Jones Lang LaSalle closes sale of Greenbriar Mall

Atlanta Jones Lang LaSalle said Thursday it has closed the sale of the Greenbriar Mall in southwest Atlanta for Hendon Properties.

A foreign investor purchased the 807,697-sq.-ft. mall. The new owners also plan to make significant capital improvements in the near term on the property, which is one of Atlanta’s first enclosed malls and the location of the nation’s first Chick-fil-A to be located in an enclosed mall.

“Greenbriar offered stable in-place income, combined with numerous opportunities for value-add and repositioning making it an extremely attractive investment opportunity,” said Margaret Caldwell, managing director, Jones Lang LaSalle. “The sale of this property is a key indicator of foreign investor interest in purchasing retail assets in the United States and a trend that we believe will only get bigger in the months to come.”

The mall sits on 94.5 acres and is currently 94.3% occupied. It also offers an expansion area to add six outparcels along Greenbriar Parkway, as well as other significant upside opportunities, according Jones Lang LaSalle.