Prologis closes on Hilltop Mall acquisition, releases statement on plans

6
3721
Hilltop Mall
Hilltop Mall (Getty images)

By Kathy Chouteau

Prologis, a logistics company, announced that it closed on its acquisition of Richmond’s Hilltop Mall today. According to Gergana Pomerantz, senior manager, public relations, Americas at Prologis, the following statement addresses the company’s vision for the site:  

“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. 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.”

The project is currently in the very early planning stages and the company will release more details as they become finalized, per Pomerantz.

Prologis acquired the mall property from developer LBG Real Estate Cos., which along with Aviva Investors purchased the property for $23.75 million, according to the San Francisco Business Times. LBG announced plans to modernize the shopping center and build housing, office space and a hotel. The onset of the COVID-19 pandemic caused the company to scrap those plans, according to Richmond Mayor Tom Butt. LBG sold the property “for about $117 million,” according to The Registry.

For more info, contact Prologis at hilltop@prologis.com.

6 COMMENTS

Leave a Reply to Sal Spataro Cancel reply

Please enter your comment!
Please enter your name here