Colony Plaza shopping center sold for $11.3 million

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A New York City real estate firm now owns a south Augusta shopping center.

Colony Plaza in south Augusta is anchored by Sitel and Food Lion.  File/Staff
File/Staff
Colony Plaza in south Augusta is anchored by Sitel and Food Lion.

Nightingale Properties bought Colony Plaza for $11.3 million, according to the seller.

Colony Plaza is at the intersection of Peach Orchard Road and Bobby Jones Expressway. The 216,000-square-foot plaza is anchored by Sitel and Food Lion.

Elie Schwartz, Nightingale's chief executive, said the acquisition and development firm bought the plaza because it was interested in Augusta.

The former owner, Colony Plaza Development LLC, bought the plaza in 2008 for $7.1 million. It completed a $3 million renovation last year.

Colony Plaza Development LLC was owned by one of the brokers with Atlanta-based Carter's Retail Investment Sales Group.

According to a release from the investment group, there were seven offers to buy the plaza.

"The center's size and impressive renovation garnered a great deal of interest from the investor market nationwide. Ultimately, the buyer was chosen due to their ability to navigate the choppy debt markets and close all cash if necessary," said Mark Joines, a spokesman for the investment group.

Other tenants at the plaza include Rose's, Cato, Colortyme and H&R Block. It has 93 percent occupancy, according to Carter's Retail.

Schwartz said Nightingale has plans for further renovations but would not go into details.

Colony Plaza has a new roof and air conditioning and mechanical systems. The front of the shopping center has been changed from concrete to stacked stone, brick and stucco.

The shopping center is 20 years old and was originally built for Wal-Mart, which moved to Deans Bridge Road in 1996.

Nightingale was founded in 2005. In Georgia, it also owns the Publix-anchored Rivergate Shopping Center in Macon.

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countyman
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countyman 06/08/10 - 01:29 pm
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I think the dots are starting

I think the dots are starting to connect... The 4 acres of new development going in Colony Plaza.. Along with NBC Augusta reporting Target, Chick Fil A, and Ruby Tuesdays were intrested in South Augusta.

AutumnLeaves
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AutumnLeaves 06/08/10 - 01:39 pm
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I was hoping they were

I was hoping they were talking about Regency Mall.

countyman
21695
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countyman 06/08/10 - 01:51 pm
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Somebody is going to buy

Somebody is going to buy Regency mall sooner or later.

But here are the plans for the 4 new acres at Colony Plaza...

Create three outparcels that would have no road frontage on an accessible private or public road. The outparcels would share access with other Colony Plaza tenants that extends off Windsor Spring road near Sconyers Way.

Lot 1 contains .96 acres and is located at the eastern end of Colony Plaza

Lot 2 contains 1.04 acres and is located at the southeastern end of Colony Plaza.

Lot 3 contains 1.87 acres and is located at the south end of Colony Plaza along the northside of Sconyers Way.

garner49
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garner49 06/08/10 - 01:51 pm
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Regency should be leveled and

Regency should be leveled and turned into a park - no one is going to buy that mess. Colony has a lot of potential, ever try to get into Applebee's in the evening?

gnumbgnuts
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gnumbgnuts 06/08/10 - 01:53 pm
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11.3 mil? Did they throw in

11.3 mil? Did they throw in the rest of SA?

Emerydan
10
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Emerydan 06/08/10 - 01:54 pm
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nice to see that area is

nice to see that area is getting more casual dining establishments.. instead of just buffets and fastfood.

countyman
21695
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countyman 06/08/10 - 02:01 pm
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I wouldn't mind a huge park

I wouldn't mind a huge park at Regency Mall. But I still think somebody is going to buy Regency mall. Unless the city turns it into a park first.

This is great news for the southside.. The people who live in South Augusta, Hephzibah, Waynesboro, Mcbean, Wrens, Lousiville, and Blythe have somewhere to shop.

countyman
21695
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countyman 06/08/10 - 02:06 pm
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11.3 million is a very good

11.3 million is a very good deal for Colony Plaza... The Plaza is going nowhere but up in revenue and daily traffic count. The traffic around peach orchard/I-520 is one of the busiest sections in the CSRA. Plus their still building homes in middle and upper middle class neighborhoods throughout South Augusta and Hephzibah.

Emerydan
10
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Emerydan 06/08/10 - 02:14 pm
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No one is going to buy it for

No one is going to buy it for $50 million.. that's what the current owners have set as their price for selling.

ColdBeerBoiledPeanuts
11294
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ColdBeerBoiledPeanuts 06/08/10 - 02:46 pm
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countyman we have learned to

countyman we have learned to spend our money at home in the outlying areas. We want to keep our own tax dollars!!

wlightnin42
1
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wlightnin42 06/08/10 - 03:10 pm
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If you build it they will

If you build it they will come. Bring it on down to LA.

Emerydan
10
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Emerydan 06/08/10 - 03:23 pm
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LA? is that supposd to mean

LA? is that supposd to mean "Lower Augusta"? Because the southside is actually at a higher elevation than downtown and many other parts of Augusta.

ennui
0
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ennui 06/08/10 - 07:04 pm
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countyman, why would the city

countyman, why would the city waste any money turning that corner into a park? So the hookers and drug-dealers in the area have a nice place to hang out?

Grimzine
6
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Grimzine 06/08/10 - 09:43 pm
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I wish they could get

I wish they could get something really attracting to that back corner of this shopping center, since it sits on a hill unless you know what you are going for up there it's only source of advertising is the sign for these smaller shops. If they added a couple casual resturants up there and make it more so like the shopping center with Logan's and such then it will make it more appealing. The only turn off is that getting in and out of that place. The light is crazy fast so about 2 or 3 cars make it through before it is red again. And the surrounding intersections do not help this out at all.

beboisme
425
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beboisme 06/09/10 - 09:05 am
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If they close off frontage

If they close off frontage rd. the only exit would be at Windsor spring Rd. Agree this is a traffic nightmare. There are four traffic lights and none are insync with the other. When your turning left out of the plaza the light at Peach Orchard Rd. is red and won't allow traffic to get out of the Plaza,therefore leaving you stuck in the intersection. For sure there was a small scaled development at that intersection, just like at Marks Ch. Rd. at Wrightsboro Rd.. Can't the county see how future growth in area will affect such small intersections and adjust for that. Entering Colony Plaza isn't so bad' but when leaving the Plaza I always take frontage rd.and go out of my way to go home just to avoid Windsor Spring Rd.. Nightingale be prepared for this congestion problem, in the long run the Plaza will suffer because of it.

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