Georgia-based Hull Property Group is the new owner of a Mississippi mall.
The Commercial Dispatch reports an ownership deed for Leigh Mall was filed Friday in Lowndes County. Hull, until now unnamed, bid $3.5 million to win an Oct. 17 auction for the mall.
Hull gets 300,000 square feet (28,000 sq. meters) of retail space and more than 30 acres (12 hectares) of land.
Previous owner Colony Financial took over Leigh Mall after Security National Properties defaulted on a $34.7 million loan in 2018. Leigh Mall was one of dozens of properties securing the loan.
Lowndes County tax officials valued the mall at $12 million to $18 million in 2018.
The mall, built in 1973, is 57% occupied. Original anchors J.C. Penney and Sears closed.
BEFORE YOU GO…
… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.
If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.Click for more info