March 15, 2022 – Lansing, New York –– Cayuga Health (CH) officials announced that they have purchased 108,000 sq. feet of space at The Shops at Ithaca Mall where they are planning to redevelop, relocate and consolidate existing practices into one location, making access more convenient for patients. CH plans to lease some of the space to prospective new vendors.
The property, located at 40 Catherwood Rd. near NY-13, was purchased from an ownership group that includes Mason Asset Management and Namdar Realty Group, two Long Island-based real estate investment companies that oversee leasing and management efforts at the mall. Cayuga Health has acquired the former big box retail parcels where The Bon Ton and Sears once stood for $8.5 Million.
“We see this capital expansion as a necessary next step in our strategic plan as we continue to reimagine our operations by making health care more accessible to everyone in the communities we serve,” stated Martin Stallone, President & CEO of Cayuga Health. “This acquisition allows us to consolidate existing practices into one location for efficiency and improved patient access. We have been operating at The
Shops at Ithaca Mall since the onset of the Covid 19 pandemic and it has been proven to be a valuable location within the community and for our health system.” Cayuga Health has been occupying the retail space since March 2020 where they identified the facility as an ideal location for critical COVID-19 operations. Their partnership started with the opening of a Mass Drive-through Sampling Center which proved to be essential during the height of pandemic. The partnership expanded with an indoor Vaccination Clinic (previous Sears retail location), occupying ~200,000 square feet, when the vaccines became available for distribution.
“Malls around America were a beacon of success for decades, unfortunately with increased globalization and ecommerce they have seen a decline,” stated Tom LiVigne, Chairman of the Board, Cayuga Health. “Adapting and reusing big box retail space like this supports our local economy, including The Shops at Ithaca Mall, by driving increased foot traffic to the businesses remaining and prospects. Cayuga Health has been making strategic consolidation and expansion decisions with the new development of Cayuga Park, new infrastructures and expanded services in Cortland, and now this. It is an exciting time for Cayuga Health and community healthcare.”
“We are thrilled to welcome Cayuga Health as a permanent fixture of The Shops at Ithaca,” says Elliot Nassim, President at Mason Asset Management, which is responsible for leasing efforts at the mall. “Our team has worked closely with Cayuga Health over the last few years and is excited to see that relationship we’ve built come to fruition in a way that will benefit the community and create a mixed-used shopping experience offering convenience for many people.
Cayuga Health held a groundbreaking at Carpenter Park, in the City of Ithaca, on July 13, 2021, unveiling their new Cayuga Park medical location. Cayuga Park will include Walk-In Immediate Care, Medicaid friendly Primary Care, Specialty Services, Women’s Health, on site imaging and a lab patient service center and is expected to be completed within the next two-years. Cayuga Health plans to redevelop the former retail space at The Shops at Ithaca Mall into a new mixed use health care facility. Plans will also include the development of a new health education center in partnership with Cornell University, Ithaca College and Tompkins Cortland Community College.
Cayuga Health has retained Holt Architects of Ithaca NY, to lead the redevelopment plans for the newly acquired space. Renderings of the designs will be on display at The Shops of Ithaca Mall for anyone interested in seeing the new capital project planning.
FOR IMMEDIATE RELEASE
Contact: John Turner, Vice President, Public Relations
ABOUT CAYUGA HEALTH
Cayuga Health (CH) has two hospitals, Cayuga Medical Center and Schuyler Hospital, as well as a multispecialty group, Cayuga Medical Associates and a network of over 400 providers with Cayuga Health Partners. Combined employment, including affiliated organizations, is over 2,500 employees serving multiple counties throughout Central New York and the Finger Lakes Region. Visit www.cayugahealth.org for more information.
ABOUT MASON ASSET MANAGEMENT
Mason Asset Management is a Long Island-based real estate investment and advisory company with expertise in the acquisition, management, disposition, and leasing of commercial real estate properties throughout the United States. Founded in 2010, the company invests in value-add properties and provides transactional and advisory services to banks, financial institutions, and owners with a focus on the real estate restructuring industry. Since inception, Mason Asset Management has firmly established its position as the preeminent privately owned owner/operator of retail assets nationally and currently has a national portfolio of more than 120 shopping centers, including 45 regional malls, totaling more than 30 million square feet.
ABOUT NAMDAR REALTY GROUP
Namdar Realty Group is a privately held, commercial real estate investment firm, owning and managing over 56 million square feet of commercial real estate throughout the United States. Founded in 1999, Namdar started with a single acquisition of a small retail storefront in Long Island, NY. It has since become one of the fastest growing private real estate investment firms in the country, averaging over 20 acquisitions annually over the last 4 years, consisting primarily of large retail malls, shopping centers, office and medical buildings.