Investment company buys Pea Ridge shopping center
HUNTINGTON — A Nashville-based real estate investment firm has announced its recent purchase of the Pea Ridge Plaza shopping center.
Anchor Investments LLC closed on the purchase of the 150,000-square-foot retail center on June 29, according to Micah Lacher, president of Anchor Investments. The property is located at 5636 U.S. 60 East in Huntington, near Barboursville.
“This property fits very well into our strategy of buying well-located real estate with a value-add component,” Lacher said. “We were attracted to this center due to its high traffic counts and superior visibility in the market.”
The shopping center was anchored by the former Kmart.
“We have revitalized vacant Kmart centers in several states and look forward to restoring this center to its former glory,” Lacher said.
Lacher says the company will start some of the general improvements in the coming weeks.
“The major work on the Kmart box will start later this fall, and we hope to be able to announce one or two tenants for the Kmart building by the end of the year and open the new tenants in early 2019,” he said. “We are very excited to breathe some new life into the recently shuttered Kmart and renovate the rest of the center as well.”
Currently there are 12 existing businesses in the shopping center, including Tequila Grill Mexican Cuisine; H&R Block; Mimi’s; Dollar Tree; WV Business Products; China House; T&C Nails and Spa; CrossFit; The Fundraising Group; Al’s New York Pizza; Huntington School of Beauty Culture; and King Spirits.
“The location within the market is amazing, and the response from tenants has proven such,” Lacher said.
Pea Ridge Plaza has been a retail staple in the community since it was developed, Lacher added.
“We look forward to partnering with the existing tenants to bring more traffic to the center and improve the overall appearance,” he said. “Our architects have just started the renderings, so they are not yet available. We should have them in a couple of months.”
Anchor continues to be actively involved throughout the Southeast, Midwest and East with its value-add strategy and continues to look for strategic acquisition opportunities, according to Lacher.
One of Anchor’s success stories is the Forks of the River Shopping Center in Sevierville, Tennessee.
“Forks of the River Shopping Center has been a retail staple in the Sevierville, Tennessee, community for over 30 years,” Lacher said. “Originally developed for Kmart and Kroger, this 127,000-square-feet center declined over the years due to an undercapitalized ownership group. When it was purchased by Anchor in 2015, the occupancy was 75 percent and the only anchor tenant remaining was Kmart. After an extensive renovation, we have now entered into long-term leases with Big Lots and Harbor Freight who have breathed new life into the center. The center is once again vibrant, and tenants have reported drastic sales increases.”
Since its founding in 2009, Anchor has been the principal on over $250 million of real estate projects, Lacher said.
For more information about Anchor Investments LLC, visit the company’s website at www.anchorinv.com.
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“We are very excited to breathe some new life into the recently shuttered Kmart and renovate the rest of the center as well.”
president of Anchor