BY: ROBERT TOMKAVAGE STAFF WRITER
The Wyoming Valley Mall has a new owner for the second time in just over two years.
Florida-based 4th Dimension Properties held a minority stake in the property since Kohan Retail Investment Group purchased the mall out ofreceivership in 2021, said Felix Reznick, principal of 4th Dimension.
New York-based Kohan, an investment management company known for buying troubled and endangered shopping malls throughout the UnitedStates, bought the mall for $17 million in August 2021.
4th Dimension bought out Kohan on Sept. 7, Reznick said.
“We have different philosophies on running a place,” he said. “I decided there was some potential here — quite a bit, actually, and we made a dealwhere I bought out my partner.”
Reznick would not disclose the terms of the sale.
A message on the Wilkes-Barre Twp. mall’s website notes the change.
“We are thrilled to announce that 4th Dimension Properties is the new owner and manager of the mall,” the post says.
Reznick said deals are in place for KPOT — a Korean restaurant — to occupy the formal David’s Bridal space and for a sports complex to move intothe former Sears location.
He’s also mulling different ideas for the former Bon-Ton space.
“A lot of the nationals are doing quite well here but I think there is room for local and regional flavor,” Reznick said. “We have some pretty goodconnections and I plan on spending quite a bit more time here.”
Reznick wants to bring more foot traffic into the facility.
“We’ve been buying malls and making them more of a hub,” he said. “I’m planning on having substantially more events.”
The company fully controls six malls and has some measure of control of 16 others, Reznick said.
Nick Egelanian, founder and president of Maryland-based SiteWorks Retail Real Estate Services, noted malls are typically struggling before beingsold by Kohan.
“They’ll assess what the market is and determine what the best uses are,” he said of 4th Dimension. “When Namdar (Realty Group) or Kohan sell,that means they’ve determined they don’t really have much more income to draw out of it.”
Reznick hopes local government officials consider lowering the mall property’s tax assessment.
“The current tax assessment on this property is $73 million — this property hasn’t been worth $73 million for 20 years,” he said. “I understand there isa purpose in the tax in funding schools and other things. I’m hoping the folks at the county and school board level are going to be fair about it. Ifthere is less money in the mall and more going out to tax, it’s very difficult to operate this property properly. I’m hoping we can come to some sortof consensus.”