Regency Mall owners purchase adjoining former Boston Store property

Redevelopment of struggling mall in the works

Regency Mall owners have purchased the Boston Store property.

Last updated on May 15th, 2019 at 04:50 pm

An affiliate of the Augusta, Georgia-based owner of Regency Mall in Racine purchased the attached former Boston Store building for $900,000, according to state records.

Regency Mall owners have purchased the Boston Store property.

Tiger Capital Group LLC sold the 106,157-square-foot store at the east end of the mall to James M. Hull.

Hull Property Group purchased Regency Mall in December 2016 for $9.6 million as part of a three-property acquisition. The company specializes in buying struggling mall properties stabilizing them, transforming them and then repositioning them.

Hull representatives could not immediately be reached for comment Friday.

The Boston Store has been closed since the end of August. Boston Store parent company The Bon-Ton Stores Inc. filed for bankruptcy in February.

A joint venture among Los Angeles-based Great American Group, New York-based Tiger Capital Group and a group of Bon-Ton debtholders bought The Bon-Ton Stores out of bankruptcy in April, and then began to liquidate the company.

During an interview in May with BizTimes, John Mulherin, vice president of government relations for Hull, said the company was considering purchasing the Boston Store property at Regency Mall.

“It’s a great piece of property and a redevelopment of some type will take place,” Mulherin said in May.

Hull Property Group is an independent company, not beholden to stockholders, making it possible to take risks and invest capital into its properties, Mulherin said at the time.

Meanwhile, Merrillville, Indiana-based CSC Generation Holdings Inc., could reopen two to three Boston Store brick-and-mortar stores by the holiday season.

CSC Generation Holdings is a technology company that purchased Bon-Ton’s intellectual property assets earlier this month for $900,000. A company spokesman said the new Boston Stores average 50,000 to 60,000 square feet and likely be in previous Milwaukee-area locations.

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