797,524 SF Regional Shopping Center Anchored by JC Penney and Belk
Cushman & Wakefield, and Thalhimer (Alliance partner with C&W)have represented the seller in the sale of Tanglewood Mall, a 797,524 square foot regional mall located on Electric Road, just off I-581, in Roanoke, Virginia.
Situated on 58.6 acres on the busy retail corridor Electric Road, the mall is among the region’s most affluent residential neighborhoods and is just minutes from downtown Roanoke. Built in 1973, with renovations completed in 2006, Tanglewood Mall is anchored by JC Penney and Belk, along with other tenants including TJ Maxx, Steinmart, Staples, AC Moore, Carmike Cinemas, Kroger, and Barnes & Noble. The center was 88% occupied at time of sale.
Blackwater Resources, an investment group out of Birmingham, Alabama, purchased the property. The sale was completed by a group comprised of Tom Salanty of Cushman & Wakefield’s Capital Markets Group in Dallas, as well as Eric Robison of Cushman & Wakefield | Thalhimer’s Capital Markets Group (Richmond, VA), Alex Wotring (Richmond, VA) and John K. Nielsen,managing broker for Thalhimer’s Roanoke office.
“Tanglewood Mall presented a very promising value add opportunity to the retail investment community and attracted several qualified investors. The buyer, Blackwater Resources, understood the opportunity and outbid the other investors,” stated Tom Salanty, Executive Director, who led the sales effort for the Cushman & Wakefield team.
“Through a very active marketing and competitive bidding process we were able to attract multiple offers that served to support our initial opinion that Tanglewood Mall represented a major redevelopment opportunity for the greater Roanoke region and will spark future development and investment along the Electric Road corridor,”stated John Nielsen who led the sales effort from Roanoke.
About Cushman & Wakefield | Thalhimer
Thalhimer was founded in 1913 and currently has offices in Richmond, Newport News, Virginia Beach, Fredericksburg, Roanoke, Charlottesville, and Lynchburg, VA; and Charleston, Greenville, SC. The company has over 100 broker professionals and employs over 400 associates with a property portfolio of over 48 million leasable square feet, and management of over 20 million square feet of commercial property, and over 6,100 multifamily units. In 2015 Thalhimer completed over 2,100 transactions with a transactional volume over $2 billion. Thalhimer is the region’s leading provider of comprehensive commercial real estate services. The firm offers comprehensive commercial real estate services including corporate services, investment sales, tenant representation, construction management, project management, asset management, and the sale and leasing of office, industrial and retail properties. To learn more, visit www.thalhimer.com or follow @Thalhimer on Twitter.
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About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. The firm’s 43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and investors around the world. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake
