Hull Property Group announced today its acquisition of Alton Square Mall in Alton, Illinois. The 634,181 square foot mall adds to the company’s growing portfolio of retail property comprised of 11 million square feet now including 21 enclosed malls across 9 states.
“It is important for a community to have a vibrant and prosperous regional mall. We believe that the Alton Square Mall has the potential to thrive, but it will take a collective effort with support from local leaders, the community and key property stakeholders including Macy’s, JCPenney and Ross to transform the Mall into a shopping destination that makes Alton proud,” said Jim Hull, Managing Principal of Hull Property Group. “We are long term owners and are ready for the hard work ahead. We want to become an engaged member of the Alton community and it is promising to see the early support from Mayor Brant Walker, Economic Development Director Greg Caffey and other Alton leadership who share our long term vision for the Mall.”
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 manage leasing, property management and marketing operations.
“We have a unique operating model that allows us to operate efficiently while at the same time improving services. This ultimately allows us to reinvest in the property and provide customers with a superior shopping experience,” said Elizabeth Wilson, Property Management Director.
The Alton Square Mall recently announced the addition of Ross that will occupy 28,000 square feet on the front of the Mall. The store is scheduled to open in mid-July and joins Hibbett Sporting Goods and a newly renovated Maurice’s as recent additions to the Mall. Moving forward, Hull Property Group’s leasing team will manage all new leasing efforts. The team has strong relationships with national retailers, often bringing big name retailers to smaller markets they may not otherwise consider.
“With the recent additions and upcoming opening of Ross, the Mall has positive momentum. The time is now and if we work hard with Ross, JCPenney, Macy’s and other key property and community stakeholders we can improve the shopping environment here at the Alton Square Mall and add to the shopping and dining options that are available and appealing to the shoppers in the City of Alton and the surrounding areas,” said Ky Widener, Senior Vice President of Leasing.
The Alton Square Mall is Hull Property Group’s first retail property in the state of Illinois. Traditionally operating properties in the Southeast, the company expanded its retail portfolio north in 2012 with the acquisition of two enclosed mall properties in Virginia. The acquisition of Alton Square Mall further expands the company’s geographic reach to the Midwest.