BMS Camden Associates LLC -- an affiliate of Myers Brothers of Atlanta -- is getting back some of the $5.1 million it paid for the River Oaks Shopping Center on West DeKalb Street.
According to documents filed at the Kershaw County Registrar of Deeds Office on Dec. 10, BMS sold the more than 1-acre portion of the shopping center upon which Chick-fil-A is situated for $10 and other valuable consideration amounting to $1.328 million to PenRhon LLC of Grayson, Ga.
PenRhon is listed on the State of Georgia Corporations Division’s website as a real estate and rental/leasing company that leases out non-residential buildings. The limited liability company’s registered agent is Gene Manuel, of Snellville, Ga. However, a mortgage borrowing nearly $943,000 from Legacy State Bank of Loganville, Ga., to help defray part of the cost of the purchase is signed by Robert J. Latimer, the president of Stone Mountain Care Car Center Inc. as a managing member of PenRhon.
Manuel is also listed as the registered agent for Stone Mountain Care Car. The two entities share the same address -- a residence owned by Latimer and his wife. Manuel is an attorney with O’Kelley & Sorohan, a large law firm headquartered in Duluth, Ga., with locations across the state and one in Florida.
The mortgage specifically lists Chick-fil-A as the entity leasing the land and building from PenRhon, which was formed as an LLC on Oct. 15.
Meanwhile, work continues on BMS’ $3.4 million facelift of the shopping center. The façade and interior of the former Kmart is being transformed for Marshalls and Hobby Lobby to occupy. Hobby Lobby confirmed earlier this year it hopes to open in the summer of 2019. A portion of the parking lot and adjoining ground near the Wateree River bridge for U.S. 1 is being prepared for an 8,400-square-foot outparcel that may end up being home to a dental office, sub shop and a retail business.
In addition to Hobby Lobby and Marshalls, Big Lots recently upgraded its façade and completed a makeover of its interior. Also, Petsense is listed as one of the businesses coming to the shopping center, but it is still unclear if it will take over the space currently occupied by Citi Trends or space vacated earlier this year by H. Rubin Vision Center and Medi Home Care.