Canadian firm acquires National Hills Shopping Center

A Toronto-based real estate firm said Friday it has acquired Augusta’s National Hills Shopping Center, whose anchor tenants include The Fresh Market grocery store and the Electrolux customer service center. SPECIAL

The company that redeveloped the North Augusta Plaza shopping center said Friday it has acquired Augusta’s National Hills Shopping Center.

 

Toronto-based Slate Asset Management LP said it has no immediate plans for changes at the 160,000-square-foot shopping center off Washington Road, which is 94 percent occupied and anchored by The Fresh Market grocery store and the Electrolux customer service center.

“We’re just going to try to lease up the vacant space to a national retailer and continue to drive traffic to the center and fit into the Augusta community,” Mark Cornacchia, director of investments for Slate, said Friday.

Slate acquired the property from Atlanta-based Abernathy & Timberlake Investment Group on Nov. 13 for an undisclosed price. The deal was brokered by Augusta-based The Palomar Group.

Public records on the sale were not immediately available, but Slate reported last month that it entered into binding agreement to acquire the center for $24.7 million.

Slate’s retail real estate operation focuses on U.S. grocery-anchored properties and holds more than $1 billion in assets.

Unlike the 230,000-square-foot Publix-anchored North Augusta Plaza, which was losing Kmart as a tenant and in need of a makeover, National Hills has underwent extensive renovations in recent years and is in excellent condition, Cornacchia said.

Other National Hills tenants include Sprint, Sally Beauty Supply, The Legend’s Club and Merle Norman.

National Hills, along with Daniel Village and Southgate Plaza, was one of Augusta’s first suburban shopping centers. It opened in 1963 with J.B. White, A&P Supermarket and The Metropolitan State Bank as the largest tenants.

Reach Damon Cline at (706) 823-3352 or damon.cline@augustachronicle.com.

 

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