Regency Properties of Indiana, the new owners of Marianna's hugely successful Oak Station shopping Center (Oaks Restaurant, Save A Lot grocery and a dozen others at full occupancy) is spending about $500,000 on the current remodeling, Regency marketing specialist Chris Folz told Business News Tuesday morning. "We like investing in our communities," Folz said. "Basically, the building project is to give the Oak Station tenants greater visibility. It involves faÃ§ade renovations, architectural enhancements, upgrades to the parking lot and rehabbing the sign towers out front."
The Oaks Restaurant, owned by Eddie Davis and arguably the main draw at the mall (at 350-plus seating, the largest restaurant in the county), will be getting a big-lettered sign above the entrance which will get an awning for customers as weather protection. Davis told Business News recently that he was very pleased with the new owners and looked forward to many years of mutual cooperation. Fred's also will be getting an awning.
Regency's decision to undertake such a huge renovation project so soon after the initial purchase surprised some observers. But Regency (see www.regency-prop.com) certainly has the resources; it has holdings all over the U.S. and globally, including Singapore. One of the owners, Jeff Howell, also spoke with Business News on Tuesday, having some nice things to say about Marianna in an explanation of why they selected Oak Station for purchasing. "It's our kind of town," he said. "It's the main shopping hub for a 45-mile radius, the Oak Station sees lots of traffic on the main road (U.S. 90) and it's the county seat, among many other things."
Regency bought the Oak Station (4700 Hwy 90) in June for $6.8 million from Phoenix developer Brad Combs (who bought it in 2010 for $4.3 million). But Combs made extensive improvements to the property throughout those three yearsâ€”moving and expanding Beall's Outlet to the center stage, attracting and doing extensive build-outs for Save A Lot, Citi Trends and Hibbett Sports, and the two expansions for the Oaks Restaurant. The current parking lot improvements will include the removal of the drive-through lanes on the northwest side which were originally built for a bank, Folz said.
That bank branch was SouthTrust, and the year was 1989, the year Oak Station was built. Jacquelyn Reddoch sold the 16-acre site to Land Locators that year and the 171,509 sq.ft. plaza was constructed, with tenants Food World and K-Mart in mind.
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