Sep
21

Asheboro’s Randolph Mall Under Contract

By

randolphmallThe ownership of Randolph Mall could change by November. The potential buyer was in town Tuesday to view the property as part of the due diligence process.

Jim Hull, owner of Hull Property Group, confirmed his company has a binding contract to purchase the local mall but declined to comment on the details. If the deal is finalized, it should close around Nov. 1.

Randolph Mall opened in 1982. The 30-acre site has a combined land and building tax value of $13.7 million, according to the county tax records. It is currently operated by CBL & Associates, based in Chattanooga, Tenn. CBL bought the mall from Richard E. Jacobs Group in 2001.

Since 2014, CBL has been on a mission of “targeted divestitures of stable, but lower-growth malls” in its portfolio. The company still owns 10 properties in North Carolina, including Hanes Mall and Friendly Center.

READ MORE HERE

Categories : Uncategorized

Comments are closed.