Heritage Mall, 1895 14th Ave. SE in Albany, recently sold for nearly $12 million, according to public records.
The sale of the only shopping mall in Linn and Benton counties was recorded on March 30 by the Linn County Assessor’s Office.
The new owner is Namdar Realty Group of Great Neck, New York, said Betsy Penson, Heritage Mall general manager.
“It was a very fast transaction. We don’t know a lot about their plans yet. We’re just getting through the transition. But we’re really hopeful,” Penson said.
Namdar Realty Group owns roughly 15 million square feet of commercial real estate in the United States, which is far more than the previous owner, Vintage Real Estate of Los Angeles.
“They just have way more contacts because of the number of national retailers they work with across the country,” Penson said.
Heritage Mall will be Namdar Realty Group’s first property on the West Coast, she said. “They’re in acquisition mode. We had not yet even been listed for sale,” Penson added.