The long-neglected Summit Park Mall in Wheatfield finally has a new owner.
Zoran Cocov, a developer and real estate broker from Brampton, Ont., completed his purchase of the mostly empty retail property earlier this month, paying a total of $4.1 million in three transactions.
Cocov acted through three entities controlled by his Zoral Investments and Spirit Niagara Outlet, buying the 750,000-square-foot mall from North Carolina investment group Oberlin Plaza One, which is led by James I. Anthony Jr., an investor and broker at Colliers International.
“We worked on this deal day and night to make this happen,” said broker Joe Levy of Royal LePage, who represented Cocov. “Zoran will bring a lot of employment to the area with his plan moving forward.”
Cocov has previously said he plans to first secure and stabilize the property to prevent vandalism and other problems, noting that two-thirds of the property has been shut down for a long time with no services, and the property suffered damage a year ago when a pipe burst. Only three retail stores – Bon-Ton, Save-A-Lot and Sears – are still operating in 260,000 square feet of space in the 42-year-old mall, which Cocov hopes to revive.
Cocov did not respond to requests for comment.