The Landings shopping center sold for $30 million
The Landings, a community shopping center owned by Columbus-based Woodruff Co. along Airport Thruway, has been sold to Time Equities Inc. of New York in a $30 million deal announced Thursday.
Lucy Jones, president of Woodruff Property Management and Marketing, said the sale of the 277,000-square-foot shopping center closed last week.
“We just felt like it was the thing to do,” Jones said. “We sold them the shopping center but we will continue to manage it for them and they will continue to upgrade the Landings.”
Time Equities Inc. is a full-service real estate firm involved in acquisition, development, conversion and management of commercial and residential properties throughout the United States, Canada and Germany, according to the company’s website. For nearly 50 years, the company has found success in the bull and bear real estate markets.
This is not the first time the Woodruff Company has done business with Time Equities. Jones said Woodruff sold the company a couple of apartment complexes and they loved how the Landings was upgraded and managed.
“What really attracted them is the way we branded the Landings and did some fun and unique marketing,” Jones said. “That was unique for their portfolio.”
Woodruff purchased the Landings in 2004 and invested nearly $30 million with major renovations and additions to add square footage to the 40-acre location. The shopping center has a mix of about 90 tenants with retailers, restaurants and service businesses.
Some of the tenants include Kinnucan’s, Outback, Baskin Robbins, I Love Juice Bar, Plato’s Closet, Chicken Salad Chick, McDonald’s, Baldwin Interiors, Taco Bell, Office Depot, Petland, Subway and Fuddrucker’s.
Jones said the company liked the way the Woodruff Company branded the location into something unique. “We are very excited about it,” she said. “It’s really exciting for us and them.”
Over the last 11 years, Woodruff rebranded the 1970s-vintage property into a destination retail center serving the affluent Columbus market, Woodruff Brokerage Company representatives Tra Dykes and Genevieve Green said in a statement.
Sale of the property was brokered by Colliers International Atlanta. The team of Joe Montgomery, Tony D’Ambrosio, Hank Hall and Trevor Ritter provided comprehensive brokerage and capital markets services for the transaction.
