Hallmark Venture Group Acquires 1.2-Million-Square-Foot Mall at Stonecrest in Metro Atlanta, Plans Mixed-Use Campus

by Julia Sanders

Stonecrest, Ga. — Hallmark Venture Group Inc. has acquired The Mall at Stonecrest, a 1.2 million-square-foot regional mall in metro Atlanta. The seller and sales price were not disclosed, but The Atlanta Journal-Constitution reports that the mall was last appraised at $84 million.

Hallmark Venture is planning to transform the 29-acre mall site into a mixed-use destination that will include apartments, a sports and entertainment complex, cosmetic superstore, aquarium, medical offices, transportation facilities and restaurants. A construction timeline for the redevelopment was not announced.

The Mall at Stonecrest is home to more than 100 retailers including Macy’s, Dillard’s, J.C. Penney, H&M, Forever 21, Victoria’s Secret and Round One. The mall’s occupancy rate was more than 90 percent at the time of sale, according to Hallmark Venture.

The Boca Raton, Florida.-based buyer is retaining Urban Retail Properties to manage and lease Stonecrest. The Chicago-based firm has managed the mall since 2012 and will oversee the development of the mall’s next phase.

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