Longtime Jasper shopping center to go to auctionMarch 28, 2019
By CANDY NEAL
JASPER — The Jasper Manor Shopping Center on the city’s southeast side will be offered for sale in an online auction next month.
But that doesn’t mean that the property will sell, or that the land use will change.
“This is an income-producing property. There are tenants there paying rent,” said Tony Edwards, leasing agent for the property. “I can’t foresee anybody ever shutting down the shopping center.”
Property owner Phillips Edison & Company of Cincinnati will hold an online auction for the property at www.ten-x.com between April 29 and May 1. Interested bidders must register for the auction — the property is listed under the “retail” tab — and put down a $25,000 participation fee. The starting bid will be at $1.2 million, though the company is seeking to get at least $6.6 million for the property.
“This is just the normal course of business,” Edwards said. “We own over 400 shopping centers all over the country. We buy and sell all the time.”
He added: “Just because it’s going to auction doesn’t mean it’s going to sell. Sometimes they just put them out there just to test the waters. But you never know what is going to happen at these things.”
The center, which opened in 1990, has 194,000 square feet of leasing space. Of that, about 130,000 square feet is open and available. And Edwards is still actively working on leasing the available space.
“If anyone wants to lease, now is the time,” Edwards said, “before somebody else buys the shopping center.”
Currently, Jasper Manor houses a Holiday Foods grocery store, an AT&T store, Traderbakers Vendor Mall, L.A. Nails & Spa, and B&B Fitness. But tough economic times have hit the center, and the number of occupants have dwindled. Just in the past year, the center lost longtime store Kmart, an anchor store in the center. JCPenney closed in the shopping center in summer 2017.
Jasper Manor isn’t the only center in town losing tenants. On the north side of the city, the Germantown Shopping Center lost Carson’s last year, while the North Ridge Shopping Center lost Staples. But, other stores have been moving in, like Ross Dress for Less in North Ridge and Jo-Ann Fabrics, Harbor Freight Tools and the upcoming T.J. Maxx in Germantown.
Edwards is hoping that a similar revitalization happens at Jasper Manor.
“We would love it to get it filled back up,” he said. “But it’s tough to fill those big boxes in town.”
For information, contact Edwards at 513-910-6414 or email@example.com.
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