Hull Property Group Acquires Three Enclosed Malls
AUGUSTA, Ga. (December 16, 2016) – Hull Property Group announced today the acquisition of three enclosed malls from CBL & Associates Properties, Inc. The portfolio includes Randolph Mall in Asheboro, NC; Regency Mall in Racine, WI and Walnut Square Mall in Dalton, GA. The properties add to the company’s growing portfolio of retail property comprised of 14.5 million square feet including 28 enclosed shopping malls across 12 states.
“We believe that it is important for a community to have a vibrant retail corridor and an aesthetically pleasing enclosed mall. These malls are not reaching their potential and our first step is to work together with community leaders and surrounding property owners to determine how the overall retail corridor can offer an improved shopping experience,” said Jim Hull, Managing Principal of Hull Property Group. “There is a lot of work ahead but we are long term owners and want to invest the time to get to know these communities and understand the best path forward. We have been successful in revitalizing similar properties by working closely with local leadership and hope we can achieve similar results in Racine, Asheboro and Dalton.”
Hull Property Group has 40 years of experience specializing in retail real estate and a strong track record of acquiring and re-positioning under-performing enclosed malls and shopping centers in small to midsized markets. Company officials have visited the properties on multiple occasions and begun initial community outreach to better learn each market.
“We are encouraged by our conversation with local leaders, stakeholders and property owners in the retail corridors surrounding these malls,” said John Mulherin, Vice President of Government Relations for Hull Property Group. “We firmly believe the success of the local retail corridor is paramount and look forward to continuing to work to ensure that a sense of place is created that shoppers will enjoy.”
“We have several tenants already in each new mall that can contribute to a strong lineup of retail and restaurants, but to attract more stores we will need to improve the appeal of the property and demonstrate the potential for long term success. This will take time, but attracting the right tenant is crucial to enhancing the vitality of any mall and will be a big part of our effort as new owners,” said Ky Widener, Senior Vice President of Leasing for Hull Property Group.
Hull Property Group self-manages its entire retail portfolio and will oversee the leasing, property management and marketing operations for all three properties.
About Hull Property Group
Hull Property Group is a multifaceted retail real estate acquisition, management and development company headquartered in Augusta, Georgia. Established in 1977, Hull Property Group is one of the largest privately owned retail real estate companies in the United States and has a portfolio in excess of 14.5 million square feet across Georgia, Alabama, North and South Carolina, Florida, Tennessee, Texas, Virginia, Illinois, Indiana, Pennsylvania and Wisconsin. Hull Property Group has a consistent record of property redevelopment and improvement as well as a demonstrated commitment to building strong community relationships to foster economic development.