Business owners in the Latham Circle Mall were handed notices, personally, by a partner of KeyPoint Partners, Monday, May 12, stating that the Burlington, Mass., commercial real-estate company would be taking over duties as property managers effective that day.
Dick Coffey, general manager of the Burlington Coat Factory in the mall, said he was not sure if this meant that Linda Dunbar, current property manager for EW Enterprises, the company that currently owns the mall, would be discontinuing management of the property. [KeyPoint] may become the conduit for everything, but Linda may still exist to do the nuts and bolts of the property, said Coffey.
Several calls to Dunbar had not been returned to Spotlight Newspapers' by press time.
Coffey said that William Leppert, a partner of KeyPoint walked around to the mall businesses, introducing himself and explaining that KeyPoint would be taking on the responsibility of promoting the mall.
Mark Becker, a partner with KeyPoint, said the company, which manages properties in states mostly along the East Coast, was hired by Latham Circle Mall owner Eugene Weiss.
Becker said that while KeyPoint has managed other properties in New York, this is the first they have managed in the "immediate area."
Coffey said that Leppert told him KeyPoint's mission and the company itself.
"They're a professional mall management property company," Coffey said, "They're not affiliated with the mall. Ninety percent of what they deal with is this type of property."
Leppert announced to the businesses that he would have an office on site.
The hiring of KeyPoint comes at a time when rumors of the mall's foreclosure are rampant, but many store owners declined to comment about what would happen in the event of bankruptcy.
Weiss did not return calls made by Spotlight Newspapers regarding the financial status of the mall.