AEI’s environmental and facility assessment and capital planning provide the necessary valuation to close the transaction.
WALNUT CREEK, Calif. (December 11, 2017) – With the help of AEI Consultants, a leading commercial real estate assessment and consulting firm, LBG Real Estate Companies is breathing new life into Richmond’s 1.1 million-square-foot shopping mall.
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 Hilltop Mall.
Before the acquisition process was begun, LBG hired AEI to complete a full site evaluation, including environmental factors and facility condition. AEI also provided a cost and maintenance assessment to LBG.
“When we were approached about this project, we were very excited,” says Holly Neber, CEO of AEI Consultants. “We immediately saw the potential, both in the property itself, and just as importantly, in what investment and redevelopment of the site could do for the community of Richmond. As a company, we are intensely focused on the true positive impact our work and our clients’ work can have on the value and the lifestyle of communities, and we wanted to be a part of this important project.”
Following its acquisition, The Hilltop Mall has undergone a rebranding and will now be known as The Shops at Hilltop. The redevelopment is set to begin with significant upgrades to both the property’s exterior and interior, as well as the signage surrounding the property.
Additionally, The Shops at Hilltop is expected to have mixed uses including retail, office space, and housing. LBG and Aviva created these plans in order to appeal to a wider variety of tenants, as well as to the area’s shoppers.
This redevelopment project offers Richmond residents a location that not only provides multi-uses within the community, but also will act as a draw for visitors, enhancing the local economy, notes Neber.
“The City had previously re-zoned the property to include more than just retail. We decided to take full advantage of that smart planning,” states Leslie Lundin, Managing Partner for LBG. “With 77 acres at our disposal, it made perfect sense to create a mixed-use development that encompasses all of the community’s needs.”
The Shops at Hilltop is located at 2200 Hilltop Mall Road in Richmond, California and is in the initial stages of development. Anticipated tenant offerings include a movie theater, live theater, food court, grocery store, several restaurants, stores, and services, as well as residential units.
About AEI Consultants
AEI Consultants is an employee-owned international consulting firm that provides comprehensive services to commercial lenders, property owners, managers, tenants, and developers, industries, institutions, government agencies, and insurers, including many Fortune 500 companies. These services include environmental, property and facility assessments; zoning and energy consulting; site investigation and remediation; industrial hygiene; and construction risk management. Founded in 1992, AEI is based in the San Francisco Bay Area with offices across the United States and Europe. More information is available at aeiconsultants.com.