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Strip Center's New Owner Willing to Gamble Almost $1 Mil on 40-Year-Old Asset

ASHEBORO, NC-Kotis Properties of Greensboro, NC is investing $350,000 to renovate the nine-unit, 45,140-sf Hillside Shopping Center and is budgeting another $550,000 to upgrade it further at a later date. The center already has attracted its first two tenants. The property is 70 miles northeast of Downtown Charlotte.

By Robert Anthony | Updated on February 06, 2001

ASHEBORO, NC-The 45,140-sf Hillside Shopping Center was a lively spot when it opened in 1959 and became the first retail location to be built away from downtown Asheboro, 70 miles northeast of Downtown Charlotte. But a turnover in owners (three) and numerous tenants over the past 40 years has left the center an orphan among new nearby sprouting malls.

Now Kotis Properties of Greensboro, NC is prepared to rejuvenate the nine-unit site with an initial cosmetic injection of $350,000 and a later $550,000 renovation. The property already has attracted its first two tenants, according to a published article.

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