RICHMOND — Real estate titan Prologis has officially completed its long-anticipated purchase of the site of the former Hilltop Mall in Richmond, setting the stage for a wide-ranging redevelopment of the vast property.
Homes, shops, restaurants, industrial centers, and modern logistics sites could replace the mall structure, according to Prologis, one of the world’s largest real estate development and investment firms.
Prologis paid $117 million for the mall site, according to Richmond Mayor Tom Butt.
“We went from an abandoned mall to a company that has a lot of money and wants to do something with the property,” Mayor Butt said in an interview with this news organization.
The seller was a venture of LBG Real Estate and Aviva Investors. In 2017, LBG and Aviva bought the mall property, paying $23.75 million. In August 2020, the LBG-Aviva group put the mall property up for sale.
“The acquisition of the Hilltop Mall marks the beginning of our efforts to pursue a mixed-use development that includes residential, retail, and modern logistics facilities, which will spur further reinvestment, job growth, and economic opportunity,” Prologis said in a prepared release.
The Hilltop Mall property totals 77 acres and the structure itself is about 1.1 million square feet.
“We are excited to make this investment in the community and are deeply committed to working with the city of Richmond and residents to promote the revitalization of the Hilltop area,” Prologis said.
Prologis cautioned that its proposals and concepts for the mall are very preliminary.
Mayor Butt wasn’t surprised that Prologis isn’t considering a redevelopment that would create a new regional shopping mall.
“The mall is not coming back,” Butt said. “Retail malls have been dying all over the country for years. A re-done Hilltop Mall is just not going to happen. It’s going to be a different type of use.”
Originally Appeared On: https://www.eastbaytimes.com/2021/04/23/real-estate-prologis-buys-former-hilltop-mall-site-in-richmond/