March 6, 2008
Shopping center getting facelift, Peebles
Armada Holly Springs, Ltd. of Houston, Texas, has purchased the shopping center located at 231 Martin Luther King Drive in Holly Springs.
The center is adjacent to the former Wal-Mart store purchased two years ago by Armada Holly Springs, Ltd.
The company has also recently executed a lease with Peebles Department Store for the former Dreamland space in the Holly Springs Marketplace Shopping Center. Peebles will occupy 15,000 sq. ft. The publicly traded company (NYSE) chose Holly Springs Marketplace because of the existing tenant mix (Cato, CitiTrends and Shoe Show, which are also national tenants) as well as the property’s relationship to downtown.
Specialty Retailers is a Houston, Texas, based public company offering moderately priced, nationally recognized brand name apparel, accessories and cosmetics. The chain of 700 stores in 35 states also operates under the name of Beall’s, Stage and Palais Royal trade names throughout the South-Central states, while Peebles can be found in the Mid-Atlantic, South-Eastern, Mid-Western and New England states.
Greg Mathis, partner of Armada Holly Springs, Ltd., said the new shopping center owner will renovate the property with a new modern appearance.
The financing for the purchase was handled through Steve Gresham, president of the Bank of Holly Springs.
“The Bank of Holly Springs is proud to continue the tradition of assisting in bringing new business entities into Holly Springs and Marshall County,” Gresham said.
William M. Wage, AIA, is the architect for the project, with Joe Hurdle of Southern Commercial as the general contractor.
Mathis said Armada Holly Springs, Ltd., divided the former Wal-Mart for CitiTrends and Shoe Show and will continue to add to the tenant mix of the center.
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