Westgate Mall in Spartanburg Acquired by New York Firm for Over $15 Million
Continued growth in Spartanburg’s Commercial Real Estate
In a significant move in the commercial real estate sector, Spartanburg’s Westgate Mall has been bought by Namdar Realty Group, a New York-based commercial real estate investment and management firm. The deal, involving a sum in excess of $15 million, marks yet another escalation in Spartanburg’s thriving real estate market.
The successful sale was conducted by SVN Blackstream, in collaboration with SVN Second Story, based in Chattanooga, Tenn., and San Diego’s SVN Vanguard. This deal is a distinct testimony of the continued growth of the commercial real estate market in South Carolina that has been witnessing a steady upswing.
About Westgate Mall
Westgate Mall, a sprawling regional shopping complex encompassing over 431,306 square feet, is situated on a prime 52-acre parcel at 205 W. Blackstock Road in Spartanburg. Constructed in 1975 and subsequently renovated in 1996, Westgate Mall is a noted commercial hub, housing over 80 stores. The mall includes major departmental stores, national retailers, and a host of local businesses, offering diverse shopping options to the residents of Spartanburg and beyond.
The mall’s notable tenant roster boasts of stalwarts like Bath & Body Works, H&M, and Victoria’s Secret. The mall’s attractive location is further accentuated by adjacent national retailers such as Target, Hobby Lobby, Sam’s Club, Lowe’s, Regal Cinemas, and Home Depot.
Future Plans
Though plans have not been fully detailed, the new owner, Namdar Realty Group, has indicated that it intends to modernize the mall with some renovations. However, they reassure that the property will continue to operate as a mall, maintaining its critical role to the Spartanburg community.
Expert handling by SVN Blackstream’s Reedy River Retail team
The transaction was smoothly conducted by the Reedy River Retail team, led by Senior Vice Presidents Dustin Tenney and Daniel Holloway. The team expertly maneuvered through numerous complexities during the process and implemented a comprehensive marketing strategy. Their determination and professional assiduousness drew several offers, eventually culminating in a successful sale to a seasoned mall operator.
Established in Greenville, SC, SVN Blackstream’s Reedy River Retail team specializes in all facets of retail real estate. Their services range from landlord and tenant representation to investment sales, and retail development, making them a premier choice for clients requiring top-notch brokerage services.
With this successful acquisition, the dynamic commercial real estate scene in Spartanburg continues to grow, ushering in new opportunities for businesses, shoppers, and investors alike.”
