Manassas Mall has been sold for $41 million to Miami-based Lionheart Capital, according to a report in the Washington Business Journal.
The mall, which sits just outside the Manassas City limits, was put up for sale back in December after years of tenant departures. This year, Sears became the third major anchor tenant to leave since 2013, following the departures of Target and JC Penny. Still, the mall generates over $200 million annually in sales and boasts a 93% occupancy rate, according to the real estate company JLL, which served as broker for the Pyramid Management Group-owned property.
In 2019, Prince William County assessed the mall’s total value at $31.3 million, down from $46.3 million just two years prior. The mall was built in 1972.
Bowling chain Uptown Alley, children’s entertainment space Billy Bees, and Autobahn Indoor Speedway are current tenants — three entertainment venues that are theoretically resistant to the decline in physical retail shopping.
But the mall’s two remaining anchor stores, Walmart and Macy’s, are not owned by Pyramid Management and thus are not part of the sale, which includes retail stores like H&M, Bath & Body Works and Forever 21.
On its website, Lionheart Capital says the 930,662 square-foot mall “captures one of the largest, most affluent MSAs in the country with over 1 million residents and an average household income of $149,528. … The trade area has experienced 12% population growth since 2010 with an anticipated 6.2% of additional population growth between now and 2023.”
Neither the Syracuse-based Pyramid Management nor Lionheart Capital could be reached for comment.