Albany shopping center now for sale in online auction - WALB.com, Albany News, Weather, Sports

Buy an Albany shopping center-- online

Posted: Updated:
Jason Wiggins, Auction Coordinator Jason Wiggins, Auction Coordinator
Tina Nguyen, Star Nails Owner Tina Nguyen, Star Nails Owner
ALBANY, GA (WALB) -

Some business owners worry they could have to close their doors if a new owner purchases the Albany shopping center where they're located.

Bidding started online today on the 11,000 sq. ft. center at the corner of Stuart Avenue and Dawson Road.

While clients are busy getting manicures and pedicures at Star Nails, investors are bidding on the shopping center the salon is located in. 

"We started marking the property about 35-40 days ago, and the bidding actually opens seven days prior to the bidding closing," said Jason Wiggins, Auction Coordinator. 

Tenants said the owners listed their property online with Rowell Auctions after growing tired of running the property. 

"They wanted to kind of force it on the market and get an idea of a date that we're gonna have a contract that we can look at that's cash with no contingencies," said Wiggins. 

Wiggins said listing properties through online auctions is becoming increasingly common.

"It allows the businessman, or the guy that's out of town to actually bid on the property from his desk or from his smart phone," said Wiggins. 

But some of the shop owners are concerned a new owner could increase rents or change the center.

"I'm so worried.  I don't know what's going on with the new owner, you know...what they're doing," said Tina Nguyen, Star Nails Owner. 

Nguyen opened her store eight months ago, and has seen a dramatic drop in clients after the Blockbuster closed next door.  And now she's struggling to keep up financially.

"I want to tell that if someone takes over this shopping center, I hope they will let us stay here for a while... for our business.  And I hope they get more business in here," Nguyen said.   

But Wiggins said a property with existing tenants is attractive to investors. 

"The auction method is just a way to put it on the market and have an ending date that you know that you're gonna have a contract in front of you.  They have leases in place.  Those leases carry on with the property with no problem," said Wiggins. 

But for now, Nguyen and the other shop owners will have to keep busy and wait to see who buys the center. 

The property is valued at over $1 Million and at one of the busiest intersections in Albany.  Bidding will continue until 2:00pm on September 11th.

Copyright 2013 WALB.  All rights reserved.

Powered by WorldNow