U.S. Property Group sold Village Plaza on Bobby Jones Expressway for over $20 million
MARTINEZ, GA. (WJBF) – After speaking to local business owners, one says her business has been here long enough to witness the plaza’s growth.
“We moved in 16 years ago and when we moved in the shopping center had many vacant spots and we moved in here because it was great rent and we were a new business,” Carol Kennedy of Great Deals on Furniture said.
The Plaza now houses both local and corporate business with stores like Walmart SuperCenter, Sam’s Club, Tractor SupplyCo, Great Deals on Furniture, and more.
Kennedy says she saw her business grow alongside the plaza itself underneath the ownership of U.S. Property Group.
“Since we’ve been here, the shopping center has filled in, I think almost all of the spaces and we have a variety of businesses here, which is really great ‘cause it draws a variety of people here– which is, I think, what a business owner wants. You want a broad, um, um, exposure to a lot of different people.”
Her main concern, however, is that the new California-based owners be able to keep up with Village Plaza’s progress over the years.
“And that they don’t change the rate structure so much that people leave and, um, that it still remains– what I think– is a great place to shop.”
Business watchers speculate a selling point for the new buyers was the below-market rent being paid by the shopping center’s tenants.
We spoke to Cal Wray, President at Augusta Economic Development Authority and said he believes this was a good investment by U.S. Property Group, as it has become income producing.
So far, there’s no word for redevelopment of the plaza.