Srinivas Chavali, the CEO of Virginia Property Investment, finalized a deal this week to buy the Dulles Town Center Mall for $46 million.
LOUDOUN COUNTY, VA — Loudoun County’s largest mall has a new owner, according to a report from the Commercial Observer. ‘
The report says Virginia Property Investments CEO Srinivas Chavali paid $46 million to purchase the Dulles Town Center mall from New York Life Insurance. The deal was finalized this week.
Chavali also purchased an adjacent property that formerly hosted a Sears for $6 million, according to the report.
“I never could have dreamed of owning Dulles Town Center and I never could have imagined over my life that I would own a 1.2 million-square-foot mall and very few people know my name,” Chavali said in an interview with the Commercial Observer. “I came to this country 25 years ago with $100 … it feels like the American dream. If you work hard, the sky’s the limit in this country.”
In the interview, Chavali noted that he plans to renovate portions of the property to attract new tenants.
More information about the deal is available on the Commercial Observer’s website.
