Prologis has plans to acquire Hilltop Mall in Richmond, Calif., to convert it into a mixed-use development with retail and housing. The property totals 77 acres, while the structure is 1.1 million square feet.
The sales price was $117 million, reported local media outlets. The seller was a venture of LBG Real Estate and Aviva Investors, which paid $23.75 million for the asset in 2017.
“The acquisition of the Hilltop Mall marks the beginning of our efforts to pursue a mixed-use development that includes residential, retail and modern logistics facilities, which will spur further reinvestment, job growth and economic opportunity,” said Prologis in a statement.
