Efforts are now underway to revitalize the shopping center located off Old U.S. 441 in Cornelia. (file photo/Google)
An Atlanta-based commercial real estate development firm has closed on its deal to buy Habersham Village in Cornelia. Vanguard Associates, Inc., purchased the shopping center at auction. The 147,182 square-foot property was foreclosed on after Kmart went out of business in 2017.
Vanguard announced its acquisition Wednesday in a press release. Company spokesperson Caitlin Niswonger tells Now Habersham the firm purchased the property for $3,483,750.
Niswonger says Vanguard has been looking at the Habersham market for some time.
“We were in the market a few years ago looking at the former Wal-Mart property that is now occupied by Goodwill,” she says. “We did not end up purchasing that property, but were impressed with the dynamic feel of the market, and in doing some research, we felt that it was under-retailed to some extent, and that we would like to have a presence in the market if the right opportunity presented itself.”
Renovations and tenant talks
The Habersham Village shopping center has 15 suites and sits on 15.93 acres of land. Current tenants include Big Lots, Papa Johns, Anytime Fitness, and Hibbett Sports.
Renovations to the property are already underway. Planned improvements include the installation of LED lighting in the parking lot, painting and structural improvements to the façade, as well as parking lot and landscaping improvements.
The old Kmart building will likely be split for two or more larger retailers. And while she can’t discuss specific names, Niswonger says Vanguard currently is in talks with national and regional apparel, soft goods, and grocery store chains.
“The property will quickly take on a new and improved look, and we are thrilled to be part of this vibrant and growing community,” Niswonger says.
Vanguard and its partners own over thirty retail properties in north Georgia, western north Carolina, and the Anderson/Greenville South Carolina area. It owns the shopping center in Toccoa that houses Tractor Supply, Dollar Tree, and Beall’s Outlet.
This article was updated to include comments and additional information from Vanguard spokesperson Caitlin Niswonger
