Case Study

Investment Properties Group sells Savannah Mall in Savannah, Ga.

SRS Investment Properties Group positioned Savannah Mall as a unique opportunity to own a beautiful, well-constructed regional mall on a significant tract of land in Savannah. By enacting a wide distribution strategy during the marketing process, we were able to create maximum exposure for the asset, leaving no stone unturned when it came to finding the right investor. Having secured the buyer, we were able to expedite closing, including hard money on day one and a two week closing.

Client Testimonial

“SRS’ team did an excellent job in securing a highly qualified and credible buyer with quick certainty of close on Savannah Mall in what has become an increasingly difficult climate for marketing and selling “B-caliber” retail mall assets.  Given this is also one of the two regional malls in a tertiary market with untraditional mall anchors, SRS’ ability to widely distribute the opportunity, as well as the team’s focus and perseverance throughout the sales process, was essential to uncovering the right buyer for this transaction.”
– Keiri Custodio, CFA, Fremont Realty Capital

Deal Strengths

  • Located along Abercorn Street within Savannah’s retail corridor with good traffic counts and excellent visibility
  • Traditional national anchors include Bass Pro Shops, Target, Dillard’s and Burlington Coat Factory
  • Excellent opportunity to add value through the lease-up of 40,169 +/- SF of available space

Deal Challenges

  • Positioned in a sub-market which is home to two regional enclosed malls – Savannah Mall and Oglethorpe Mall – and in which Savannah Mall is home to less traditional fashion retailers
  • ‘B’ malls continue to be challenged by urban mixed-use/lifestyle developments and Savannah Mall is a prime example of this given Savannah’s downtown retail development as well as the new Tanger Outlets – Savannah, Ga.
  • Other than Dillard’s, Savannah Mall lacks typical department store anchors and includes alternative use anchors like Virginia College

 

Overview

ASSET SOLD

Regional Enclosed Mall

OCCUPANCY

85.94%

SALE PRICE

Undisclosed

YEAR BUILT/RENOVATED

1990

SALE DATE

August 26, 2016

ANCHOR TENANTS
  • Bass Pro Shops
  • Target (Tenant Owned)
  • Dillard's (Leasehold Interest)
  • Burlington Coat Factory (Leasehold Interest)
  • Virginia Collage
TOTAL GLA

940,408 +/- SF

OFFERING GLA

816,673 +/- SF

LAND

75.53 +/- AC

 

 

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