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NWA Mall Appeals AssessmentLock Icon

2 min read

The owners of the Northwest Arkansas Mall filed an appeal in Washington County Circuit Court over the 2017 assessment of the 105-acre property in Fayetteville.

The mall is owned by a group of investors from Great Neck, New York, which bought the property for $39.5 million from CW Capital Asset Management LLC of Bethesda, Maryland, in December 2015.

Namdar Realty Group, through its Northwest Arkansas Mall Realty LLC, and CH Capital Group, through Northwest Arkansas CH LLC, each own 47.5 percent of the 820,500-SF mall. The remaining 5 percent is owned by Mason Asset Management through Northwest Arkansas Nassim LLC.

The mall was assessed at a value of $65.5 million in September 2017. The owners appealed that assessment as too high and the county’s board of equalization adjusted the assessment to $63.6 million. That’s still more than 60 percent more than the actual sale price two years ago.

The ownership group appealed to Washington County Circuit Court to have the assessment adjusted. County Judge Joseph Wood upheld the assessment in a ruling Nov. 15.

In the December filing by attorney J. Douglas Gramling of the Gramling Estes Law Firm in Fayetteville to appeal Wood’s ruling, the ownership group said the assessment was incorrect because of at least 11 errors.

The owners said the errors included the fact that the value was “clearly erroneous,” did not represent the property’s actual value and was discriminatory and unjust.

The filing also included the charge that the assessment was “manifestly excessive” and “greatly exceeds” what potential buyers would be willing to pay for the property.

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