Terry Sullivan, a partner with Rome Venture Associates, said the center was developed in 2006, sold to an investor in 2007 and ultimately fell victim to the economic slump. The bank that foreclosed on the property also went under and City National Bank out of California wound up with the asset.
Sullivan said that one of his agents who scours the country for distressed properties saw it and the company was able to negotiate a deal to acquire the property through Hardy Realty of Rome and Jimmy Byars.
“We’ve developed similar properties to that over the years,” Sullivan said. “We buy outparcels from Walmart, Target and Home Depot and develop centers like that. We bought it pretty cheap.”
Currently, the strip has six spaces and only two tenants, U.S. Nails and Lendmark Financial Services, a subsidiary of BB&T, in the consumer finance business. Sullivan said his company has extended a proposal to U.S. Nails to stay after its lease expires today, and is already talking with Lendmark about staying beyond the current term of their lease which doesn’t expire for another year and a half..
“We’re talking to some others prospects for it right now, we don’t have anybody imminent,” Sullivan said. “We think there’s an opportunity there. The Walmart seems to perform pretty well.”
Sullivan said he plans to spruce up the strip somewhat, add new awnings, and put up a new sign for the strip, with approval from Walmart.