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September 19, 2020
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Hilltop Mall in Richmond Acquired by LBG Real Estate Companies and Aviva Investors


LBG Real Estate Companies and Aviva Investors have acquired Hilltop Mall, a 1.1 msf regional mall in the East Bay city of Richmond. The price was not disclosed.

The property, located at 2200 Hilltop Mall Rd, was originally developed in 1976 and renovated in 2007, and encompasses approximately 77 acres of land prominently located at the Hilltop Mall exit off of Interstate-80. It offers exceptional visibility and access to a dense and growing residential population, and spectacular views of the San Francisco Bay.

Hilltop Mall is situated 20 miles northeast of San Francisco, and 25 miles south of Napa, which is an ideal location for the rapidly growing area that is within a 30-minute drive from San Francisco, Oakland, Berkeley, Walnut Creek, Napa, and Marin County. The center features many well-known national tenants including Macy’s, Walmart, Sears, and 24-Hour Fitness.

“Hilltop Mall has experienced higher tenant defections and has suffered from deferred maintenance over the past six years as it’s been either in foreclosure or lender owned,” said Leslie Lundin, Managing Partner for LBG. “LBG’s ownership will be the first true developer ownership for Hilltop Mall since the end of the last downturn. Hilltop is a sleeping giant just waiting for a chance to be reborn.”

LBG plans to implement an entirely new merchandising strategy for the mall which, when combined with extensive rebranding and redevelopment, will once again create an inviting and exciting atmosphere for shopping, entertainment and dining and revitalize this formerly iconic destination in the East Bay. The initial property redevelopment will include significant upgrades to the building exterior, interior common areas, and signage surrounding the property. LBG will also explore a larger redevelopment to take advantage of the zoning in place which would allow more than 9,600 housing units at the property as well as office and hotel uses.

The seller was represented by Glenn Wegener and Linda Simpson of NAI Global. The buyer repped themselves in the deal.

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