Rome real estate developer Wayne Robinson has spun off his shopping center in the 700 block of Turner McCall Boulevard to a couple of Virginia based investor groups.
The shopping center features O’Charley’s restaurant, Blue Fin restaurant, Firehouse Subs, Republic Finance and a new nails studio that replaced Jandy’s Frozen Yogurt.
The 15,000-square-foot shopping center sold for $3,535,000 or $235.67 per square foot.
“It just seemed like the right time,” Robinson said. “I will continue to operate O’Charley’s for the time being.”
Robinson said he is spending a lot of money renovating the former Glenwood Apartments on Martha Berry Boulevard, which he is renaming Midtown Alli after his daughter.
He had the O’Charley’s on the market for some time until someone affiliated with the two groups in Virginia came along and asked if Robinson would be willing to include the entire shopping center.
The buyers, Keepsake Storage LLC and Freedom Storage LLC, closed on the deal on Dec. 30 to finalize a tax deferred 1031 exchange.
“A tax deferred 1031 exchange is often used by investors to avoid paying capital gains taxes when they sell an investment property and reinvest the proceeds in a ‘like kind’ property of equal or greater value,” said Will Young, of Bull Realty in Atlanta, who brokered the transaction.
Part of what made the Rome Center attractive to the buyers is its location along a major commercial corridor, as well as its existing tenant mix.
Robinson completed the shopping center in 2007 and, aside from the loss of Jandy’s, the center remained stable through the real estate slump a decade ago and throughout the pandemic of 2020.
“It’s always a good feeling when both parties leave closing happy, but I especially enjoyed having an opportunity to put together a deal in my hometown,” said Young, who is a sixth-generation Roman specializing in multi-tenant retail investment sales throughout the Southeast.