SPOKANE, Wash. — Spokane’s NorthTown Mall has a new owner. Kohan Retail Investment Group confirmed for KREM 2 that it purchased the property for $49 million.
“Very excited to be part of the community,” Mike Kohan, CEO of Kohan Retail Investment Group said.
Kohan said the mall will continue. Their plan is to create opportunities for people who haven’t come to the mall in a while to come back.
“Plan is to revitalize the mall and make it a better destination,” Kohan said.
NorthTown mall is currently home to about 100 shops and restaurants. The mall lost one of its anchors last year with the closure of Macy’s. Sears closed at the mall in 2019.
“I look forward to adding more tenants,” Kohan said.
The company could not say if there were any specific plans or new retailers coming to the mall but did say there are no changes, right now, for current retailers.
Right now, the 955,00 square-foot mall is anchored by J.C. Penney, Kohl’s, Marshalls, Regal Cinemas, and Barnes & Noble. The mall is also home to many restaurants and Blue Zoo Spokane, an indoor aquarium.
The change to make NorthTown Mall a destination beyond shopping has been in the works for years. A KREM 2 report in 2020, noted that only about half of the businesses at the mall were retail shops. The other half includes fine dining, entertainment venues, and other experiences.
The report noted that foot traffic was up at NorthTown Mall in 2019 as compared to 2018, but the pandemic has been difficult for many retailers.