RCG Snaps Up Ingles-Anchored Power Center

NASHVILLE—McMinn Plaza has a new owner. Atlanta-based RCG Ventures just snapped up the asset. Financial terms of the deal were not disclosed.

Located at 921 Decatur Pike, the primary artery connecting Interstate 75 to Athens, the retail outlet is 58 miles from Chattanooga. The shopping center is anchored by a 60,000-square-foot Ingles Supermarket and a 17,826-square-foot Badcock Furniture. Occupancy stands at 85%.

Cohen Real Estate president Helen Putterman and senior managing director of Vera Thomas represented the seller, Wheeler Interests, a Virginia Beach, VA-based REIT. Cohen also represented RCG Ventures.

“The center's impressive tenant membership, sales, lease term and income stream, secured an excellent cap rate for the seller,” Putterman tells GlobeSt.com. “The supermarket's sales continue to increase every year, which makes it an attractive growth opportunity for investors to place capital. Grocery-anchored assets are drawing large interest from investors right now, especially in the Southeast.”

Ingles Supermarkets is a publically-traded company on NASDAQ with more than 200 stores in six southeastern states: North Carolina, South Carolina, Georgia, Tennessee, Alabama, and Virginia. Renovated in 2003, McMinn Plaza, which has 17,000 square feet of prime space available for lease, is located near other major retailers such as Super Wal-Mart and K-Mart.

The retail center is also within one mile of Athens Regional Medical Center, a 315-bed full-service hospital employing more than 2,000 people. About 25,000 residents live within five miles of McMinn Plaza, with average traffic counts of 38,000 cars per day.