Cheema Investments LLC, a Scottsbluff based investment company, has purchased the 29-acre Imperial Mall in Hastings.
The 1.1 million square foot mall space, including two outbuildings with an additional 90,000 square feet of retail space, sold for $340,000 in November.
Kuldip Singh with Cheema Investments said the company owns residential properties around the state, including Hastings. It was their familiarity with the area that led to interest in the property.
“We were looking for additional investments and this was close to I-80 so it was a good location,” he said. “We hired a property management company out of Lincoln that will operate the mall from now on.”
Singh said that as a developer he sees a lot of potential uses for the property. However, nothing has been set in stone yet. The property managers will be charged with recruiting potential businesses and other mall operations.