St. Louis Mall Changes Hands
- Jul 20, 2018
Hull Property Group has acquired the 1.3 million-square-foot Chesterfield Mall near St. Louis, Mo. According to the St. Louis Post-Dispatch, the asset traded for $13 million. The seller, C-III Capital Partners, took control of the retail property following a foreclosure action in 2017 against the prior owner, CBL & Associates Properties.
Located at 291 Chesterfield Mall in Chesterfield, Mo., the retail asset is just west of the intersection between Interstate 64 and Missouri Route 340. Positioned 20 miles west of downtown St. Louis, the property is anchored by Sears, Macy’s and an AMC cinema.
Reinventing the asset
Sears closed numerous stores during the past year. In late May, the retailer announced it would shutter 63 more later this year, including the Chesterfield Mall location, according to St. Louis’ FOX 2 News. Dillard’s, a former anchor tenant, shut its doors in 2016 and has no concrete plans to re-open.
The new owner plans to reposition and redevelop the asset. The firm’s managing principal, Jim Hull, noted that the company will meet with community leaders, nearby property owners and other stakeholders to decide how best to proceed with reinventing the shopping mall.
“We believe that it is important for a community to have a vibrant retail corridor and a first-class enclosed mall, but it is clear the Chesterfield Mall is not succeeding in its current state,” said Hull in a prepared statement. “Due to changing shopping habits and the exodus of retailers, a great amount of time, capital and effort is needed to determine how to reinvent this property into the best use that the Chesterfield community will embrace.”
Image via Google Maps