Lynchburg, Va. Mall Changes Owner for Well Over $33M
- Mar 18, 2016
By Bogdan Odagescu, Associate Editor
Lynchburg, Va.—Greysteel recently announced that its Mid-Atlantic retail investment sales team assisted CBL & Associates Properties in selling the River Ridge Mall in Lynchburg, Va. The Gresyteel team was led by Gil Neuman, managing director of retail investment sales.
CBL ceded three fourths of its interest to Lynchburg’s Liberty University (LU) for $33.5 million, retaining 25 percent of ownership. CBL will continue to remain responsible for leasing and managing the retail asset.
Located in near vicinity of LU, Lynchburg’s only enclosed mall offers a diverse list of tenants, including a 14-screen Regal Cinema, T.J. Maxx, Victoria’s Secret, Planet Fitness, New York & Company, American Eagle Outfitters, and Encore. River Ridge also hosts three separately owned anchor department stores: Belk, JC Penney, and Macy’s.
The transaction comes four years after Liberty University bought the 112,000-square-foot former Sears building within River Ridge Mall for $6.9 million. The building served as the temporary main operations center for Liberty University Online and is now slated for redevelopment. “The former Sears location provides a great opportunity to elevate the entire center through redevelopment of underutilized space, bringing new in-demand retail, entertainment and restaurants to the market,” said Stephen Lebovitz, CBL president & CEO, in a prepared statement.
Image courtesy of Greysteel