GREAT NECK, N.Y. (March 2024) – Namdar Realty Group and Mason Asset Management, a Long Island-based real estate investment partnership, announce their redevelopment pipeline for 2024. Of their approximately 370-property portfolio, eight are currently pending redevelopment deals with joint-venture partners, and an additional 40 have been identified for this year’s queue – totaling 1,500 acres in 17 states – as well as 25 self storage opportunities.
The news of this year’s pipeline builds on the momentum of the partnership’s multi-year strategy, which leverages an all-cash position to enable greater flexibility in determining the highest and best use case for the properties they acquire long-term, while maximizing value to the community in the meantime. Fueled by this strategy, the eight current redevelopment deals will bring to market 2,112 multifamily units, 360,000 square feet of self storage, and 160,000 square feet of industrial warehouse space across a total of 103 acres once complete.
As it looks to the future, the partnership’s strategy will prioritize joint venture equity investments, across multi-family, industrial, mixed-use, senior housing, medical office, and hospitality.
"We’re currently seeing the most opportunity in workforce housing and active adult (55+) communities, as well as outparcel conversions into self storage facilities," said Dan Dilmanian, COO, Namdar Realty Group. "We understand that demand is market specific, however, and remain open to all types of redevelopment for the properties we’ve identified."
For the remainder of its portfolio, the partnership will continue to maintain and strengthen occupancy within its suburban shopping centers through a diversified leasing strategy that emphasizes local business, dining, and entertainment, in addition to traditional, national retailers. This strategy has recently grown to include high street retail in Chicago with the acquisition of 701 North Michigan Avenue and will continue advancing in both directions.
For questions about which properties are being marketed for joint ventures, please contact Dan Dilmanian: [email protected].