The Hudson Valley Mall has officially been sold. New owners plan to invest for a “better shopping experience.”

On Thursday, Hull Property Group announced via press release the acquisition of the Hudson Valley Mall in the Town of Ulster, New York.

The approximately 765,700-square-foot enclosed mall adds to the company’s growing portfolio of retail property comprised of in excess of 15 million square feet, including 29 malls across 13 states.

“We believe that it is important for a community to have a vibrant retail corridor and a first class enclosed mall, but it is clear that the Hudson Valley Mall is not succeeding in its current state,” the company said it a statement. “Due to changing shopping habits and the current exodus of retailers, a great amount of time, capital and effort is needed to turn the Hudson Valley Mall around.”

The Hull Property Group plans to work with local leaders, community stakeholders and local residents to figure out what the future holds for the Hudson Valley Mall and other retail stores on 9W.

“We are willing to invest the time, capital and effort to provide a better shopping experience at Hudson Valley Mall. But, we can’t do it alone,” Vice President of Government Relations for Hull Property Group John Mulherin said. “We need to work together and agree that the Highway 9W retail corridor is too important to fail. It is much easier to stop a corridor from becoming blighted than it is to regain tenants once a corridor has become blighted. A collaborative stakeholder effort will create an environment where the mall and other surrounding properties would invest in a manner that is needed."