Tanglewood Mall for sale
ROANOKE (WSLS 10) – Tanglewood Mall is up for sale.
Cushman & Wakefield, and Thalhimer is the exclusive sales representative for Tanglewood Mall, the 797,524 square foot regional mall located on Electric Road, just off I-581, in Roanoke, Virginia.
Built in 1973, with renovations completed in 2006, Tanglewood Mall is anchored by JC Penney and Belk, along with other tenants including TJ Maxx, Steinmart, Staples, Carmike Cinemas, Kroger, and Barnes & Noble.
The center, which is currently 88 percent occupied, is situated on 58.6 acres on the busy retail corridor Electric Road. The mall further benefits from being among the region's most affluent residential neighborhoods and is just minutes from downtown Roanoke.
Tom Salanty, Executive Director with Cushman & Wakefield comments, "Tanglewood Mall is a strategic location with great tenants, visibility, access and the best demographics in Roanoke. This is a very attractive location."
John Nielsen of Thalhimer comments "Tanglewood Mall is the gateway of the Electric Road corridor. The trade area has a very low vacancy rate, virtually no competing development sites, with significant tenant demand. I believe that this is the best large parcel retail site in the entire western half of Virginia."
Eric Robison of Thalhimer comments "We are extremely excited to take this unique opportunity to the market and believe it will be very attractive to both regional and national restaurants, retail tenants, and developers."
"Tanglewood Mall, and the 419 corridor, represents a significant redevelopment opportunity for our community. Roanoke County looks forward to working with potential purchasers to make the mall and the surrounding area an exceptional retail, housing and commercial environment," Tom Gates Roanoke County Administrator.
"Tanglewood Mall and the surrounding area offer a desirable demographic that is attractive to retail investment. The revitalization of this property on the vibrant 419 commercial corridor is of great community interest and we are pleased to engage in this successful transition," Jill Loope, Economic Development Director.
"Tanglewood Mall is actively engaged in defining a new robust future for the mall and surrounding area. Even given the fact that Tanglewood Mall is nearly 90 percent occupied of its 797,524 square foot retail space, we all still have potential for cultivating positive change. Continuing to evolve our existing affiliations, while developing new partnerships, we plan to inspire excitement for the area, attracting new regional and national business." Jeff Jackson, Marketing Director, Tanglewood Mall.
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