Hull Storey Gibson Cos. acquires Martinsville mall
- June 5, 2012
Hull Storey Gibson Cos. based out of Augusta has acquired Liberty Fair Mall in Martinsville. The 434,317-square-foot mall is anchored by Belk, Sears, JC Penney Outlet, Kroger and Office Max. Several national retail and restaurant chains in addition to local stores and services also are located at the property at the intersection of Commonwealth Boulevard and Liberty Street.
The deal follows the company’s purchase of the Piedmont Mall in Danville in March. Terms of the deals were not disclosed. Less than 35 miles apart, the two malls encompass more than one million square feet of retail property located between Greensboro, N.C., and Roanoke.
The acquisitions represent the company’s efforts to expand the geographical reach of its retail portfolio. “We are thrilled to expand into Southern Virginia this year and look forward to improving these two properties to serve the growing retail and economic needs of the area. We envision the two properties as complementary assets providing increased regional shopping and dining options to the surrounding communities,” Hull Storey Gibson Managing Partner Jim Hull said in a statement.
He noted Martinsville’s recent economic hardships with the loss of some of its traditional industries and said that revitalizing Liberty Fair Mall “will reassure other businesses that Martinsville is a smart investment and help drive economic recovery and growth.”
Hull Storey Gibson is one of the largest private owners of retail properties in the country. Its portfolio includes 22 shopping centers, 23 free-standing big box stores and 19 enclosed regional malls with more than 12.5 million square feet across Georgia, Alabama, North and South Carolina, Florida, Tennessee, Texas and Virginia.