Colony Plaza shopping center sold for $11.3 million

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

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

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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