One of Roanoke County’s biggest economic assets is staring at a new future. Tanglewood Mall, the struggling 43-year-old retail center on Virginia 419, has been sold. Its new owners have not announced what is going to happen to the property, but Roanoke County officials say they’re optimistic about what’s to come.
Blackwater Resources, an investment group based in Birmingham, Alabama, purchased the property on Thursday. Another real estate investment company, Lubert-Adler, based in Philadelphia, will be its capital partner in the project. Blackwater will handle all the redevelopment, management and leasing going forward.
The sale price was not disclosed. As of Thursday, the real estate transfer had not yet been filed in the Roanoke County Courthouse.
Blackwater has leased and developed retail properties — shopping centers in particular — all over the country. According to its website, it was behind the development of Dulles Town Crossing in Loudoun County and Harrisonburg Crossing in Harrisonburg. Both are open-air shopping centers, similar to strip malls, with large anchor retailers such as Wal-Mart, Best Buy and Barnes & Noble.
