A Georgia-based retail real estate company has acquired Fort Wayne’s Glenbrook Square, the largest indoor shopping center in northeast Indiana.
Hull Property Group said in a news release Friday that the acquisition expands its retail portfolio to about 20 million square feet, with 36 enclosed shopping malls across 17 states.
Glenbrook Square, 4201 Coldwater Road, becomes Hull’s third enclosed mall in Indiana. The company is based in Augusta, Georgia. Its website shows other Indiana retail properties in Muncie and Richmond.
“We are excited to become part of the Fort Wayne community. Glenbrook Square has great potential and should remain a key shopping and dining destination,” Jim Hull, owner of Hull Property Group, said in a statement. “We look forward to providing exemplary stewardship and working collaboratively with community leaders and neighboring property owners to develop a shared vision for its future. Engaging stakeholders is the first step in ensuring long-term success.”
With a more than 45-year history, Hull Property Group specializes in acquiring and revitalizing regional enclosed malls. Glenbrook Square’s website lists Spinoso Real Estate Group of Syracuse, New York as the company it is leased and managed by. The property tax bill for payments due in May and November of this year went to GGP Glenbrook LLC & Brookfield Properties at the Coldwater Road address.
John Mulherin, an executive with Hull Property Group, said during a Friday afternoon interview that the property has been in receivership since 2022 due to a bankruptcy process. The privately owned company closed on Glenbrook Square Thursday afternoon for an amount less than the $90 million the property would be assessed at, he said.
“I will say Spinoso has done a good job; they’ve done an admirable job of running the property and we’re glad to be the new owner,” Mulherin said. “This is our business. We buy properties out of receivership, so this is sort of par for the course.”
Hull Property Group says it has a strong track record of redevelopment, providing investment capital, fostering economic growth, and building strong community partnerships for long-term success.
“We look forward to working closely with local stakeholders to ensure that Glenbrook Square remains a valuable asset to the Fort Wayne community,” said Mulherin, Hull Property’s vice president of government relations. “The mall is well-positioned within a vibrant and concentrated retail corridor and serves as a regional shopping destination. We are excited to be joining this robust retail landscape.”
Glenbrook Square, with more than 1 million square feet on 81.7 acres, has a nearly 60-year history in Fort Wayne. Plans for the mall were first announced in 1965 and the first stores, including an L.S. Ayres, opened in the summer of 1966.
The mall has evolved countless times over the years with smaller tenants and anchor stores that once included a Sears. The chain, which went through bankruptcy, announced in August 2018 that it would close its Glenbrook store before the year ended. That area was eventually razed.
Current anchors inside Glenbrook Square are Macy’s, JC Penney and Barnes & Noble, each part of retail chains that have managed to continue walk-in stores despite some consumer shopping shifts to mostly online retail, particularly during the COVID-19 pandemic.
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