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VOL. 132 | NO. 246 | Wednesday, December 13, 2017

Developers of Old Kroger Site Buy Property for $8M

By Patrick Lantrip

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The developers planning the renovations of the old Kroger location at 2130 Exeter Road have bought out the property’s previous owners in a multimillion-dollar deal.

Savannah, Georgia-based Wicker Park Capital Management, doing business as 2130 Exeter Road Holdings, has acquired the site from previous owner Robert H. Schwab for $8.1 million, according to warranty deed filed with the Shelby County Register on Dec. 11.

The site in question has become somewhat of a real estate enigma recently, largely due to the on-again-off-again speculation surrounding the future of the area’s first Trader Joe’s location.

Most recently, the developers filed a $90,000 building permit application begin façade work on the building earlier this month.

(Daily News/Andrew J. Breig)

Prior to filing that permit, 2130 Exeter Road Holdings final site plan was approved by the Germantown Planning Commission on Nov. 7.

While no specific tenants were named on the building permit of during the planning commission meeting, Germantown Economic and Community Development director Cameron Ross said at that time the new developers were actively recruiting tenants who will offer a significant reduction in the number of daily grocery deliveries received at the store.

“They are looking at tenants who receive a lower delivery volume than Kroger ever received,” Ross said. “One of our previous applicants on this provided a transportation study that showed the average grocery store receives approximately 20 deliveries a day for the various things that have to come into a grocery store. … With the tenants they are talking to, they are looking at five or less deliveries.”

The ballad of Trader Joe’s, which initially began in the fall of 2015, hit its first road bump in June 2016 when a Trader Joe’s spokesperson announced the store’s opening would be pushed back from the third quarter of 2016 to sometime in 2017.

Six months later, prior developers Centennial American Properties, working as CAP Germantown LLC, filed a $2.5 million building permit application that called for interior and exterior renovations to the former Kroger. Among the changes were modifications to the front wall “to create a new look on the front facade” and “interior modifications (shell only) for Trader Joe’s and future mercantile tenants.”

A representative with Trader Joe's told The Daily News at that time the project would likely be pushed back again, this time until 2018.

While Trader Joe’s won’t comment on the future of the project, their website still lists the 2130 Exeter Road location as “coming 2018.”

Multiple attempts to reach Wicker Park Capital for comment were unreturned by press time.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 109 199 999
MORTGAGES 112 243 1,195
FORECLOSURE NOTICES 6 57 152
BUILDING PERMITS 129 448 1,653
BANKRUPTCIES 59 144 635
BUSINESS LICENSES 58 132 298
UTILITY CONNECTIONS 27 55 392
MARRIAGE LICENSES 0 0 82

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