February 6, 2017
Hull Property Group, based in Augusta, GA, recently paid $8.1 million for the foreclosed Hudson Valley Mall in Kingston, NY. That’s a fraction of the property’s $48.9 million mortgage.
“The significant losses highlight Fitch’s continued concern with malls located in secondary and tertiary markets, and conservative treatment on similar properties,” according to Fitch Ratings, an international ratings agency.
The 765,500-square-foot regional mall was left 63% occupied after Macy’s closed in 2016 and JC Penney’s closed in 2015, well in advance of their 2017 lease expirations. Hull plans to reposition the old mall by working with local officials and nearby property owners.
“We are willing to invest the time, capital and effort to provide a better shopping experience at Hudson Valley Mall. But, we can’t do it alone,” said John Mulherin, Vice President of Government Relations for Hull.
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