Calx Ltd., a subsidiary of Simi Investment Co., plans to renovate the 610 Main Shopping Center with a new façade, signs and landscaping within the next six months as a part of a city revitalization effort directed at the Main Street area, Scott R. Rubenstein with Pipeline Realty Co., tells GlobeSt.com.
Currently only about 66% leased, the renovation is expected to draw new tenants to the retail center, located at the corner of Main Street and 610 South. The center currently is home to several small businesses including a beauty salon, two restaurants, a financial services store firm and a hobby and computer stores.
Rubenstein, who represented the buyer in the transaction, said the property was undervalued for the area. "We feel it was purchased for under market value, not necessarily to sales comps in the area, but the rents that are being charged in comparable retail centers really justify a higher price," he said.
The Houston-based seller, Hale/Associates Charitable Remainder Unitrust, was represented by Mike Latimer of Shopping Center Management.
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