The News Courier in Athens, Alabama

Local News

April 18, 2012

Publix-anchored shopping center sold for $11.45 million

— The Publix-anchored Eastside Junction shopping center on U.S. 72 in Athens now has a new owner after a $11.45 million transaction.

The Southeast Real Estate Business newsletter reported Monday that Inland Real Estate, a publicly traded firm based in Oak Brook, Ill., purchased the 79,000-square-foot center. The shopping center was sold by developer Bill Ming who retains ownership of all outparcels at the site.

According to Inland Real Estate’s website, the company is one of the Midwest’s “largest owners and operators of community, neighborhood, power and lifestyle shopping centers and single-tenant retail properties, with nearly $1.8 billion in asset acquisition value.”

The majority of the company’s interests are anchored by grocery stores, including Publix and Kroger stores. About 64 percent of the company’s retail square footage is located in the Chicago area and in northwest Indiana.

“They presented an unsolicited offer to buy the Publix-anchored Eastside Junction shopping center and we closed on that two weeks ago. They’re a major operator and it made economic sense, based on their proposal,” Ming said. “That speaks very well of Athens and our community for a publicly traded company … to feel good about our community and buy (a shopping center) here.”

Ming said development on the remaining outparcels is forthcoming and could begin later this year or in early 2013. He said development would be similar to that of Eastside Junction.

“It’s driven strictly by the market and the demand for the space,” he said.

Ming remains busy on other projects, including the upcoming completion of French Farm Pavilion II, a mixed-use development combining retail and office space. The space will be occupied by C-Spire Wireless, Burrito Express, Valley Pools and a second location for the Coleman Dental Group.

Another project on Ming’s radar is the development of a 60-unit senior apartment complex dubbed French Farms Villas. The development would reopen Old Decatur Road, which has been closed since the 1980s and open up about 200 acres of undeveloped land behind Brookhill Elementary School. The move would pave the way for more commercial development in the area.

Ming previously said the second and third phases of the development would include additional residential housing followed by commercial and office space.

Text Only
Local News

A recent national telephone survey found 75 percent of respondents believe the sale and use of pot will eventually be legal nationwide. Do you think marijuana should be legal in Alabama?

No, but I don’t think pot smokers should go to jail
Yes, but only for medical use
Yes, but only for personal adult use
     View Results
AP Video
Disbanding Muslim Surveillance Draws Praise Hundreds Missing After South Korean Ferry Sinks Passengers Abuzz After Plane Hits Swarm of Bees Boston Bomb Scare Defendant Appears in Court Pistorius Trial: Adjourned Until May 5 Diaz Gets Physical for New Comedy Raw: Ferry Sinks Off South Korean Coast Town, Victims Remember Texas Blast Freeze Leaves Florida Panhandle With Dead Trees At Boston Marathon, a Chance to Finally Finish Are School Dress Codes Too Strict? Raw: Fatal Ferry Boat Accident Suspicious Bags Found Near Marathon Finish Line Boston Marks the 1st Anniversary of Bombing NYPD Ends Muslim Surveillance Program 8-year-old Boy Gets His Wish: Fly Like Iron Man Sex Offenders Arrested in Slayings of CA Women India's Transgenders Celebrate Historic Ruling Tributes Mark Boston Bombing Anniversary Raw: Kan. Shooting Suspect Faces Judge
Twitter Updates
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.
Business Marquee