HUNTSVILLE, Ala. (WHNT) — The Madison Plaza shopping center is under new ownership, but the strip mall’s future is still unclear. CBL & Associates Properties sold the site to Atlanta’s RCG Ventures on July 1 for $5.7 million. RCG Vice President of Acquisitions Scott Tarbet confirmed the sale to WHNT News 19.
Meanwhile, CBL, the former owner of Madison Square Mall, said these moves are about upgrading the quality of its properties.
“We continue to strengthen CBL’s portfolio with the steady progress we are making on our disposition program as represented by the completed sale of Madison Plaza,” said Stephen Lebovitz, President and CEO, in a released statement.
CBL only owned a portion of the plaza, though. Public records show nearly 55,000 square feet of the shopping center belongs to Urban Retails Properties in Cincinnati.
As for RCG’s newly acquire 99,000 square feet, officials would not disclose its future plans for the property. Local business managers within the center confirmed that representatives from RCG visited Madison Plaza earlier this week.
The company’s website also lists Haverty’s and Sky Zone as its two major tenants. According to its site plan, the L.A. based trampoline park will move into the old hhgregg location. The plans also confirm the expansion of Vietnameses restaurant Viet Huong into the adjoining parcel.
As for the remaining local businesses, WHNT News 19 spoke with several employees and, unlike the uncertainty surrounding Madison Square Mall’s future, they are confident the new owners will honor their lease agreements.