Liberty University buys 75 percent share of River Ridge Mall for $33.5 million
Liberty University in Lynchburg has purchased a 75 percent share interest in River Ridge Mall for $33.5 million. The seller was CBL & Associates Properties Inc., which retained a 25% ownership position in the asset. CBL will continue to be responsible for the property’s leasing and management.
Greysteel’s Mid-Atlantic retail investment sales team led by Gil Neuman assisted in the sale of River Ridge, the primary and only enclosed mall within a 55-mile driving radius of the city of Lynchburg.
Tenants at River Ridge include a new 14-screen Regal Cinema, T.J. Maxx, Joann Fabric, Victoria’s Secret and a former Sears now slated for redevelopment into in-demand retail, entertainment and restaurants.
Connected but separately owned anchors are: Belk, JC Penney and Macy’s department stores.
Greysteel is a commercial real estate and capital markets services firm with seven offices located in Los Angeles, Calif.; Washington, D.C.; Baltimore, Md; Philadelphia, Pa.; and Dallas and Fort Worth, Texas. Greysteel advises private and institutional real estate investors and developers in the marketing, sale, and financing of private capital and middle-market real estate assets.