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.
In July, LBG Real Estate Companies, in conjunction with Aviva Investors, purchased the mall located at 2200 Hilltop Mall Rd. Before the acquisition process began, LBG hired AEI Consultants to complete a full site evaluation, including environmental factors and facility condition. AEI also provided a cost and maintenance assessment to LBG.
Holly Neber, CEO of AEI Consultants, said the challenges were the age and condition of the roof and parking lot, and a number of items in need of upgrading. However, she told GlobeSt.com nothing was problematic in its phase one environmental assessment for future use as a multifamily, office or retail development.
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Lisa Brown
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.
