Houston County Galleria in Centerville is up for sale for $26.65M. What we know

The Houston County Galleria in Centerville has been listed for sale at $26.65 million.

The price tag includes the 480,808-square-foot enclosed mall and its 50.82-acre property, according to the listing from Atlanta-based Taylor McMinn Retail Group, a net lease and shopping center investment sales team under Marcus & Millichap.

Headquartered in Calabasas, California, the Marcus & Millichap firm specializes in commercial real estate sales, financing, research and advisory services.

Built in 1994, the mall at 2922 Watson Blvd. is within a major retail corridor and boasts an occupancy rate of 94% with more than 60 national and regional retailers, according to an offering memorandum for the listing, which was shared to LoopNet.

Those retailers include JCPenney, Crunch Fitness, Belk, Hibbett’s, Shoe Dept. Encore, Rainbow, Journey’s, Aeropostale, Finish Line, Bath & Body Works, Spencer’s Gifts and more.

The Galleria 15 Cinemas and its building, which are owned by the Georgia Theatre Company, also is a mall tenant.

The mall includes a food court as well as kiosk and cart space.

Highlights of Centerville mall investment

The net operating income of the mall is projected at nearly $3.24 million after $2.14 million in operating expenses, according to the offering memorandum. The net operating income is projected to reach just over $3.65 million in five years.

Another investment highlight included in the listing is a full-ownership structure of the mall. A buyer would have 100% ownership of mall properties, which allows flexibility for future redevelopment or repositioning.

A successful recent repositioning includes leasing the former Sears space, which was one of the mall’s major anchors, to Crunch Fitness and now Big Air Trampoline Park that announced it’s “coming soon.”

Conn’s HomePlus previously had occupied a portion of the former Sears space before the company filed for bankruptcy and closed all of its stores in 2024.

Overall, the mall has a strong tenant performance, according to the offering memorandum.

“With low occupancy costs and an average tenant health ratio under 8%, the property presents a stable income stream while allowing room for rent growth,” the offering memorandum reads.

Although there are more than 20 vacancies in the mall, combined the vacancies total 27,390-square-feet, or 6% of the total 480,808 square feet, according to the offering memorandum. In all, 453,418-square-feet are occupied, which is 94% of the total space.

Another investment highlight is that the mall has built-in foot traffic from the Abbington at Galleria Mall, a 138-unit apartment complex that was built on a redeveloped portion of the former mall parking lot.

Not included in the mall property, but also located in redeveloped portions of the former mall parking lot, are Ole Times Country Buffet on 1.03 acres and Buffalo Wild Wings on 0.53 acres. Additionally, O’Charley’s Restaurant & Bar on a 1.93-acre outparcel is not mall property, according to Houston County property records.

More than 60,000 vehicles pass the mall daily and about 110,000 residents are within a 5-mile radius of the mall, according to the offering memorandum.

Houston County Galleria’s value

North Carolina-based Gemini Alto Centerville Partners LLC is listed as the current owner of the mall, according to Houston County property records.

Gemini Alto Centerville Partners LLC purchased the mall for $22 million in 2018 in a foreclosure sale that included two other properties, property records show.

One of those properties is 0.486 acres near the mall off Mall Loop Drive valued in 2024 at $105,800, according to property records. The other is 1.57 acres off Margie Drive valued in 2024 at $271,300.

The 2024 appraised value of the Houston County Galleria is just over $19.84 million, according to property records. The 2025 assessment notices have not gone out yet.

The 2024 appraised value, also referred to as the fair market value, looks only at the property, while the listed sale price for the mall likely includes other financial factors such as the long-term values of the leases.

Also, property records show a total of 49.9 acres for the mall property, compared to the 50.82 acres listed for sale. The reason for the difference in the listing and property records is unclear.

Eric Abbott and Zach Taylor of Taylor McMinn Retail Group, the contacts included in the listing, could not be reached for comment.

The Houston County Galleria has been on the market for 65 days as of Thursday, according to Crexi, a Los Angeles-based commercial real estate agency.