Regency Mall could be getting a makeover once a deal to sell it to a Georgia company is completed.
CBL & Associates, parent company of the mall, is expected to sell Regency and two other properties to Hull Property Group of Augusta, GA, for $32.25 million, a story in The Journal Times reads. The other malls are in North Carolina and Georgia.
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.
According to the Hull Property website, the company owns 21 malls and 20 shopping centers, primarily located in the Southeast.
“Hull Storey Gibson has a consistent record of property redevelopment and improvement as well as a demonstrated commitment to building strong community relationships to foster economic development,” the site reads.
Because the company self-leases and manages its properties, it has a low vacancy rate and gives shopping visitors a variety of retailers from the national, state and local levels.
The story in the JT does not indicate when the sale will close.