New owner of Tuscola Outlet Mall quiet about its plans

New owner of Tuscola Outlet Mall quiet about its plans

TUSCOLA — The Tuscola Outlet Mall is in a state of flux.

It was sold last month to a New York-based real-estate firm, and so far, the new owner hasn't revealed its plans.

Meanwhile, four stores are closing this month.

Long Island-based Mason Asset Management bought the mall from New York City-based ADCO Group on Dec. 15 for $6.25 million, according to the Douglas County supervisor of assessments office.

ADCO bought it in 2015 from Tanger for $19 million, according to the Douglas County property-tax lookup website.

"I don't know too much about them yet. We had a brief conversation with them, and we're waiting to have another," said Drew Hoel, Tuscola's city administrator. "We're always concerned about the viability of it. It's a big piece of the local economy, and we want to see that it remains viable."

The city had a redevelopment agreement with the previous owners of the 260,000-square-foot outlet mall, in which ADCO received reimbursement for certain capital improvement expenses and tenant build-out.

"They did some things, but they did not take full advantage of the incentives or reimbursements that were available for them," Hoel said.

ADCO could not be reached for comment.

Hoel expects the new owner will want to be assigned to that agreement.

Mason Asset Management did not respond to multiple messages left with its president, Elliot Nassim. The company, founded in 2010, owns 92 malls, shopping centers and offices around the country, including at least nine in Illinois.

Among the closings: Corningware Corelle & More, which sells cookware and kitchen accessories, is closing today. Vitamin World plans to shut its doors Tuesday. Clothing retailer J. Crew's last day will be Jan. 27, the same day children's clothing store OshKosh B'gosh plans to quit Tuscola. The latter, however, has plans for a new store at Champaign's Market Place Mall, with an eye on a March opening.

Sections (2):News, Business
Topics (2):Economy, Retail