Hallmark Venture Group, Inc.—a venture capital firm—announced March 15 that it, “acquired The Mall at Stonecrest” and said the company “is involved in the ownership and development of The Mall at Stonecrest.”
The Mall at Stonecrest went into foreclosure in February 2020 when Stonecrest Mall LLC—the former owners of the 20-year-old mall—fell behind on payments.
In the press release announcing the acquisition, officials from Hallmark Venture Group, Inc. also expressed interest in developing the land around the mall and gave examples such as developing a sports complex and providing “space for an aquarium.”
“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.”
Urban Retail Properties, LLC—which has managed Stonecrest Mall since 2012—will continue to be responsible for property management, leasing and development, according to a release from Hallmark Venture Group, Inc..
The Mall at Stonecrest is a 1.2 million square foot two-level shopping and entertainment mall that hosts over 100 retail stores, including Macy’s, Dillard’s, J.C. Penney, H&M, Forever 21, Victoria’s Secret and Round One.
Despite occupancy restrictions and obstacles imposed due to the pandemic, Hallmark Venture Group, Inc. officials said The Mall at Stonecrest maintained a mall shop occupancy rate of more than 90 percent.