Richmond, Calif. — LBG Real Estate Cos. and Aviva Investors have purchased Hilltop Mall, a 1.1 million-square-foot regional mall located 20 miles northeast of San Francisco in Richmond, for an undisclosed price.
Originally developed in 1976 and renovated in 2007, the property is occupied by a variety of tenants, including Macy’s, Walmart, Sears and 24-Hour Fitness. Glenn Wegener and Linda Simpson of NAI Global represented the seller, C-III Asset Management, which was acting as special servicer for a CMBS securitization. The buyer was self-represented in the transaction.
The new ownership plans to implement an entirely new merchandising strategy, and to extensively rebrand and redevelop the regional mall. Immediate redevelopment efforts will include significant upgrades to the building’s exterior, interior and common areas; and to the signage surrounding the property.