Not sure what to get that special someone for the holidays? Here’s one option: a shopping mall.
Commercial real estate brokerage JLL (NYSE: JLL) is seeking buyers for the Manassas Mall in Prince William County as the bricks-and-mortar retail world faces increasing competition from the global e-commerce industry. The mall at 8300 Studley Road, assessed at about $31.3 million, is owned by an affiliate of Pyramid Management Group, according to county land records. That assessed value is down from about $46.3 million in 2017.
Representatives for JLL declined to comment, and representatives for Pyramid could not be reached for comment.
The 930,662-square-foot center was developed in the mid-1970s and underwent a renovation in 2016. It’s Greater Washington’s 12th-largest mall by square footage, but faces the loss of anchors including Sears, which included the location among those marked for closure.
Per JLL, the mall is nearly 93% occupied and generates overall sales in excess of $200 million.…Read the full story from the Washington Business Journal.