York, Florida, West Virginia and now Ohio; office buildings in New York City, New Jersey and Cleveland; industrial properties in New Jersey, and residential developments in New York.

In the last year, Nassimi Realty added more than a million square feet of retail property including East Meadows Commons on Long Island, NY; Oakland Park Festival Centre in Oakland Park, FL; and a former Super K-Mart building in Amsterdam, NY, and is presently in the process of closing of another K-Mart anchored shopping center in Weirton, WV. Nassimi Realty continues to scout additional properties as a part of an aggressive effort to expand its portfolio to growing markets nationwide.

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