Jones Lang LaSalle Brokers Sale of 807,697 SF Greenbriar Mall in SW Atlanta
Hendon Properties, LLC has closed the sale of the Greenbriar Mall in southwest Atlanta. A foreign investor paid $26 million for 93% stake in the 807,697-square-foot mall.
The new owners also plan to make significant capital improvements in the near term on the property which is one of Atlanta's first enclosed malls and the location of the nation's first Chick-fil-A to be located in an enclosed mall.
Jones Lang LaSalle managing directors Margaret Caldwell and Kris Cooper brokered the sale on behalf of Hendon Properties.
Greenbriar Mall is located at the intersection of I-285 and Langford Parkway, across the street from the studio of world-renowned actor and producer Tyler Perry. The mall sits on 94.5 acres and is currently 94.3 percent occupied. It also offers an expansion area to add six outparcels along Greenbriar Parkway, as well as other significant upside opportunities.
"In the past year, we've positioned Greenbriar extremely well with much positive leasing momentum," said Charlie Hendon, President of Hendon Properties, LLC.
"Greenbriar offered stable in-place income, combined with numerous opportunities for value-add and repositioning making it an extremely attractive investment opportunity," said Caldwell. "The sale of this property is a key indicator of foreign investor interest in purchasing retail assets in the United States and a trend that we believe will only get bigger in the months to come."
