The Vicksburg Commons shopping center will be auctioned off
Posted at 11:10 a.m. on Thursday, September 22, 2022
When Blue Ridge Capital, an Atlanta-based company, bought the Outlets of Vicksburg, there was only 10% occupancy.
But after focusing on local Vicksburg entrepreneurs, the retail space now known as Vicksburg Commons Shopping Center has reached 75% occupancy, the vice president of leasing and construction said. property management of Blue Ridge Capital, Steve Patrick.
And while small “mom and pop” businesses continue to rent space, Patrick said, the business is in a place where it’s ready to sell.
“It’s nothing against Vicksburg, nothing against ownership; we love the property,” he said. “This is just where we expected it to be and where we are. It’s not quite what the partners wanted it to be, so we made the difficult decision to have to sell it.
Therefore, on September 27, Vicksburg Commons will be auctioned.
“We sell all of our commercial properties at auction,” Patrick said. “That’s pretty typical for commercial properties these days. You get a much wider range of potential buyers.
Patrick said the auction will take place online and bidders will need to register to participate.
Bidding for properties always starts low to attract bidders, Patrick said.
“But anyone who has participated in these actions or who has purchased a property knows that it will not sell for the amount of the starting bid because it is not a vacant property,” he said. , adding that if it was a vacant and/or rundown property maybe it would be. “But it’s not. This property is far from that.
Patrick said he would like to see a local buyer buy Vicksburg Commons and actively tried to recruit.
“I’ve reached out to some local contacts I had because I think it would be great to get back to local ownership, but I don’t know if any of those potential people are going to sign up for the auction or not. “, did he declare. . “You really never know until the day of the auction.”
Patrick said the auction follows a strict process.
“They (the bidders) need to be pre-qualified financially to know that they will have the ability to close,” Patrick said, adding that BRC is not involved in the bidding process. Everything is handled by a brokerage firm. “We have no interaction with bidders; we really don’t know any of them. We let brokers have that contact.
However, on the last day of the auction when the property is sold, Patrick said, the brokerage firm will let them know who bought the property.
“It’s not a done deal,” Patrick said, until 30 days later, at the closing.
“In the meantime, we will have interaction with the buyer and things will continue, but until they close it really doesn’t mean anything,” he said.
BRC purchased the property, located at 4000 S. Frontage Road, in late 2019, just before the COVID-19 pandemic began. But even under the worst of circumstances, Vicksburg Commons, which encompasses more than 96,000 square feet on nine acres of land, weathered the storm.
“It’s really amazing,” Patrick said of the occupancy growth. “There’s still a long way to go, and we know that and it’s going to take time, but it’s come a long way.”
Patrick also praised the late Margaret Gilmer for her economic vision.
“I don’t think people really understand how important it was that Margaret was able to do what she did when she did, because getting this property developed was a monumental feat,” he said. declared.
And now that the South Frontage Road extension is complete, Patrick said he thinks more positive things will happen.
“Maybe the second life of the property will be even better than the first who knows,” he said.
A partnership created by Gilmer still owns the Gap building and the parcel of land that includes the land next to the Cracker Barrel, Patrick said.
Mary Jane Wooten, Gilmer’s daughter, has the property for sale, Patrick said, but it is not included in the auction.
Patrick said he is still very interested in seeing the property prosper and supports the 19 local businesses that rent property in Vicksburg Commons, as well as the special events planned. On October 1, Cosplay for a Cause, an event to benefit Children’s Hospital of Mississippi is scheduled and the third annual Trunk or Treat drive-thru is scheduled for October 25.
The Vicksburg Commons Mall businesses are:
- Suite 101: Unique Sisters Shop
- Suite 102: Ambition & Health Scrubs
- Suite 103: Timeless Eventz Suite
- Suite 104: Box Drop Mattress
- Suite 105: Meci Kouture & Unique Graphic Designs
- Suite 106: Home Accessories and More
- Suite 107: Personal Rejuvenating Fitness Training
- Suite 109: Vape Haven
- Suite 110: Drip Clothes
- Suite 111: Five 8 Modes (coming soon)
- Room 112-A: Rocky Mountain Chocolate Factory
- Suite 112: Billy’s Italian Restaurant
- Suite 114: Muddy Magnolia Market
- Suite 119: I-20 escape room and games
- Suite 121: Florist, Gifts and Hall Bakery
- Suite 123: Seafood and Palmer Market
- Suite 124: Picture This Selfie Studio & Photography
- Office 126: Grand River Clothing
- Suite 127: P3 Dance Studio
About Terri Cowart Frazier
Terri Frazier was born in Cleveland. Soon after, the family moved to Vicksburg. She is a part-time reporter for the Vicksburg Post and editor of Vicksburg Living Magazine, which was awarded first place by the Mississippi Press Association. She was also the recipient of a first place award in the editorial division of the MPA’s Better Newspaper Contest for “Best Feature Article”.
Terri is a graduate of Warren Central High School and Mississippi State University, where she earned a bachelor’s degree in communications with a major in public relations.
Before coming to work at the Post just over 10 years ago, she freelanced at the Jackson Free Press. But for most of her life, she enjoyed being a full-time stay-at-home mom.
Terri is a member of Crawford Street United Methodist Church. She is a life member of the Vicksburg Junior Auxiliary and was a member of the Sampler Antique Club and the Town and Country Garden Club. She is married to Dr. Walter Frazier.
“Whether it’s staying informed about local government issues or hearing the stories of local residents, a local newspaper is vital to a community. I have felt privileged to be part of a dedicated team at the Post throughout my tenure and hope that with theirs and with local support, I can continue to grow and hone my skills by helping to share the stories in Vicksburg. When people ask me what I love most about my job, my answer is always “the people”.
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