ROANOKE COUNTY (WSLS 10) - After about five months on the market, Tanglewood Mall has a new owner.
Roanoke County announced on Thursday afternoon that a partnership of Blackwater Resources ("Blackwater") based in Birmingham, Alabama and Lubert Adler based in Philadelphia have purchased the mall.
Blackwater will now oversee all management and leasing of Tanglewood Mall and will be the lead on future development of the Tanglewood Mall property. The executive team of Blackwater has developed large retail shopping centers in Virginia for over 20 years, including in cities such as Harrisonburg, Williamsburg, Dulles and Manassas.
"Blackwater is very excited about the acquisition of Tanglewood Mall today, and is eager to get to work on future plans for the property," said the President of Blackwater, John Abernathy. "Tanglewood Mall represents a great history in the Roanoke community, and our goal is to complement the retail businesses that operate there today with new and exciting retailers that will allow creative thinking about the design of the property."
While details regarding Blackwater's plans for the future of Tanglewood Mall have not yet been disclosed, it is anticipated that additional development on the property could begin as early as 2017.
It is anticipated that Blackwater's new strategies and directions for Tanglewood Mall will be developed in concert with the County's visioning process for the 419 Town Center planning effort.
Built in 1973, the property consists of 58.6 acres and 797,524 square feet, and has held three owners since its original construction.