July 27, 2017
The troubled lender-owned Hilltop Mall in Richmond, CA was acquired by LBG Real Estate Companies and Aviva Investors. The developer plans to create a mixed-use redevelopment that could add more than 9,600 multifamily units, as well as office and hotel uses.
Located at 2200 Hilltop Mall Rd., the 1.1-million-square-foot, two-story regional mall will be re-merchandised. The roughly 77-acre site is designated for high-density mixed-use, which would permit development of 100 units per acre.
“Hilltop Mall has experienced higher tenant defections and has suffered from deferred maintenance over the past six years ,as it’s been either in foreclosure or lender owned,” said LBG’s Leslie Lundin. “LBG’s ownership will be the first true developer ownership for Hilltop Mall since the end of the last downturn. Hilltop is a sleeping giant just waiting for a chance to be reborn.”
NAI Global’s Glenn Wegener and Linda Simpson represented the seller. The buyer was self-represented.
For comments, questions or concerns, please contact Dennis Kaiser