Augusta Firm Focusing on MallsBy
Buying unprofitable shopping malls after banks or owners have given up is where an Augusta-based commercial real estate firm is growing its portfolio.
Hull Storey Gibson Companies LLC recently bought its 20th enclosed shopping mall, Village Mall in Auburn, Ala. This was the third mall they have acquired in 2012, bringing their total retail square footage to nearly 13 million, and partner John Gibson said they will continue to pick up properties that are deals with good potential.
“Lenders are starting to capitulate to market forces and are selling properties,” he said. “We’re buying at a good and fair price properties who need only one thing, a good owner with good management.”