11-22-21 Mall from left

The Mountain Valley Mall in North Conway, as seen Monday, also includes Hannaford and Lowe's. (RACHEL SHARPLES PHOTO)

CONWAY — Mountain Valley Mall has been sold for about $26.5 million, according to documents from the Carroll County Register of Deeds. 

The Mountain Valley Mall is described on a mall website as including the buildings where Hannaford and Lowe's are located as well as the one where the former JCPenney operated. That building also houses Mountain Valley Cinema 7, Mystery NH Escape Room and the Premier Home Store. Panda Garden, which was located there, closed its doors several years ago.

According to Conway Town Manager Tom Holmes, he entire property was included in the sale.

Mountain Valley Mall opened in 1980 and was acquired by KGI Properties of Providence, R.I., in 2005.

The JCPenney store was shuttered in October 2020. Along with Hannaford, the 38,500-square-foot store had been one of the anchor stores at the Mountain Valley Mall since it opened in 1980.

As part of its redevelopment of the mall, KGI in 2006 relocated JCPenney from its former location next to Hannaford and moved it into a building that once housed Kmart.

In 2007, the mall added the 170,000-square-foot Lowe’s to the east of the mall building, which also houses Mountain Valley Cinema and the Mystery NH Escape Rooms attraction.

Signifying the recent sale is a special warranty deed dated Nov. 19 saying that KGI sold the mall to RGMZ Mountain Valley TRS, a Delaware LLC with an address in New York City. RGMZ’s president and CEO is shown as Brian Harper.

The Sun figured the sale price by dividing the $397,000 land transfer tax by the mil rate, $15, and then multiplying by 1,000.

KGI Mountain Valley Mall’s property card says the land is worth $10,428,800 and the buildings worth $8,875,300, for a total of $19.3 million.

According to LinkedIn, Harper is also CEO and president of RPT Realty, which owns 57 open-air shopping centers comprising 127.7 million square feet of space in 15 states, not counting New Hampshire.

According to the New Hampshire Secretary of State’s office, the business contact for RGMZ is an email with an address ending in rptrealty.com. Calls and emails to RPT and KGI were not returned as of press start Tuesday.

According to rptrealty.com, prior to becoming a RPT trustee and CEO in 2018, Harper was chief executive officer of Rouse Properties, a real estate investment company, where he also served as the chief operating officer from April 2015 to July 2016 and served as executive vice president of leasing and marketing as well as executive vice president of leasing and acquisitions from January 2012 to April 2015.

RPT Realty describes its acquisition criteria this way: “RPT primarily focuses on acquiring undervalued open-air shopping centers in core growth markets that are characterized by strong population density, higher-than-average household incomes, robust economic activity and established transportation networks.”

The Sun caught wind of the sale by watching a live stream of the Carroll County Commissioners meeting on Monday. Commissioner Matthew Plache (R-Wolfeboro) asked Register of Deeds Lisa Scott about a large transaction, and Scott replied the Mountain Valley Mall was sold.

Scott’s office maintains the official land record of the county and sales are documented there.

She said last year was a strong year and this year has been about 30 percent better. Transactions locally in 2021 have included the Red Jacket Mountain View Resort in North Conway and the Wentworth Inn in Jackson.

“It’s going gangbusters,” said Scott. “We have quite a bit of activity in the county, and it’s not yet slowed down.”

Reporter Tom Eastman contributed to this article.

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