One of Augusta’s largest shopping centers is for sale. The 208,000+ square foot Village Plaza located at 270 Bobby Jones Expressway, is advertised for sale via a bid process with no asking price advertised.
Village Plaza is located just north of Pleasant Home Road on the county border between Columbia and Richmond Counties.
Currently the shopping center consists of 13 tenants which includes Beall’s Outlet, Tractor Supply, Conn’s, Bio Life, Gold’s Gym, Cato, GNC, Sally Beauty, Red Wing Shoes, and H&R Block. Wal-Mart and Sam’s Club each on opposite ends of the center are not included in the sale.
The Wal-Mart property, which Wal-Mart leases, is owned by local T. Greenlee Flanagin who purchased the parcel in December 2018 for $9.9 million after selling the Publix shopping center located at 2816 Washington Road to the Augusta National for $21 million the same month. The Sam’s Club property is owned by a separate investment group based in California.
Village Plaza consists of approximately 16 acres and was built in 1988. The property underwent significant renovation over the last decade. Neighboring Wal-Mart and Sam’s Club underwent renovations and expansions between 2005-2010 each increasing their footprint at their Bobby Jones locations.
The marketing brochure claims that the current owners invested over $7 million in renovations to Village Plaza since 2010.
With an annual rental income of over $1.7 million the purchase price is expected to range from $25 to 30 million. According to property tax records the last sale of the property occurred in 2002 for over $19 million.
The property is currently owned by U.S. Property Group, Inc. out of Hilliard Ohio. According to their website they specialize in development, management, and renovation of shopping centers throughout the United States.
Joe Edge is the Publisher for The Augusta Press. Reach him at joe.edge@theaugustapress.com
