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Details emerge of the winning bid for the Chesterfield Mall

Georgia-based Hull Property Group won the 1.2 million-square-foot property in foreclosure after offering $13 million with $2 million in earnest money upfront, according to financial documents.
Credit: STLBJ

ST. LOUIS BUSINESS JOURNAL -- Details of the winning bid for the Chesterfield Mall have emerged, the Business Journal has learned.

Georgia-based Hull Property Group won the 1.2 million-square-foot property in foreclosure after offering $13 million with $2 million in earnest money upfront, according to financial documents. The mall was most recently appraised for $12.4 million in October, a nearly 96 percent loss in valuation from 2006.

The Business Journal previously reported that Hull Property Group was the likely buyer of the mall, which went into foreclosure after its previous owner, CBL Properties (NYSE: CBL), defaulted on a $140 million loan.

The purchasing agreement was signed in late April, and the seller, C-III Asset Management LLC, had two 30-day options to extend closing. It is unclear whether those options were exercised. Hull Property Group and NAI Global, which was marketing the property on behalf of C-III, did not respond to requests for information. C-III's website lists the property as "under contract/escrow." The city of Chesterfield said it hadn't yet received word that Hull Property Group closed.

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