RICHMOND, Calif. (KRON) – Old Hilltop Mall in Richmond has changed hands.
The mostly vacant mall was sold this week, and the new owner plans to revitalize the property by converting the area into a mixed-use, retail and residential development.
The mayor of the city says he is excited about the future of the place.
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The rundown shops in Hilltop Richmond, formerly known as Hilltop Mall, have a new owner who plans to redevelop the area in the near future.
“At one time, the Hilltop Shopping Center was a great generator of sales tax revenue for the city. It was a very busy place. And along with most of the shopping malls in America, it died out, ”said Mayor Tom Butt.
This week LBG Real Estate Companies, LLC and Aviva Investors sold the property to Prologis Incorporated.
The San Francisco-based group is considered the largest industrial and real estate company in the world.
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“The sale price was $ 117 million and that would bring about $ 3.5 million in real estate transfer taxes for the city of Richmond,” said Mayor Butt.
Mayor Tom Butt says, unlike the previous owners, there are no plans to revitalize the shopping center.
In a statement, Prologis says:
“The Hilltop Mall acquisition marks the beginning of our mixed-use development drive that includes residential, retail and advanced logistics facilities and drives further reinvestment, job growth and economic opportunity.”
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“When COVID hit last March, they closed everything. Even the tenants who were there and operated were closed, ”said Mayor Butt.
Prologis has not announced a final plan for the property or a timeline for the start of the project.