Hendon Properties LLC says it has sold the 1960s vintage mall, one of Atlanta's first enclosed retail centers, to a "foreign investor" that it declined to identify. Jones Lang LaSalle handled the sale of the mall, which was reportedly in danger of foreclosure.
"In the past year, we've positioned Greenbriar extremely well with much positive leasing momentum," Charlie Hendon, the mall's previous co-owner, stated in a release. The mall is currently 94% occupied and is anchored by Macy's.
Margaret Caldwell and Kris Cooper, managing directors with the Atlanta office of Chicago-based Jones Lang LaSalle, stated that international investor interest in US retail assets is growing. "Greenbriar offered stable in-place income, combined with numerous opportunities for value-add and repositioning, making it an extremely attractive investment opportunity," Caldwell added.
Local commercial real estate observers, who were not involved in the transaction and don't want their own identities disclosed, speculate that global politics may be a reason for not immediately revealing the new owner of Greenbriar Mall. They also note that extremely low prices being paid for distressed assets are keeping parties to deals from being as forthcoming with information as they were when sales records were being broken.
Greenbriar Mall is located in Atlanta's southwest submarket at Interstate 285 and Langford Parkway, across from the studios of actor/producer Tyler Perry. It is best known as the original location of locally based Chick-fil-A, yet has endured a combination of recession and perception in recent months.
Besides the tough national retail environment, the mall has developed a reputation for crime including a smash-and-grab robbery in December and is mentioned in various rap songs. However, Revolution Cinemas will soon reopen a 12-screen movie theater previously owned by basketball legend Magic Johnson, and Super Beauty Depot has taken up a large space formerly occupied by Circuit City.
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