DALTON, Ga. — Walnut Square Mall will have new owners as early as mid-December, assuming a pending $32.25 million deal is finalized on time, according to a vice president of the company making the purchase. 

John Mulherin, vice president of government relations for Hull Property Group, confirmed the ongoing purchase of the property and two others from CBL & Associates Properties Inc. based in Chattanooga, but said Thursday he could not discuss details until the transaction is finalized due to a confidentiality agreement. 

In addition to Walnut Square Mall, Hull is set to acquire Randolph Mall in Asheboro, N.C., and Regency Mall in Racine, Wis. 

Hull, based in Augusta, specializes in buying “underperforming” enclosed malls and shopping centers, said Mulherin, and working to revitalize and develop those properties. The group purchased Mount Berry Square in Rome in 2012 and is only about 40 percent of the way through the redevelopment process, he said. 

The company owns four other malls in Georgia — in LaGrange, Macon, Milledgeville and Statesboro — and 19 elsewhere, as well as dozens of shopping centers and properties like Lowe’s, Starbucks, Walgreens and others spread across the Southeast.

The sale of Walnut Square Mall is part of CBL’s disposition program announced in April of 2014, said Stacey Keating, director of public relations for the company. Company officials said it would sell 21 of its shopping malls in an effort to streamline its portfolio. 

“Our objective is to position our portfolio to generate a sustainable higher growth rate,” said Stephen Lebovitz, president and CEO of CBL, in a press release when that program was first announced. “Today, we have outlined initiatives that are designed to increase our portfolio weighting to higher-productivity assets. We plan to achieve this through targeted divestitures of stable, but lower-growth malls and non-core properties over the next several years as well as accretive investments in higher growth assets.”

Lisa Payne, who was shopping for winter clothes for her kids earlier this week at Walnut Square Mall, said she hadn’t heard about the change of ownership but would welcome any improvements.

“I can remember when this was the place to go in Dalton, and now it seems like no one ever comes here anymore,” said Jones, who added that she would be happy to see every retail space occupied again. “There are still a few good places here, but a lot of them have pulled out.”

JC Penney, one of Walnut Square’s main anchor stores since the mall opened in 1980, abandoned the location just last year. According to the Hull website (hullpg.com), renovating and re-tenanting its properties are among its goals. 

Mary Blackwell, another Walnut Square shopper who was getting a head start on her Christmas list this week, said she has been visiting the mall since it first opened. She said it makes her sad to see the current state of the property, so she’s glad to hear someone is looking to invest in it.

“Well, after the economy went into the gutter a lot of places just shut down for good. And you can see the impact that had here, with a lot of businesses closing, so I hope they bring back some of the big stores that left or bring in new ones,” said Blackwell, who noted that she always prefers to shop locally. “I would much rather come here than drive to Chattanooga or Calhoun, but depending on the store you have to sometimes.”