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810,000-SF Green Brier Mall Sold--Again

CHESAPEAKE, VA-The 21-year-old retail center gets a new owner for the fourth time in its existence with Atlanta, GA's Gregory Greenfield & Associates' recent acquisition of the property. The property has an estimated value of $95 million.

By Barbra Murray | Updated on June 18, 2002

CHESAPEAKE, VA-The 810,000-sf Greenbrier Mall becomes the property of Atlanta, GA-based Gregory Greenfield & Associates just two years after Lend Lease Real Estate acquired the 107-acre property. GG&A becomes the mall’s fourth owner in its 21-year existence, and while the terms of the deal are not being disclosed, the property carries a current assessed value of nearly $95 million. GG&A was operating on behalf of a group of unnamed investors.

Located at 1401 Greenbrier Parkway South off I-64, Greenbrier is a two-level shopping center that was built in 1981 for $30 million. It holds the distinction of being Chesapeake’s very first mall. Its original owner was a partnership between Homart Devleopment Co and Cousins Properties. The mall was later snapped up by Boston Consulting Group, and then Lend Lease. The property, which also offers parking space to accommodate 4,100 vehicles, underwent a substantial renovation in 1988 and continues to be the home to about 120 stores, including three anchors. Real estate services company Jones Lang LaSalle has been handling the building’s leasing activity, but it remains unclear whether the firm will continue in its capacity under the new ownership.

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