The wait is over and the Marshalltown Mall has a new legal owner — Shops at Marshalltown, which is owned by Reserve Development of Dallas.

The Marshall County Auditor/Recorder has the full sale total of the property as $8.4 million. The total is $6.1 million more than the 2019 price paid by Marshalltown Development Group, which is a holding company of Kohan Retail Investment Group owned by Mike Kohan.

Kohan purchased the property in an auction hosted by Ten-X Commercial in California. The 48-hour auction had a starting bid of $900,000.

During the sale process, Reserve Development Co-Manager Jeff Strong said they were trying to get Kohan to pay the current and outstanding taxes. On Jan. 27, the auditor’s office had the March and September 2024 taxes — $28,496 each — recorded as paid. Kohan had a history of being late in paying taxes on the property. In September 2023, he owed $32,639, which was not paid until January 2024.

Fortunately, the large Alliant electricity bill will not be something Reserve Development will have to pay. Strong said there will be no problem in restoring power to the building. They spoke with Alliant and learned outstanding bills follow the owners, not the actual properties.

Power to the Marshalltown Mall was shut off in November 2023 in the common areas of the building due to Kohan’s continuous nonpayment. It has not been turned on since. The loss led to the relocation of several interior businesses, such as Black Iron Barbell and Oliver Beene. Businesses with exterior entrances, such as Hobby Lobby and Planet Fitness, had their own electricity bills and remained open.

The sale history of the Marshalltown Mall includes:

• 4.1 million from 2500 South Center Street Holdings to Marshalltown Center 10 in 2012;

• $3.9 million from the Marshall County Sheriff to 2500 South Center Street Holdings in 2012;

• $13.5 million from Marshall Town Center Associates to Marshall Town Center Partners in 2004;

• $8.9 million from Tristate Joint Venture to Marshall Town Center Associates in 1998.

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Contact Lana Bradstream

at 641-753-6611 ext. 210 or l

bradstream@timesrepublican.com.