Greenbriar Town Center Fetches $62M

CHANTILLY, VA-Greenbriar Town Center has been sold in a $61.8-deal to Dallas, TX-based Crow Holdings Real Estate Fund. The Fairfax County shopping complex comprises nearly 346,000 sf of retail, restaurant and office space. The seller was one of New York’s JP Morgan Fleming Asset Management’s pension fund clients.

Located off Route 50 near Majestic Lane on the 1300 block of Lee Jackson Highway, Greenbriar Town Center is tenanted by CVS, Giant Food, Marshall’s, the Room Store and a 25,000-sf Total Beverage wine and spirits outlet as anchors. Other tenants include Bath & Body Works, Casual Male Big & Tall, Kinkos, the Vitamin Store, and the seemingly requisite Starbuck’s. District-based Combined Properties acquired the complex in 1989 for $34 million. The property later underwent a massive upgrade in 1992 when the real estate company increased the center by nearly four times its original 90,000-sf “strip mall” size. Before Combined Property acquired Greenbriar, Virginia’s Haft family–the leader of which was Herbert H. Haft, founder of Total Beverage and chairman of the Dart Group Corp.–once owned the entire complex.