Shopping center

This Longtime Gainesville Mall Has New Owners

Oct. 7—A decades-old Gainesville mall has changed hands.

Atlanta-based RCG Ventures has acquired the 136,951 square foot Gainesville Towne Center at 1500 Browns Bridge Road near Pearl Nix Parkway, according to a Friday, Oct. 7 press release from The Shopping Center Group, a real estate advisory firm. .

The company represented a private property investment group in the sale, the statement said. Lauren Philipson, spokeswoman for the firm, said “sellers prefer not to disclose pricing”.

Tax records indicate the owner is SC Gainesville Georgia LLC and the 2022 value of the 11-acre property is $13.7 million. Additionally, SC Gainesville Georgia LLC purchased the property in 2006 for $10.8 million.

The mall, which was built in 1969 and renovated in 2018, is anchored by Big Lots, dd’s Discounts and Harbor Freight. The outdoor lots occupied by Golden Corral, Panda Express, Captain D’s Seafood and Subway were not included in the sale, according to the press release.

The center was 88% leased at the time of the sale, according to The Shopping Center Group.

It is “very well positioned … in the Gainesville market,” said firm partner Anthony Blanco in the press release. “The property’s nationally recognized mix of anchor tenants attracts buyers from a wide area.”

Blanco added, “The sale and strong interest in this property demonstrates the continued strong demand for well-positioned shopping centers throughout the Southeast from a large pool of investors.”

Shane Brownlee, listed as RCG’s contact for the mall, also could not be reached for comment. RCG states on its website that the center “is positioned to accommodate the growing population of the Gainesville community.”