Also, a side note--I have Accounting and Economics and will be super busy this semester with work as well so I won't have much time to update the blog. If someone would like to volunteer by writing news and/or listening to the police scanner to report the day's major crimes, just reply to this post with your email and I'll send you an invite to be a contributor.
Douglas Crossing Sells for $7.3 Million
Investors Trade 267,000 SF of Retail Space at 5893 Stewart Parkway.
RCG Ventures sold the property at 5893 Stewart Parkway in Douglasville, GA, to Block and Kahan Properties LLC for $7.3 million, or about $27.50 per square foot. The property had an 85.05% occupancy rate at the time of sale.
The site is a one-story, 267,800-square-foot shopping center on 33.38 acres in the Villa Rica submarket. Built in 1990, the building houses Andy's Wholesale, Davis Clay Salon & Day Spa, Head to Toe Skincare, Hobby Hangout and the West Dance Co. Although Cub Foods and Wal-Mart vacated more than 177,000 square feet several years ago, both companies still have leases on their spaces through 2010.
Tim Giambrone, senior associate and director of Marcus & Millichap's National Retail Group in Atlanta, represented both parties. According to Giambrone, the property offers a number of options to an investor. The property's size, demographics and growth trends make it a good investment for redevelopment into office, residential or mixed-use space.'
The new owners have it listed as a "featured property" on their website: http://block-kahan.com/featured.html
Block & Kahan Properties are the NEW owners and redevelopers of the NEW Douglasville Town Center.
ReplyDeleteThe 2010 date for lease expiration of the two (2) anchor locations (117,000 SF Wal-Mart) and (70,000 SF Cub Foods) will not interfere with our development plans. Our time frame table is immediate and we will not let a DARK lease agreement with two "lame duck" tenants get in the way of redevelopment.
The City of Douglasville and Douglas County couldn't have been more supportive of our development game plan so far which is quite a flexible one.
Retail, office, residential, medical, administrative offices or academic uses are all possibilities. Douglasville's demographics and the growth trends and the center's 1,600+/- car parking on 33 acres create endless possibilities.
Block & Kahan Properties welcome any suggestions and or TENANTS to contact us by email at eblock@block-kahan.com.
Ed Block
Mr. Block,
ReplyDeleteOnce you get definitive confirmation of tenants for the currently empty spaces I invite you to post a comment. Douglasville citizens want this shopping center to be filled with businesses so it can thrive again.