LBG Real Estate is breathing new life into Richmond’s 1.1 million-square-foot shopping mall, which has undergone rebranding to be known as The Shops at Hilltop and will include office, retail and housing.
The city had previously rezoned the property to include more than just retail.RICHMOND, CA—The Hilltop Mall went into foreclosure nearly five years ago due to high vacancy rates and a lack of consumer traffic. Since that time, residents of Richmond have been holding onto hope for a Hilltop Mall comeback.
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
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“We remain bullish on the current operating environment as well as the long-term fundamentals supporting grocery-anchored shopping centers, and this merger demonstrates our unwavering confidence in the asset class.”
It plans to realize more than $350 million in acquisitions of multifamily properties in the US.
Longer term, the company is reportedly exploring a REIT conversion.
