Jun 7, 2016 10:22 AM

Concord mall sells to retail property firm for $10.3M


CONCORD (AP) — The Steeplegate Mall in Concord has been sold to a New York retail property firm for $10.3 million.

The Concord Monitor reports the recent sale of the Steeplegate Mall to Namdar Realty Group based in Great Neck, N.Y., was made at a fraction of the price tag the 480,000-square-foot facility carried in years past.

The 26-year-old mall was sold by Colliers International, the company that managed it for a consortium of banks that took over Steepelegate when the previous owners defaulted on their financing.

The move comes after the opening of the Hatbox Theater at the mall. It's believed to be the country's only live theater opening in an enclosed mall.

Namdar Realty Group didn't respond to a request for comment about its plans for Steeplegate.

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