An agreement between Bank of America and the owner of Shoppes at Camelot was reached on the morning it was scheduled to be auctioned off at the Appling courthouse, said Pam Baldwin, a vice president for Blanchard and Calhoun Commercial who handles leasing in the center.
The bank and the shopping center owner, Detroit-based DH-Evans LLC, are working on new terms for the property at 4446 Washington Road, across from the Evans Wal-Mart, Baldwin said.
The plaza has some vacancies, but leases for new retail and restaurant tenants could be secured in the next two months, Baldwin said.
Businesses at the shopping center include Shane’s Rib Shack, The Retreat coffee house and tapas bar, Mainstream Boutique and Posh Salon.
Shoppes at Camelot was purchased for $1.8 million in 2006 and is now valued at $3.2 million, according to Columbia County records. The bank’s original mortgage note in January 2007 was $4.9 million and later revised to $4.8 million in January 2009.
Representatives for Bank of America and DH-Evans were unavailable for comment Tuesday.
The Liberty Square shopping center, which is next to Shoppes at Camelot, faced foreclosure in February 2010. Though the bank and owner worked toward a resolution, Wells Fargo took over the property by the end of 2010 and sold it months later, according to county records.
In Martinez, Bobby Jones Plaza, which once housed Mike’s Furniture, was set to be auctioned off in June 2012, but that was postponed.
Several centers, including Shoppes at Camelot and Liberty Square, were built at the same time, causing the area to become overbuilt, said commercial realtor Lionel Prather, the vice president of Meybohm Commercial.
“There was a ton of supply and not a lot of demand on retail space,” he said.