ST. LOUIS BUSINESS JOURNAL -- A Georgia firm has emerged as the likely buyer of the Chesterfield Mall.
The city of Chesterfield said it believes Hull Property Group has the 1.3 million-square-foot mall under contract, though it cannot confirm details as city officials have not seen the documents. NAI Global marketed the mall on behalf of owner C-III Asset Management LLC, which was conveyed the property after a previous owner defaulted on a $140 million loan. Hull Property Group declined to comment, and NAI Global did not immediately respond to requests for comment.
A sales price was not disclosed, but the mall was last appraised for $12.4 million in October, a nearly 96 percent loss in valuation from 2006.
According to Hull's website, it has redeveloped at least 23 mall properties and will redevelop the Alton Square Mall. Owner and Managing Principal James Hull founded the company in 1977.
City Administrator Mike Geisel said the firm met with the city twice, but he doesn't think the company has a firm strategy yet. He said the city told the firm that it's "not interested in a Band-Aid and paint. We want it to be transformational."
