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ATLANTA—After falling on hard times and into receivership for a couple of years, Glynn Place Mall in Brunswick, GA. finally has a new owner. CityView Commercial acquired the asset for an undisclosed amount.
David Monahan of BlueGate Partners and John Hampton of White Oak Real Estate Advisors advised Douglas Wilson Companies in its capacity as receiver in this transaction. Hampton tells GlobeSt.com CityView acquired the distressed asset at below replacement costs.
“Glynn Place Mall represented an exceptional opportunity to acquire an established and well-located enclosed regional mall with future value enhancement potential in a market that benefits from one of the busiest deep water ports on the Eastern seaboard and enjoys over two million visitors annually to the Golden Isles,” Hampton says. Although the asset drew a strong response from investors, Hampton says attracting capital to smaller, tertiary markets remains a challenge in the current environment.
Glynn Place Mall is a single-level, four-anchor regional mall consisting of approximately 502,792 square feet of gross leasable area located in Glynn County. Anchors include Belk, JC Penney and Sears. An Embassy Suites hotel is also adjoined to the shopping center. The property is located at the intersection of Golden Isles Parkway and Scranton Road, with frontage along Golden Isles Parkway, the main thoroughfare connecting Interstate 95 to Brunswick and the resort destinations of St. Simons Island, Sea Island and Jekyll Island.
“Glynn Place Mall is somewhat unique in that it has performed considerably better over the last several years than other malls in the U.S. that are in ‘limbo,’ illustrating the strength of the market and the importance of this asset to the community and the surroundings areas,” Hampton says. “It is the only enclosed mall within 75-miles, between Savannah and Jacksonville.”
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