The sale price was not disclosed.
The company plans to redevelop the 90-acre property, which will accommodate more than 1.2 million square feet of commercial development.
The mall, which at its peak featured 95 stores, has been vacant since November 2010. Union City Mayor Vince Williams said he was glad a vacant piece of property will be back in business, on the tax rolls and generating revenue.
“Rooker’s purchase of this property is a monumental win for Union City,” he said in a statement. “The city council and I have been championing the redevelopment of this area for quite some time, affirming to the people of Union City that the property would certainly rise again.
“The presence of new industry coupled with many more job opportunities and future retail is evidence that Union City is open for business and that our economic development strategy is working.”
The mayor said the city is grateful for the partnership with Rooker, which its CEO, John Rooker, said is mutual.
“Union City has a proven track record of attracting business investment and manufacturing operations due to its great access to I-85 and business-friendly climate,” Rooker said in a statement. “We’re very excited about the opportunity for redevelopment and job creation at the former site of Shannon Mall, which is one of hundreds of regional malls that have closed across the country during the recession.”
Rooker said the strategically located site, which is adjacent to I-85 and less than 10 miles from Hartsfield-Jackson Atlanta International Airport, represents “a prime opportunity for national and global companies to establish business operations.”