A decades-old Gainesville shopping center has changed hands.
Atlanta-based RCG Ventures has acquired the 136,951-square-foot Gainesville Towne Center at 1500 Browns Bridge Road off Pearl Nix Parkway, according to a press release Friday, Oct. 7, from The Shopping Center Group, a real estate advisory firm.
The firm represented a private real estate investment group in the sale, the release states. Lauren Philipson, a spokesperson for the firm, said "the sellers prefer not to disclose the price."
Tax records show the owner as SC Gainesville Georgia LLC and that the 2022 value of the 11-acre property is $13.7 million. Also, SC Gainesville Georgia LLC bought the property in 2006 for $10.8 million.
The shopping center, which was built in 1969 and renovated in 2018, is anchored by Big Lots, dd’s Discounts and Harbor Freight. Outparcels occupied by Golden Corral, Panda Express, Captain D’s Seafood and Subway weren’t included in the sale, according to the press release.
The center was 88% leased at the time of the sale, according to The Shopping Center Group.
It is “very well-positioned … within the Gainesville market,” firm partner Anthony Blanco said in the press release. “The property’s nationally recognized anchor tenant mix draws shoppers from a wide area.”
Blanco added: “The sale and significant interest in this property demonstrates the continued strong demand for well-positioned retail centers throughout the Southeast from a deep pool of investors.”
Shane Brownlee, listed as RCG’s contact for the shopping center, also couldn’t be reached for comment. RCG says on its website that the center “is positioned to satisfy the Gainesville community’s growing population.”