Overlook Village, an Asheville shopping center that houses HomeGoods, T.J. Maxx and Ross Dress, will be redeveloped after being acquired by GBT Realty Corp. for $25.5 million, the company said in a news release.
The Brentwood, TN-based real estate development company said Overlook, located off South Tunnel Rd. near the Asheville Mall, is its third acquisition in the past six months under its Capital Holdings division. It was purchased Dec. 20 from KIMCO Realty, represented by Berkeley Capital Advisors.
GBT said it launched its Capital Holdings division to pursue “value-add and core-plus” commercial opportunities. Scott Porter, the division’s managing director, called the Overlook shopping center an “ideal acquisition opportunity,” singling out its “locational drivers, barriers to entry and upside potential with the lease-up of the existing vacancies.”
“The vacant anchor space formerly occupied by HHGregg fronts South Tunnel Road and is a well-positioned due to its accessibility via two traffic signals and its adjacency to the Whole Foods center,” Porter said in a news release. “The available space is a top option for tenants entering the market as well as those seeking to improve their existing storefront due to the market’s limited inventory of traditional junior box storefronts.”
The company plans to finalize redevelopment plans of the site by the spring, The Citizen Times reported.
The shopping center opened in 1989, with several notable tenants including T.J. Maxx, Phar-Mor Drugs store, Circuit City and several smaller specialty shops.
While Overlook Village has lost several tenants in recent years, GBT said it is currently 80 percent leased. The vacant space formerly occupied by HHGregg is in “high-demand” because of “limited junior box storefronts in the market.”