A deal to sell the Wilson Mall and 10 other properties to an Atlanta development company has fallen through.
Hendon Properties, a development company, had agreed to purchase the mall and the other properties for $214 million. The deal was expected to close in January.
But according to a letter dated March 18 that mall merchants recently received, Hull Storey Retail Group of Augusta, Ga., still retains ownership of the mall.
The purchase agreement between H/S Wilson LLC and Hendon Properties LLC has been terminated, the letter from John Gibson, president and chief executive officer of Hull Storey Retail Group, states.
"The ongoing turmoil in the credit markets defeated the efforts of Hendon Properties to complete the purchase of the property," Gibson wrote.
"This brings to a conclusion a very long and arduous effort. Hull Storey Retail Group is extremely appreciative and proud of its entire team and looks forward to improving its properties in 2008 and growing its portfolio and company in the coming years."
Hull Storey bought the former Parkwood Mall about three years ago and changed the property into Wilson Mall. Since then, Hull Storey has renovated the mall, banned smoking and added a 10-screen Carmike Cinemas with stadium seating. Hull Storey also filled the former Belk anchor space with Steve & Barry's.
Ernest Dunson, store manager at J.C. Penney, said he had no problem with the sale falling through because Hull Storey was fine and he didn't know whether the new owners would have been better or worse.
"I was impressed with everything Hull Storey had done, and now I wanted them to finish everything they started," he said. "With the anticipated sale, it put a lot of things on hold, so now I hope they complete some of the tasks they were working on."
One of the projects Dunson would like seen completed is painting the exterior of the mall building. The work began near the new theater but hasn't come around yet to paint the outside of J.C. Penney.
Hull Story officials did not return phone calls for this story.
The other malls that were included in this deal included two in North Carolina -- the Blue Ridge Mall in Hendersonville and the Twin Rivers Mall in New Bern.
keeter@wilsontimes.com | 265-7817