AUGUSTA, Ga. (January 5, 2016) –Hull Property Group announced today the acquisition of Hudson Valley Mall in the Town of Ulster, New York. The approximately 765,700 square foot enclosed mall adds to the company’s growing portfolio of retail property comprised of in excess of 15 million square feet including 29 enclosed shopping malls across 13 states.
“We believe that it is important for a community to have a vibrant retail corridor and a first class enclosed mall, but it is clear that the Hudson Valley Mall is not succeeding in its current state. Due to changing shopping habits and the current exodus of retailers, a great amount of time, capital and effort is needed to turn the Hudson Valley Mall around. Our first steps are to work with local leaders, community stakeholders and surrounding property owners to build a consensus on what the future should be for not only the Mall but the entire Highway 9W retail corridor and to also resolve the outstanding litigation regarding ad valorem tax valuation. If we don’t share a vision for the future of this important area and work together to achieve that vision, then the marketplace may dictate an unfortunate and unforgiving future.”
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 improving retail corridors in small to midsized markets.
“We are willing to invest the time, capital and effort to provide a better shopping experience at Hudson Valley Mall. But, we can’t do it alone,” said John Mulherin, Vice President of Government Relations for Hull Property Group. “We need to work together and agree that the Highway 9W retail corridor is too important to fail. It is much easier to stop a corridor from becoming blighted than it is to regain tenants once a corridor has become blighted. A collaborative stakeholder effort will create an environment where the mall and other surrounding properties would invest in a manner that is needed."
Hull Property Group self-manages its entire retail portfolio and will oversee the leasing, property management and marketing operations for Hudson Valley Mall. Company officials have visited the Town of Ulster and the surrounding communities on multiple occasions and begun initial community outreach to better learn the market.
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 15 million square feet across 13 states. 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.