Hull Property Group announced today the acquisition of Chesterfield Mall in Chesterfield, Missouri. The approximately 1.3 million square foot enclosed mall adds to the company’s growing portfolio of retail property comprised of in excess of 15 million square feet including 31 enclosed shopping malls across 14 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 the Chesterfield Mall is not succeeding in its current state. Due to changing shopping habits and the exodus of retailers, a great amount of time, capital and effort is needed to determine how to reinvent this property into the best use that the Chesterfield community will embrace,” said Jim Hull, Managing Principal of Hull Property Group. “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 this prominent and critical Chesterfield property. We must also resolve the outstanding litigation regarding ad valorem tax valuation. If we can’t arrive at a shared vision for the future of this very important property and, indeed this entire 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 repositioning underperforming enclosed malls and related properties and improving retail corridors. The Company also owns the Alton Mall in Alton, Illinois, approximately 40 miles from the Chesterfield Mall.
“Our company is prepared to invest the necessary resources here in Chesterfield to reinvent this failed property, but we can’t do it alone. We need to work together and agree that the Mall and the surrounding area is too important to fail and become a permanent blight. We must determine how to revive a future for this property and the surrounding area in a manner that is financially feasible and supported by the community. Experience instructs us that it is much easier to stop an area from becoming blighted than it is to regain momentum once an area has become blighted. A collaborative stakeholder effort will create an environment where the Mall, surrounding properties and the community would agree what is needed for revitalization and transformation of this once great area” said John Mulherin, Vice President of Government Relations for Hull Property Group.
Hull Property Group self-manages its entire retail portfolio and will oversee the repositioning and redevelopment of the approximate 40 acres it is acquiring.