Large shopping center on Bobby Jones Expressway sells for $20.5 million

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Cars queue at the Sam's Club fuel station at the Village Plaza shopping center on Bobby Jones Expressway in Augusta on June 1, 2022. The shopping center has been sold to an undisclosed buyer for $20.5 million. — Autos queue at the Sam’s Club gas station at the Village Plaza purchasing center on Bobby Jones Expressway in Augusta on June 1, 2022. The purchasing center has been sold to an undisclosed buyer for $20.5 million.

One of the Augusta area’s largest buying facilities has been procured for extra than $20 million.

Village Plaza, at 270 Bobby Jones Expressway, was bought to an unidentified purchaser, according to an announcement Wednesday from Matthews Actual Estate Expenditure Expert services, the California-centered organization that helped broker the transaction.

The 208,269-square-foot home had been owned by Ohio-dependent U.S. Houses Team, which also produced the Walmart Supercenter and the Sam’s Club on either finish of the shopping middle. USPG has owned the residence given that 2002.

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The Walmart and the Sam’s are “shadow anchors” for Village Plaza, which means the stores are not aspect of the procuring heart but they crank out enterprise for the middle by attracting likely clients. Current Village Plaza tenants involve Tractor Offer Co., Sally Splendor Supply, and BioLife Plasma Expert services.

“Soon after finishing many expansions and renovations, the seller experienced completed their objective with the asset and sought after to shift their capital into other initiatives,” Matthews reported in a prepared statement.

USPG marketed the house from its portfolio March 4, in accordance to its web site. Matthews noted the sale value at $20.5 million.

Village Plaza was completed in 1988 on residence that straddles the boundary between Richmond and Columbia counties. Element of the adjacent Walmart is in Columbia County.

“One of the problems with the asset was the brief-phrase rollover of the anchor tenants, which resulted in funding hurdles,” claimed Johnny Blue Craig, Matthews’ vice president, who represented USPG in the deal. “It expected an trader that would be prepared to look earlier the short-term rollover and aim on the sturdy genuine estate fundamentals.”

The buyer was attracted by the “top-performing” Walmart and Sam’s, and the purchasing center’s tenants “paying below-current market rents at a rate under (home) substitution charges,” according to Matthews.

This post initially appeared on Augusta Chronicle: Browsing middle on Bobby Jones Expressway sells for $20.5 million

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