Hull Property Group announced today its acquisition of Richmond Square Mall in Richmond, Indiana. The 392,572 square foot mall adds to the company’s growing portfolio of retail property comprised of approximately 11 million square feet including 22 enclosed malls across 10 states.
“It is important for a community to have a vibrant regional mall and we believe that with the right ownership the Richmond Square Mall can thrive again. We are long term owners and are ready for the work ahead, but we know it will take a collective effort with support from local leaders, the community and other property stakeholders to turn around this property. Our goal is to build a consensus and work together to transform the Mall into a shopping destination that makes Richmond proud,” said Jim Hull, Managing Principal of Hull Property Group.
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 shopping centers in small markets. As a hands-on owner the company self-manages its entire retail portfolio and will self-manage leasing, property management and marketing operations.
“We have a unique operating model that allows us to invest in the property to provide customers with a superior shopping experience. We specialize in working to revitalize malls like Richmond Square Mall and retailers have come to recognize our dedication to the properties we own and manage allowing us to attract big name stores to smaller markets they may not otherwise consider,” said Ky Widener, Senior Vice President of Leasing for Hull Property Group.
The Richmond Square Mall is Hull Property Group’s first retail property in the state of Indiana. Traditionally operating properties in the Southeast, the Company has made significant investments to successfully redevelop numerous enclosed mall properties similar to Richmond Square Mall.
“I have been encouraged by early discussions with the local Richmond leadership and I look forward to continuing to work with Valerie Shaffer, Mayor-elect Dave Snow, Tony Foster, Amy Holthouse and others to create an action plan that will result in the creation of a vibrant enclosed mall here in Richmond,” said John Mulherin, Vice President of Government Relations for Hull Property Group. “Richmond is blessed with a concentrated retail corridor, but no property is an island and the success of the mall is inextricably linked to the success of this retail corridor and vice versa. It is vital that Richmond’s only enclosed mall be upgraded to be able to play an accretive role in the continued success and growth of Richmond’s premier retail district. There is much work to be done and I am excited about what can be accomplished together.”