Area brokers tell GlobeSt.com new owner Charlie Hendon, president, Hendon Properties, plans to start a multi-million-dollar exterior and interior renovation schedule in first quarter 2004 that could also usher in townhome development and a county park at the 63-acre property at North Druid Hills Road and Lawrenceville Highway.
Hendon purchased the mall from Toronto-based Cadillac Fairview for an estimated $39 million, or about $60 per sf, brokers in a position to know tell GlobeSt.com. Hendon couldn't be reached by GlobeSt.com's publication deadline.
He has brought the shopping center to 80% occupancy after it was beginning to lose tenants and customers in recent years to larger and newer properties, brokers tell GlobeSt.com. Rich's-Macy's, Stein Mart and AMC Theaters anchor the center.
The newest tenant is Rhodes Furniture, which is leasing 35,000 sf in quarters that previously housed a Phar-Mor pharmacy. The Rhodes store is expected to open by June 2004.
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