A portion of Lynchburg’s only indoor mall is for sale
A part of River Ridge Mall, Lynchburg’s only indoor mall, is up for sale.
Greysteel, based in Bethesda, Md., announced that its mid-Atlantic retail investment sales team has been retained as the property’s exclusive advisor and agent.
According to Greysteel, the 764,368-square-foot mall on 70 acres at 3405 Candlers Mountain Road is 97 percent occupied, primarily by national retailers. Greysteel, led by Managing Director Gil Neuman, is representing that portion of the mall owned by CBL & Associates Properties Inc, a real estate investment trust and one of the largest mall REITs in the country. It owns 280,212 square feet on 27 acres that’s 91 percent occupied by a diverse tenant roster, including Regal Cinema, T. J. Maxx and Victoria’s Secret.
The property does not include land separately owned by such anchors as Belk, JCPenney, Macy's or the Liberty University online campus.
“River Ridge maintains historical high occupancy and year-over-year sales growth as the primary and only mall in its wide trade area,” Neuman said in a statement. ”Investors will acquire a well-maintained landmark asset with recent renovations including a new Regal Cinema wing, high-end food court, mall entrances and restrooms and mechanical systems.”
The rapidly expanding Liberty University is close to River Ridge Mall in addition to other major employers including Centra Health, Genworth Financial, Harris Corp. and J. Crew Outfitters. The next closent indoor mall is 55 miles away in Roanoke.