Retail real estate’s wunderkind buys another center
Four more and he’ll match his age.
Twenty-four-year old Joel J. Gorjian, a VP at Great Neck, New York-based Namdar Realty Group, has made his 20th retail center purchase in the past 12 months, this time a mall in suburban Chicago.
“We are currently pursuing additional acquisition opportunities in the Midwest, in particular in Illinois, Indiana, Ohio, Michigan, and Iowa,” said Gorjian, who pursues retail properties on behalf of both Namdar own real estate investment firm, Gorjian Acquisitions.
This week’s acquisition was the 181,169-sq.-ft. Matteson Town Center in Matteson, Illinois. The mall is anchored by OfficeMax and Chuck E Cheese’s and counts FootLocker and Check ‘n Go as tenants, but is only 50% leased. “The mall’s 91,000-sq.-ft. vacancy represented an opportunity to us,” Gorjian said.
Gorjian also saw opportunity in a traditionally healthy retail climate in Matteson. Within a one-mile radius of Matteson Town Center are centers hosting Sam’s Club, Target, The Home Depot, PetSmart, and Marshalls.