http://www.montgomeryadvertiser.com/stor...sold-stores-coming/8523797/?sf25636390=1
Two East Boulevard shopping centers have been sold, and the new owner already has plans for upgrades and several more stores.
Atlanta-based Monarch Investments bought the Promenade Montgomery at East Boulevard and Vaughn Road as well its neighboring center, Promenade North near Home Depot, for a total of $14.4 million.
The Promenade is anchored by Winn-Dixie and h.h. gregg, and sold for $10.8 million. Promenade North includes Harbor Freight and Rock Bottom American Pub, along with several other tenants. It sold for $3.6 million. Home Depot was not included in the sale.
Both centers are getting some new additions.
Kathy Dennis of The Shopping Center Group, which handles leasing for the centers, said the new owner is
pouring $2 million into the site to pave the way for a major store in
the former Sports Authority building in Promenade North. Once that deal is finalized, the nearly 43,500-square-foot building
will be the home of a retailer that's new to Montgomery, she said.
"It's
a national retailer, and they are going to make a significant change," Dennis said. "It's going to make a huge impact on the entire Eastern Boulevard. It's going to have people coming back to East Boulevard who've done everything out at EastChase."
The unannounced retailer considered the EastChase area before choosing Promenade North, she said.
A separate lease is pending with Alabama Beverage Control to bring a retail ABC store to a 6,000-square-foot space in the Promenade. Once finalized, it will bring occupancy to 86 percent.
The Promenade North will reach 75 percent occupancy once the new retailer is announced.
..."(Monarch) plans on putting money into the center," Dennis said. "I can tell you that they are doing that."
East Blvd. centers sold; stores coming
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