Stonecrest, Georgia – The struggles of Stonecrest Mall have received a little relief effort after being in foreclosure for the past year.
The venture capital group, Hallmark Venture Group, announced on March 15th that has purchased the Mall at Stonecrest. Stonecrest Mall LLC, previous owners of the 20-year-old mall, fell behind on the payments and fell into foreclosure in February 2020.
In a press release obtained by Champion Newspaper, Hallmark Venture Group shared their plans of the mall and the surrounding area. “The Mall at Stonecrest affords the [Hallmark Venture Group, Inc.] unique challenges and opportunities. The challenges posed by e-commerce will require us to maintain an aggressive marketing campaign focusing on a trade area of approximately 750,000 retail customers and attract tenants who can meet the challenges of today’s evolving economy,” stated John Murphy, Hallmark Venture Group’s executive vice president. “Further, with positive cash flow and historically low interest rates, [Hallmark Venture Group, Inc.] intends to transform the [The Mall at Stonecrest] and surrounding land to develop a sports and entertainment complex, build a cosmetic superstore, construct an apartment complex, provide space for an aquarium, medical offices, transportation facilities and restaurants.”
The COVID-19 pandemic did not slow shoppers from visiting the mall; maintaining a 90% shop occupancy rate. Stonecrest Mall is a 1.2 million square foot mall with stores such as: Macy’s, Dillard’s, J.C. Penney, H&M, Forever 21, Victoria’s Secret and Round One. Urban Retail Properties, LLC will continue to manage the Stonecrest Mall for Hallmark Venture Group.