GLYNN PLACE MALLLocation
BlueGate Partners, LLC was retained on an exclusive basis to arrange the sale of Glynn Place Mall (“Property”), a single-level, four-anchor regional mall consisting of approximately 502,792 square feet of gross leasable area located in Brunswick, Glynn County, Georgia. The Property is located at the intersection of Golden Isles Parkway and Scranton Road, with excellent 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, which totals approximately 502,792 square feet features four department store anchors including Belk (not owned – 74,474 square feet), JC Penney (not owned – 50,232 square feet), Sears (not owned – 100,852 square feet), and one vacant anchor formerly occupied by Steve & Barry’s (86,579 square feet), an 11-screen stadium seating movie theater (31,538 square feet), a five-story Embassy Suites Hotel (not owned), 62 in-line suites totaling approximately 157,733 square feet and 11 kiosk units totaling approximately 1,383 square feet. The portion of the Property included in this sale totaled approximately 277,233 square feet which was exclusive of the three non-owned anchor stores (Belk, JC Penney and Sears) as well as the Embassy Suites Hotel. Glynn Place Mall was 70.0 percent leased at the time of sale with approximately 59.7 percent of the in-line GLA leased, providing an investor with in-place cash flow as well as substantial upside through the implementation of a strategic repositioning and targeted releasing of the in-line space and vacant anchor space.