The center is located in Midtown St. Marys, about six miles east of Interstate 95. Other tenants include Belk, Goody's Family Clothing, Beall's Outlet, Radio Shack, Hallmark, Sam Goody's, It's Fashion and CVS Pharmacy. The center is about 95% occupied. The acquisition price was not released.
"We saw an opportunity to redevelop a shopping center in a growing community," says Bakkar Group president Ramzy Bakkar, in a released statement. "We believe that we can renovate and develop this shopping center so that it becomes a draw not only for local shoppers, but also for tourists and visitors due to its enhanced shopping experience."
Bakkar Group vice president of operations David Laurie tells GlobeSt.com that the shopping center is divided into two sides with a road that runs through the middle of it. The first phase of the redevelopment, which is expected to begin in the next few months, will consist of renovations to each side of the center. "The two sides have two different architectural styles so we will address that issue during the first phase," Laurie says.
During a second phase, up to 100,000 sf of new space will be constructed in the middle of the two existing centers to give the project a "town center" feel. Market conditions will dictate the timing and exact amount of new space that will be constructed. Bakkar Group plans to rename the property to St. Marys Town Center after the renovations are completed, Laurie says.
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