The JCPenney store at the former Oak Ridge Mall, which has more recently been known as Oak Ridge City Center, is pictured above. The sale of the roughly 58-acre site has closed, Steve Arnsdorff, chief manager of Oak Ridge City Center LLC, said Friday, July 1, 2016. RealtyLink of Greenville, South Carolina, plans to redevelop the site, which also includes a Belk store, as Main Street Oak Ridge, a mixed-use development that could include retailers, restaurants, residential units, and possibly a hotel. (Photo by John Huotari/Oak Ridge Today)
Note: This story was last updated at 10:30 p.m.
The sale of the former Oak Ridge Mall has closed, executives said Friday morning.
The sale was confirmed by Steve Arnsdorff, chief manager of Oak Ridge City Center LLC, which had owned the property, and Neil Wilson, principal of RealtyLink, the new developer.
The new owner is TN Oak Ridge Rutgers LLC, a company set up by RealtyLink, which is based in Greenville, South Carolina. The purchase price was $6.3 million, and the sale closed late Thursday evening, Wilson said.
RealtyLink plans to redevelop the roughly 58-acre site, which includes a Belk and JCPenney, as a mixed-use development known as Main Street Oak Ridge. It could include retailers, restaurants, residential units, and possibly a hotel.
“We’re excited for what this project will do for Oak Ridge,” Arnsdorff said. “This community deserves this. We’re excited this is happening.”
“I think what I would like to point out is that it’s a great day for Oak Ridge and for the city to sort of embrace this new mall,†Wilson said. [Read more…]
