The Hull Storey Retail Group, LLC announced this past week that it has entered into a definitive agreement to sell an 11-property, 3.8 million square foot enclosed mall portfolio to Hendon Properties for $214 million.
Why would this be of any interest to us? Because, the Statesboro Mall is included in the portfolio of malls that Hull Storey is selling.
In a joint press release issued by the two parties, Charlie Hendon, president of Hendon Properties, said, "We are delighted to acquire this well positioned portfolio of assets which meets our need for redevelopment product. We look forward to having the Hull Storey associates working at these properties join our team in this exciting endeavor"
Key words in this quote would be the following - "meets our need for redevelopment product." Doesn't that just have renovation written all over it? Being the curious person that I am, I contacted Mr. Hendon and asked him about possible renovation/redevelopment of our beloved Statesboro Mall. Here is what he had to say.
"We believe the Statesboro Mall is an excellent asset and performs well," Hendon said. "Nonetheless, we hope to be able to, over time, improve and renew the mall. Furthermore, we will make efforts to have the mall reach out and become even more a part of he community. It is anticipated that we will close on the portfolio in January. Once we in fact close and own the mall, we will then be releasing more specific information."
I love the Statesboro Mall, and even though the university students have dubbed it the "Small," it is still ours, and it is very nice inside. So, I am encouraged by the words of Mr. Hendon, and I hope that they do some renovation. I think we can all agree that the outside needs a little work to create a uniform appearance all of the way around, and maybe, just maybe, you might see some expansion.
Hull Storey has not sold the two other retail properties that it owns in Statesboro - Gentilly Square (home of the former Winn Dixie) and Southern Square (across from the mall on Northside Drive). John Gibson, speaking on behalf of Hull Storey, said the firm will continue to operate its remaining Statesboro holdings.
"We own additional undeveloped land in Statesboro, remain committed to the retail real estate market in general and Statesboro in particular which is a truly outstanding community and one to which we remain fully committed," Gibson said.
Other Georgia malls that Hull Storey is selling include the Dublin Mall, LaGrange Mall, and Milledgeville Mall. Both groups report that the due diligence inspection has been completed and the transaction is expected to close in January 2008.
Until next week, I bid you au revoir.
Got a scoop for Jan? Call her at (912) 489-9463 or e-mail her at email@example.com