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Shopping center purchased
Jul 02, 2004 12:00 am
Recently acquired by a group of local investors collectively known as the Lebanon Shopping Center General Partnership, the Cedar Crest Shopping Center on West Main Street is scheduled to receive a $2.5 million facelift soon.
According to Nashville's First Management Group Executive Vice President and Director Sam Boles, the partnership reached a deal to purchase the shopping center from Atlanta-based BVT Lebanon Shopping Center Limited for just over $4.3 million.
The center, which has previously served as the home of Wal-Mart and Bud's Discount City, is now scheduled to undergo extensive remodeling as a part of the partnership's plan to rejuvenate the development. Current tenants include Big Lots, Goodwill Industries and D.T. McCall & Sons.
Boles, who is also a member of the Lebanon Shopping Center GP, said the group's immediate plans involve a number of aesthetic improvements as well as some repair work.
"We're looking at a nearly $2.5 million remodel and renovation we're doing to the shopping center," Boles said. " … It's going to be a pretty extensive remodel. We've cleaned the shopping center up. It's going to get new pavement, new roofs, (and) we're doing new landscaping. It's going to get started very shortly – we've started a lot of it already."
Additional improvements to the property will be made once what Boles described as "signage issues" are resolved.
Boles added the partnership's investment in revamping the property has increased interest amongst businesses seeking to establish a presence inside the City of Lebanon. First Management Group will oversee the management and leasing of the property.
"We've got about 32,000-square-feet we can lease there," Boles said of the shopping center, adding the partnership has already received inquiries from businesses regarding available space. " … I can't formally announce anything, (but) we've had good interest in the space. I feel pretty confident we'll have it leased before long."
There are no plans to drop the name Cedar Crest Shopping Center, he noted.
Staff Writer Brian Harville can be reached at 444-3952 ext. 16 or by e-mail at email@example.com.