Bealls makeover, Goodwill move among improvements ongoing at Crystal River Plaza
Habersham Village sells for 3.5M to Atlanta Firm
Atlanta development company has bought the Lenoir shopping center
An Atlanta development company has bought the Lenoir shopping center anchored by Belk and Tractor Supply Co., and plans to make improvements to fill its vacant storefronts.
Lenoir Retail I, a limited liability company started by Vanguard Associates, purchased the shopping center on Blowing Rock Boulevard behind the former Jack in the Box restaurant – which is not part of the purchase – for $2.2 million. On its website, Vanguard describes itself as a “property management and primarily big-box development company with a main focus on the retail sector.”
Vern Hakes, who handled the deal for Vanguard, said the company expects to maintain ownership after renovations and improvements.
“We buy shopping centers that have issues and redevelop them,” Hakes said. “The majority of the time we lease, manage and hold on to them. Any time we buy something, we’re comfortable owning it.”
He said the company manages about 30 shopping centers in the Southeast, with Tractor Supply a tenant in several, including recent Vanguard additions in Tifton, Ga., and Leesburg, Fla.
Hakes said he hopes Vanguard can maintain long-term relationships with Belk and Tractor Supply, which are currently under lease agreements in the two northern-most storefronts. He said Vanguard has been in touch with several prospective tenants for the other spaces.
“We’re going to try to turn a vacant eyesore into a thriving shopping center,” Hakes said. “We hope to have them up to full capacity. We want to make sure everything looks nice. Empty space doesn’t do anything good for anybody.”
Hakes said Vanguard may divide the largest of the vacant spaces – formerly a Bi-Lo grocery store – into two retail spaces.
Hakes said the property, which has been called Lenoir Festival Shopping Center, was the finest site available in Lenoir.
Caldwell County Economic Development Commission Executive Director Deborah Murray said she worked with at least three parties in buying the shopping center.
“Anybody who wants to get in there and do something with it, I’m excited about it,” Murray said. “It was a highly prized piece of property. My hope is that somebody is going to get in there and really work it.”
By John Brasier, (Lenoir) News-Topic
Reference: https://www.linkedin.com/pulse/atlanta-developer-buys-lenoir-shopping-center-caldwell-county/
Shopping center’s new owner will overhaul it
An Atlanta development company has bought the Lenoir shopping center anchored by Belk and Tractor Supply Co., and plans to make improvements and fill its vacant storefronts.
Lenoir Retail I, a limited liability corporation started by Vanguard Associates, purchased the shopping center on Blowing Rock Boulevard behind the former Jack in the Box restaurant — which is not part of the purchase — for $2.2 million. On its website, Vanguard describes itself as a “property management and primarily big-box redevelopment company with a main focus on the retail sector.”
Vern Hakes, who handled the deal for Vanguard, said his company expects to maintain ownership after renovations and improvements.
“We buy shopping centers that have issues and redevelop them,” he said. “The majority of the time we lease, manage and hold on to them. Any time we buy something, we’re comfortable owning it.”
He said the company manages about 30 shopping centers in the Southeast, with Tractor Supply a tenant in several, including recent Vanguard additions in Tifton, Georgia, and Leesburg, Florida.
Hakes said he hopes Vanguard can maintain long-term relationships with Belk and Tractor Supply, which are currently under lease agreements in the two northernmost storefronts. He said Vanguard has been in touch with several prospective tenants for the other spaces.
“We’re going to try to turn a vacant eyesore into a thriving shopping center,” Hakes said. “We hope to have them up to full capacity. We want to make sure everything looks nice. Empty space doesn’t do anything good for anybody.”
Hakes said Vanguard may divide the largest of the vacant spaces – formerly a Bi-Lo grocery store – into two retails spaces.
Hakes said the property, which has been called Lenoir Festival Shopping Center, was the finest site available in Lenoir.
Deborah Murray, executive director of the Caldwell County Economic Development Commission, said she worked with at least three parties interested in buying the shopping center but had no involvement with Vanguard.
“Anybody who wants to get in there and do something with it, I’m excited about it,” Murray said. “It was a highly prized piece of property. My hope is somebody is going to get in there and really work it.”
Discount retailer will fill empty storefront
A new store will fill a long-empty space in Lenoir.
The Tennessee-based retail store Bargain Hunt will move into the Lenoir Festival Shopping Center on U.S. 321, according to a press release from the Caldwell Economic Development Commission. Other stores in the shopping center are Belk and Tractor Supply Company.
Bargain Hunt is a discount retailer that carries clothes, home goods, electronics, toys, sporting goods and furniture. There is currently only one Bargain Hunt in North Carolina, in Charlotte, but another is on the way in Shelby.
The store will move into vacant space that used to be a Bi-Lo grocery store and currently is being renovated, according to the press release. Construction is set to be complete by August.
Tim O’Neill, CEO of Vanguard Associates the real estate firm out of Atlanta that owns the shopping center through Lenoir Retail I LLC, said in the press release that his company has paid close attention to economic development progress in the area.
“We are really excited about our property in Lenoir,” he said.
Reporter Virginia Annable can be reached at 828-610-8724.
Reference: http://www.newstopicnews.com/news/business/discount-retailer-will-fill-empty-storefront/article_2e3bb320-5368-11e7-a9c6-6fb0e461a727.html
Crystal River Plaza sold
An affiliate of Vanguard Associates has purchased Crystal River Plaza for $10.5 million, according to Commercial Property Executive (CPE).
Located at the northwest corner of U.S. 19 and Venable Road, the 184,101-square-foot center includes retailers such as Bealls, Bealls Outlet, Goodwill, Sibex Electronics and Dollar General. At the time of sale, the 1986-built shopping center was
89 percent leased, according to CPE. Neighboring retailers include The Home Depot, BB&T Bank, Arby’s, Applebee’s, Chili’s and Mattress Firm.
“Crystal River Plaza is the dominant, discount-oriented shopping center serving the Crystal River and Homosassa Springs markets,” said Mark Shellabarger, senior vice president of CBRE, a California-based commercial real estate services and investment firm. “The buyer was attracted to the center because of its strong anchor tenants, which are the same as the anchor tenants Vanguard has in other shopping centers they own in comparable markets in the Southeast. Additionally, Crystal River Plaza has over 20,000 square feet of vacant space and the buyer is adept at leasing space like this and increasing the income.”
Reference: http://www.chronicleonline.com/news/business/on-the-business-front-comings-and-goings/article_aa6b1fe2-8466-11e7-b847-a35e95811c2b.html