From the notebook of business editor Tim Rausch

Augusta company buys troubled mall in Virginia

Augusta’s commercial retail giant got larger with the acquisition of another shopping mall.

 

Hull Storey Gibson Companies bought the mall in Danville, Va., from General Growth Properties and announced it on Tuesday night.

 

Piedmont Mall is Hull Storey Gibson’s 18th mall. The 731,500 square foot mall is anchored by Sears and Belk.

 

Apparently, the mall needs some improvement. Managing partner Jim Hull said the renovations will include an upgrade of the interior and exterior lighting, entrances, signage, painting and flooring.

 

“We understand how important it is for the community to have a vibrant and prosperous regional mall,” Hull said.

 

Danville is on the North Carolina line and down the highway from Greensboro, NC. This is the first property in Virginia for the company.

 

Hull Storey Gibson now has 12 million square feet of retail space with 22 shopping centers, 23 free-standing big box stores and18 enclosed regional malls. Their headquarters is over near the T-Mobile call center.

 

When mall giant General Growth Properties declared bankruptcy, Piedmont Mall was one of those that became a “subsidiary” so they could be sold off. It was in default of a loan and the titled surrendered to Bank of America. In June, a Texas company took receivership of the mall and marketed it for sale.

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