CBL & Associates, parent company of the Regency Mall, finalized its real estate deal with Hull Property Group of Augusta, GA, for $32.25 million on Dec. 19.

The real estate deal was announced in October, but the transaction was finalized on Dec. 19. CBL & Associates owned both properties.

Racine Joint Venture II LLC sold a 36-acre parcel located at 5326 Durand Ave. for $7.5 million and Regency Mall, a 7.4-acre parcel at 5538 Durand Ave., for $2.1 million to Racine Mall LLC. Hull Property Group owns Racine Mall LLC. The sales were for the building and land only.

Hull Property Group Plans Turnaround

Hull has a reputation for taking over struggling shopping malls and turning them around, the story continues.

Regency has struggled in recent years with the closing of both Sears and JC Penney last year and wrestling with a vacancy rate well north of 25 percent. The mall has had some good news, though; Dunham Sports took over the former Sears space, and three stores – Ross Dress for Less, Party City, and Joann Fabrics – took up residence at the end of the mall where JC Penney was located.

The proceeds from the sale will reduce CBL & Associates outstanding balances on the company’s lines of credit, according to a press release from CBL & Associates.

“With eight mall dispositions completed in 2016, this has been a transformative year for CBL,” said Stephen Lebovitz, president and CEO.

In a separate transaction, the IHOP Restaurant, 5800 Durand Ave., was sold to California-based EMIC Properties for $1.3 million.

Other property transfers

Indiana-based Broadcast Realty Inc. transferred ownership of a one-acre commercial parcel of land at 5720 Taylor Avenue to Mount Pleasant-based Church of Restoration Inc. for $1. The transfer is a land contract.

Racine-based Leipold Enterprises LTD, which was in partnership with Gallo Investments LLC, transferred the ownership of the land and buildings at 3600 South Memorial Drive to Gallo Investments LLC for $2.6 million. The commercial property includes 12-acres of land and commercial buildings.

Trevor-based Popeye’s Racine Corp. transferred ownership of the land and buildings at 920 Washington Avenue to Milwaukee-based Brodersen Acquisitions LLC for $850,000.

Other Real Estate Transfers

Caledonia
5713 Bradford Ave. $ 31,898.00
4600 Tennessee Rd. $ 156,000.00
3026 Stonebridge Dr. $ 162,900.00
7400 Forty Acre Rd. $ 202,500.00
4803 Tabor Rd. $ 275,500.00
City of Burlington
449 W. State St. $ 95,000.00
478 Park Ave. $ 210,000.00
Dover
23650 Church Rd. $ 239,000.00
Mount Pleasant
6641 Mariner Dr., Unit 6 $ 82,000.00
3114 Meachem Rd. $ 168,000.00
4317 Woodbury Ln. $ 188,000.00
6105 Spring St. $ 221,500.00
5955 Greenway Ln. $ 224,000.00
5404 Wakefield Ave. $ 232,000.00
5113 Sheridan Rd. $ 515,000.00
Norway
4315 North Britton Rd. $ 385,000.00
Racine
1820 Marquette St. $ 11,900.00
1901 Blaine Ave. $ 17,000.00
1842 Blake Ave. $ 20,000.00
1233 Augusta St. $ 21,347.00
1335 Rapids Dr. $ 23,000.00
1115 Marquette St. $ 36,000.00
2021 West High St. $ 44,000.00
4101 Sixteenth St. $ 69,000.00
4121 13th St. $ 75,900.00
920 Illinois St. $ 78,900.00
2532 Ridgewood Ave. $ 80,800.00
1120 Oregon St. $ 84,000.00
3346 8th Ave. $ 102,900.00
3207 Chatham St. $ 118,000.00
115 Illinois St. $ 124,000.00
1020 Virginia St. $ 128,000.00
3345 Chatham St. $ 335,000.00
920 Washington Ave. $ 850,000.00
5800 Durand Ave. $ 1,330,000.00
5538 Durand Ave. $ 2,100,000.00
5502 Durand Ave. $ 7,500,000.00
Rochester
1404 Browns Lake Dr. N. $ 142,000.00
Sturtevant
2921 92nd St. $ 64,600.00
3625 92nd Place $ 198,000.00
Town of Burlington
30401 Lawn Dr. $ 423,000.00
Town of Waterford
7902 Golden Bay Trail $ 310,000.00
Village of Waterford
613 Rohda Dr. $ 152,000.00
617 Winson Dr. $ 164,000.00
609 Braewood Dr. $ 225,000.00
806 Willow Bend Dr. $ 280,000.00
116 South Jefferson St. $ 294,648.00

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Denise Lockwood has an extensive background in traditional and non-traditional media. She has written for Patch.com, the Milwaukee Business Journal, Milwaukee Magazine and the Kenosha News.