The Augusta, Georgia-based company has a retail property portfolio of more than 20 million square feet, including 37 enclosed shopping malls across 17 states.
Hull Property Group owner Jim Hull said the company is excited to join the Greater Dayton and Miami Twp. community.
“We love the area, and Dayton Mall can and should continue to be a viable shopping and dining destination,” Hull said in a statement. “We look forward to providing exemplary stewardship and working collaboratively with community leaders and neighboring property owners to develop a shared vision for its future.”
Terms of the deal were not disclosed.
The more than 1.4-million-square-foot Dayton Mall is Hull Property Group’s second enclosed mall in Ohio. In 2023, the company acquired Eastgate Mall in Union Twp. east of Cincinnati, media partner WCPO reported.
Hull said that with more than 45 years of experience in retail real estate, it specializes in acquiring and revitalizing regional enclosed malls.
The company said it has “a strong track record of redevelopment, providing investment capital, fostering economic growth, and building strong community partnerships” and that its approach is “rooted in good stewardship and a commitment to long-term success.”
The mall has changed owners several times since opening in 1970. Its last owner, Spinoso Real Estate Group, bought it in December 2021 after the previous owner, Washington Prime Group, filed for Chapter 11 bankruptcy earlier that year.
John Mulherin, vice president of government relations for Hull Property Group, said the company looks forward to working closely with local stakeholders “to ensure that Dayton Mall continues to be a valuable asset to the community.”
“The mall is well-positioned within a vibrant and concentrated retail corridor and already serves as a regional destination, but like many malls across the country, it must also adapt to changing shopping patterns and new uses,” Mulherin said in a statement.
Miami Twp. Community Development Director Alex Carlson said the timing of Hull Property Group purchasing Dayton Mall is “perfect,” as the township is launching the Miami Crossing District Master Plan, a new version of the 2015 Dayton Mall Master Plan.
This new plan is intended to consider market conditions and stakeholders in planning for the future of the mall area, Carlson said.
“We believe that while the mall will likely look very different than it does today, this Miami Crossing District Master Plan and collaboration with Hull will guide the future of the area,” Carlson said in a statement. “This significant investment by Hull Property Group signals a strong belief in the long-term viability and growth of our entire community.”
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