27-02-2025
Greenbrier Mall has been sold, multiple sources say new owner will be local
CHESAPEAKE, Va. (WAVY) — The majority of Greenbrier Mall has been auctioned off and while a the winning bid has not yet been publicly disclosed, multiple sources say the property will now be in local hands.
The three-day online auction for the more than 562,000-square-feet of retail space concluded yesterday afternoon. Specifically, the Macy's and JCPenney department stores, interior mall shops and the former Abuelo's Mexican Restaurant were up for grabs.
Bidding started at $6 million; however, it's not yet known the final purchase price.
The sale will mark the end of what has been a nearly three year process that began when Tennessee-based CBL Properties lost the property in 2022 after they defaulted on a nearly $62 million loan balance.
Most of Greenbrier Mall to be auctioned off in February
'Unfortunately both seller and buyer have requested confidentiality,' Mark Williford, a broker with Newmark who helped with the transaction, said. 'What I will say is the mall will be in great hands.'
It's likely any sale won't be made public for several weeks. As with any other real estate transaction, a due diligence period is typical.
However, two sources, not authorized to speak publicly on the matter, say the top bidder was local to Hampton Roads.
The mall, which first opened in 1981, has a 82% occupancy rate, with three of its four anchor stores remaining in operation: JCPenney, Macy's and Dillard's. There is also a Cinema Café on the ground floor.
Dillard's and the former Sears property, which sits vacant were not part of the auction. Dillard's owns its store and Virginia Beach developer Mike Sifen owns the Sears.
'It was a very competitive process which speaks to the performance of the asset and the attractive submarket fundamentals of Greenbriar,' Williford said.
While Willford's agency touts a positive operating income of $3.4 million per year, it's no secret that across the country, indoor shopping malls have suffered in recent years — with shoppers opting to shop online and at discount retailers over traditional department stores that tend to be more high-end.
The city of Chesapeake planning department is currently finalizing the Greenbrier Area Plan, which takes into account the best use of the mall property.
'It will have a very bright future,' Williford said.
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