Located off Route 50 near Majestic Lane on the 1300 block of Lee Jackson Highway, Greenbriar Town Center is tenanted by CVS, Giant Food, Marshall's, the Room Store and a 25,000-sf Total Beverage wine and spirits outlet as anchors. Other tenants include Bath & Body Works, Casual Male Big & Tall, Kinkos, the Vitamin Store, and the seemingly requisite Starbuck's. District-based Combined Properties acquired the complex in 1989 for $34 million. The property later underwent a massive upgrade in 1992 when the real estate company increased the center by nearly four times its original 90,000-sf "strip mall" size. Before Combined Property acquired Greenbriar, Virginia's Haft family--the leader of which was Herbert H. Haft, founder of Total Beverage and chairman of the Dart Group Corp.--once owned the entire complex.
Insignia/ESG's Capital Advisors Group stood in for the seller in this transaction. "The combination of strong dominant and destination anchor tenants, stable and successful specialty tenants, low trade area vacancy, and a growing, affluent population base make this an outstanding long-term investment," Insignia executive director R. William Kent says of the deal.
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