Blue Ridge Capital LLC has purchased Tanger Town Centre in Banks County and it has been renamed The Shoppes at Banks Crossing.
The Banks County Chamber of Commerce made the announcement Tuesday in cooperation with the Banks County Board of Commissioners, the development authority and the planning commission.
Blue Ridge Capital LLC acquired Tanger Town Centre from Tanger Properties Limited Partnership.
“The property is well located and prime for re-development,” chamber executive director Tara Fulcher said.
The 163,250 square foot center is located along Hwy. 441 just off I-85. The center is anchored by Aaron Rents, Dollar Tree and Georgia Theatre. There are 14 stores in the center and 14 vacant sites. In the past year, Old Navy and The Paper Factory are among the stores that have left the shopping center.
In a joint meeting with county officials and company representatives, a discussion was held on naming the center.
“We all discussed the types of tenants that would be attractive as well as the name of the space,” Fulcher said. “We all agreed that we wanted to incorporate ‘Banks Crossing’ as part of the name. This area has long been recognized as Banks Crossing and we didn’t want to loose that branding.
Fulcher said county officials are “excited to have Blue Ridge Capital as new owners of the retail space, as well as the new tenants that are sure to fill the vacant stores.”
“We are all working together to promote Banks County to new opportunities that will create new jobs here in Banks County,” Fulcher said. “We are equally excited that the anchor stores have decided to stay on in Banks County.”
Blue Ridge Capital LLC specializes in the acquisition, leasing, and redevelopment of value-added and high yield retail centers in the Southeast.
“In the competitive retail market, Blue Ridge Capital has the flexibility to keep rents low, tenants happy, and properties full.,” company officials report. “Acquiring only well-located real estate, Blue Ridge Capital's goal is to re-invent each property by bringing in new tenants to the community. They implement necessary capital improvements which may include upgraded façades and signage, along with curing deferred maintenance in the areas of roof, parking lot and HVAC systems. BRC places the highest priority on ensuring that each project offers an attractive, inviting, and clean appearance for our tenants' customers. We are a positive force – a caring and committed partner – in each community where we do business. We work hard to create a successful tenant mix, including food, service, and merchant shops, to enable each of our properties to meet the needs of the immediate market. We recognize the need for balance and diversity, and are pleased to have a combination of national chain tenants, local chains, and “mom and pops” comprising our portfolio.”
Steve Patrick, VP Leasing and Property Management, and Kellie Snipes, VP Asset Management, will be guests at the upcoming Chamber of Commerce breakfast on August 12. The public is invited to attend.