Muncie Mall sold
MUNCIE, Ind. (WISH) — A company with a growing number of malls has added another, this one in Indiana.
Hull Property Group announced its acquisition of Muncie Mall on Wednesday. It joins the Georgia-based company’s 34 enclosed shopping malls in 17 states.
The mall had been for sale for years. Delaware County had listed it in sheriff’s sales after former owner Washington Prime Group stopped paying the mortgage in 2020, when all its anchor stores had left. A year later, Washington Prime Group filed for bankruptcy protection.
The mall’s online directory on Wednesday listed more than 30 stores.
Indianapolis-based Melvin Simon & Associates, now known as Simon Property Group, opened the mall in 1970. Washington Prime Group took over the property in 2014.
Statements
“We are excited to join the Muncie community. We love the area, and the Muncie Mall has wonderful redevelopment potential. We aim to reposition the Muncie Mall by working with community leaders and adjacent property owners to create a successful future for the mall and the Muncie community’s critical retail corridor. There are no bad properties, just bad ownership, and job one for us is to do the things necessary to improve viability for the existing tenants.”
Jim Hull, owner of Hull Property Group
“The stabilization of the mall should be a top priority. It occupies a prominent location in our important retail corridor, and a defined, first-class retail corridor attracts additional retail investment and tenants to our community. We are pleased that a group with Hull Property Group’s experience has purchased the mall, and we look forward to working with them.”
Muncie Mayor Dan Ridenour, a Republican
“Our formula of ‘Stabilize, Revitalize, and Reposition’ has proven successful for our Company, and we aim to accomplish that here in Muncie. The decline of this property did not occur overnight, and it will not be fixed overnight, but we are ready to put in the work and capital to offer an improved shopping experience for Muncie. We look forward to getting to know the community better and being the good steward that this important property needs.”
John Mulherin, vice president of government relations for Hull Property Group