Igal Namdar And Elliot Nassim Acquire Mall De Las Aguilas In Eagle Pass For $10.04M

The transaction involves the sale of a retail property located at 455 South Bibb Avenue in Eagle Pass, with a total square footage of 356,877. The asset was sold for $10,040,000, resulting in a price per square foot of $28. The property has faced challenges in the retail market, particularly due to the impacts of COVID-19 and border closures.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $10,040,000
• Address: 455 South Bibb Avenue
• Market: Eagle Pass
• Square Footage: 356,877
• Price per Square Foot: $28
• Buyer: Igal Namdar - Namdar Realty Group
• Buyer: Elliot Nassim - Mason Asset Management
• Seller: Morgan Stanley Capital I Inc., 2015-UBS8

The buyers Igal Namdar and Elliot Nassim executed this purchase as a strategic move, acquiring the Mall de las Aguilas at a significant discount from its earlier appraisal of $40 million. The seller, Morgan Stanley’s CMBS trust, experienced a notable financial loss of $12.22 million resulting from the distressed loan associated with this transaction.