Tanglewood Mall has a new owner
Tanglewood Mall, a 797,524-square-foot regional mall in Roanoke, has a new owner.
Cushman & Wakefield and Thalhimer (an alliance partner with C&W) announced Thursday that Blackwater Resources, an investment group based in Birmingham, Ala., purchased the property for an undisclosed price. The commercial real estate firms represented the seller in the transaction.
The 58-acre mall is located on Electric Road, just off I-581, near downtown Roanoke.
Built in 1973, with renovations completed in 2006, the mall is anchored by JC Penney and Belk. Other tenants including TJ Maxx, Steinmart, Staples, AC Moore, Carmike Cinemas, Kroger, and Barnes & Noble. According to Thalhimer, the mall was 88 percent occupied at time of sale.
The sale was completed by a group including Tom Salanty of Cushman & Wakefield’s Capital Markets Group in Dallas along with Eric Robison of Cushman & Wakefield | Thalhimer’s Capital Markets Group in Richmond. Other members of the Thalhimer team were Alex Wotring (Richmond) and John K. Nielsen, managing broker for Thalhimer’s Roanoke office.
“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,” Nielsen said in a statement.