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RCG Buys Shopping Center, Vacant Boxes in Region

ATLANTA-The deals include a Tennessee property and stores in South Carolina and Alabama.

By Carl Cronan | Updated on October 22, 2009

ATLANTA-Locally based RCG Ventures LLC has purchased a shopping center and two big-box retail properties within the Southeast, bringing its total acquisitions for the year to seven totaling approximately 600,000 square feet. The latest additions to its portfolio include the 213,164-square-foot Hampton Plaza in Clarksville, TN, a 103,000-square-foot former Wal-Mart store at Laurens Plaza in Laurens, SC and a vacant 43,834-square-foot Kroger supermarket at Talladega Corners in Talladega, AL.

Hampton Plaza, anchored by Kohl’s, HHGregg and Books-A-Million, was purchased from a private REIT while the Laurens property was bought from a private seller and the Talladega store was acquired from Cincinnati-based Kroger Co., according to Parker Blanchard, vice president of acquisitions with RCG. The company declined to disclose terms of those deals.

RCG looks to acquire commercial assets in the central and eastern regions of the US, concentrating its efforts within a 500-mile radius of its Atlanta base, says Jim O’Donnell, also a vice president of acquisitions. The company seeks properties that are undervalued, underperforming or need to be repositioned; involve time-sensitive transactions, such as expiring debt or liquidity issues; and from buyers or developers needing equity.

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