Last updated on May 15th, 2019 at 04:59 pm
Augusta, Ga-based Hull Property Group has completed the purchase of Racine’s struggling Regency Mall.
The 35-year-old mall sold for $9.6 million as part of a three-property acquisition of enclosed malls from Chattanooga, Tenn.-based CBL & Associates Properties, Inc. Hull Property Group will oversee the leasing, property management and marketing operations for all three properties.
“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,” Jim Hull, managing principal of Hull Property Group in a statement. “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.”
Built in 1981, the 810,337-square-foot Regency Mall has struggled for several years to retain quality tenants. Sears closed its 89,119-square-foot store in 2014, and JCPenney did the same the following year, closing its 149,196-square-foot store.
The mall has been able to hold onto its other two anchor stores, the 80,000-square-foot Burlington Coat Factory store and a 105,869-square-foot Boston Store. Ross Dress for Less and Jo-Ann Fabric also recently opened.
A Planet Fitness opened on the southwest end of the mall in July.
Hull Properties owns 28 enclosed malls across 12 states comprising 14.5 million square feet. In addition to acquiring Regency Mall, the company also purchased Randolph Mall in Asheboro, N.C. and Walnut Square Mall in Dalton, Ga.
Hull Property Group specializes in retail real estate and acquiring and re-positioning under-performing enclosed malls and shopping centers in small to mid-sized markets, according to the company website.
“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,” Ky Widener, senior vice president of leasing for Hull Property Group said in a statement. “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.”