A news report from the Commercial Observer publication says that Loudoun County’s Dulles Town Center mall has been sold for $46 million to a local multi-millionaire.
The Commercial Observer is a national news outlet that covers major commercial real estate deals around the country.
According to the report, Srinivas Chavali has purchased the mall from its previous owners — the New York Life Insurance company.
Chavali also reportedly purchased the former Sears building at the mall in a separate deal for $6 million.
Many of the large, department store anchor spaces at the Dulles Town Center have had separate owners in the past.
However, it sounds like Chavali has managed to purchase some of them, including the former Lord & Tayor building and the current JC Penney building.
Chavali told the Commercial Observer that he intends to refurbish parts of the mall, bring in new entertainment-focused tenants, and develop mixed use projects on the property — likely things such as office space and residential units.
These plans are similar to ones announced several years ago by the previous owners of the mall when the took over in 2020.
The Burn has not independently verified all the details of the Commercial Observer’s report, but we have confirmed with sources that the mall has indeed been sold.