Tanglewood Mall is for sale
Tanglewood Mall, a premiere shopping destination in the Roanoke Valley for years after it opened in 1973, is for sale. Cushman & Wakefield, and Thalhimer announced Monday that it has been selected by the owner, The Guild Group, as the exclusive sales representative for the sales disposition.
The 797,524-square-foot regional mall is located on Electric Road, just off I-581 in Roanoke.
According to Thalhimer, the 43-year-old mall was renovated in 2006 and currently has an occupancy rate of 88 percent. Tanglewood Mall is anchored by JC Penney and Belk department store, along with other tenants including TJ Maxx, Steinmart, Staples, Carmike Cinemas, Kroger and Barnes & Noble.
Situated on 58.6 acres on a busy retail corridor, the center is positioned for further redevelopment. Local officials say the mall is near the region’s most affluent residential neighborhoods and is minutes from downtown Roanoke, factors that should help draw interest.
Serving as representatives for the sale are: Tom Salanty, executive director of Cushman & Wakefield’s Capital Markets Group in Dallas, along with Senior Vice President Eric Robison of Thalhimer’s Capital Markets Group in Richmon and Thalhimer Roanoke Managing Broker John Nielsen. According to Robison, the mall's owner is a large pension fund represented by the Guild Group out of Indianapolis, Ind.
“Tanglewood Mall is a strategic location with great tenants, visibility, access and the best demographics in Roanoke. This is a very attractive location,” Salanty said in a statement.
Regional officials hope that a new buyer will continue to redevelop the prime site. “Roanoke County looks forward to working with potential purchasers to make the mall and the surrounding area an exceptional retail, housing and commercial environment,” Tom Gates, Roanoke county administrator, said in a statement.