Georgia-based retail real estate firm Hull Property Group is the new owner of Leigh Mall, according to a deed filed in the Lowndes County Chancery Clerk’s Office on Friday.
Based in Augusta, Hull is one of the largest privately owned retail real estate companies in the country, with more than 14.5 million square feet of properties total, according to the company’s website. It was founded in 1977 and specializes in transforming struggling malls and other retail sites into successful economic developments by working directly with tenants and local governments.
“Our business is dedicated to uncovering the potential of these out-of-favor malls and declining retail corridors,” said Hull’s owner and managing principal James M. Hull in a message on the company’s website. “We are enthusiastic about the possibilities and are steadfast in our mission to transform these properties.”
According to the website, the company owns more than 30 mall properties, including four in Alabama and two in Tennessee, along with 13 shopping centers and dozens of development properties.
Hull corporate representatives did not return multiple calls to The Dispatch by press time. New Leigh Mall operations manager Laura Harrison declined to comment, instead referring The Dispatch to Hull’s corporate office.
City council members confirmed the company’s acquisition of the mall and said they are excited about the possibilities it opens for Columbus’ retail corridor.
“I’m hoping they’ll do a whole (remodel) on the mall and bring in some fantastic businesses and make the mall a very viable place for people who want to come and shop and have activities and so forth,” said Ward 6 Councilman Bill Gavin. “It’s a prime piece of location right on the corridor right there, so it’s got that great visibility from the (Highway 82) bypass, great visibility from Highway 45. Access to the mall is great … from the bypass. … I just think it’s a great piece of property.”
The mall was auctioned online for $3.5 million on Oct. 17. The mall’s previous owner, Colony Financial, took ownership of the mall from Security National Properties in 2018 after SNP defaulted on a $34.7 million loan for which the mall was one of dozens of properties put up as collateral.
Built in 1973, Leigh Mall is only 57-percent occupied, with original anchors JCPenney and Sears both vacated. The mall has also been steadily losing smaller tenants such as Reed’s Jewelry and Kirkland’s over the past several years. Maintenance issues from leaks in the roof to potholes throughout the parking lot have also plagued the property.
Hobby Lobby, Planet Fitness, Books-a-Million and other tenants remain. In 2018, Lowndes County Tax Assessor/Collector Greg Andrews valued the mall property, including all of its businesses, at $12 million to $18 million.
The Golden Triangle Development LINK released an emailed statement to The Dispatch that, while not confirming the name of the company, said LINK representatives have already been in contact with Hull and look forward to working with them.
“We met with the successful bidder prior to the auction and they outlined some of their plans for the facility,” the statement said. “We are not at liberty to discuss those plans.”
City council members The Dispatch contacted said they don’t know what plans Hull has for the mall, but that they are ready to work with the company to make the mall successful again.
“From what I see, I’m very excited,” said Ward 4 Councilman Pierre Beard. “We just need more property restoration in Columbus, especially with that mall. We’ve got all those potholes out there destroying people’s cars and a lot of people are concerned about that. Not only is the parking lot a concern of mine, but I’m ready to see some big businesses come in here.”
Both Ward 5 Councilman Stephen Jones and Gavin echoed Beard’s excitement at the acquisition.
“Any retail development we get, whether it’s the mall or anything else, the city’s all for because it’s tax dollars for us,” Gavin said. “We have an underlying (interest) in seeing that retail development grows because it means the city’s growing. It means sales tax money for us to run city projects with and to do things with, so from that standpoint, anything that we can do to assist them or any other retail partners within the area is to our benefit.”
Conflict disclosure: Managing Editor Zack Plair took part in editing this article. He is currently involved in legal proceedings with the city of Columbus.
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