Suburban Plaza, a West Knoxville shopping center anchored by...

Suburban Plaza, a West Knoxville shopping center anchored by Barnes & Noble and Toys "R" Us, has been sold to a Nashville firm.

Baker Storey McDonald Properties bought the 127,000-square foot center for $10 million, according to a news release. The center is 88 percent occupied, and the seller was Centro Properties Group, a firm headquartered in Australia.

The release said renovations, including a new façade, signage and store fronts, will begin after the first of the year. "We have been keeping a close eye on the market this past year and Suburban Plaza fits our criteria; this is a long term and solid investment for us with significant potential to add value," Steen Watson, of Baker Storey
McDonald, said in the release.

According to the release, Tony D'Ambrosio and Joe Montgomery of Colliers Spectrum Cauble, in Atlanta, represented the seller, and financing was arranged by Stephen Brink at First Southern Mortgage through ORNL Federal Credit Union.

http://blogs.knoxnews.com/flory/2009/12/barnes_noble-anchored_center_s.html