The sellers were Simon Property Group of Indianapolis, IN; O'Leary Properties Inc., Atlanta; and Nomura Asset Capital Corp., New York.

Thor chairman/CEO Joseph J. Sitt plans to invest another $15 million in upgrading the individual stores and property signage. Russell Simmons, founder of Phat Farm and Def Jam Records, is Thor's partner in the deal.

Sitt says he is confident Thor can improve the mall's future value because "the Decatur community is very supportive of this property and its great potential makes it a perfect fit in our urban retail portfolio."

In a prepared statement, Sitt says the mall caters primarily to one of the nation's wealthiest African-American communities, with an average household income of $54,000. "We will revitalize this property by building upon the mall's strong market position in an upscale urban market," Sitt says.

He credits DeKalb County CEO Vernon Jones and his economic development team; and Dr. Eugene Walker, chair of the Development Authority of DeKalb County, for putting the deal together. "This project clearly demonstrates how a public-private partnership can benefit the community at large," Sitt says.

His company has acquired a retail, office and residential portfolio of four million sf valued at $350 million in the past 18 months. The acquired properties are in New York City, Chicago, New Orleans, Atlanta and Norfolk, VA.