Jones Lang LaSalle closes sale of Burlington Square Mall
Burlington, N.C. Atlanta-based Jones Lang LaSalle announced it has closed the sale of the Burlington Square Mall in Burlington, N.C., on behalf of special servicer. Holly Hill Mall, LLC, purchased the 428,019-sq.-ft. mall for $10.2 million. Jones Lang LaSalle was also the court-appointed Receiver on the property, and was responsible for leasing and management as well.
Leading the Jones Lang LaSalle team on this transaction were managing directors Kris Cooper and Margaret Caldwell, along with Greg Maloney, CEO and president of Jones Lang LaSalle Retail, who acted as the Receiver.
“Burlington Square Mall offered a combination of enticing aspects to investors: a prime retail location as well as a large value-add potential,” Cooper said. “The local consortium of investors who came together to purchase this mall see the potential with this property and plan to start revitalizing it immediately, filling one of the vacant anchors with a furniture store owned by one of the investors.”
Burlington Square Mall sits on nearly 40 acres of land and was renovated in 2004. It is currently 44% occupied.