Commercial Real Estate in Macon, GA

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Larry E. Crumbley, CCIM, CPM, SIOR, CRE

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PROFILE OF MACON, GEORGIA’S RETAIL MARKET
updated Jan., 2008

The Macon retail market can be divided into 6 main areas: North Macon, East Macon, South Macon, Macon Mall Area, West Macon, and Sub-South. According to Fickling & Company’s annual survey of over 9 million square feet in Bibb County, the overall Bibb County retail market currently supports about an 80% occupancy rate. However, a lot of the vacancy is attributed to big box buildings and poorly positioned centers with vacant anchor spaces. Over the last few years, the retail segment has incurred a lot of growth, and the expected opening of the Shoppes at River Crossing, a 750,000 square foot development, in 2008 is assuredly another year of growth.

Macon Mall Area

Construction on the 500,000 square foot Eisenhower Crossing Power Center began in 2001, and its completion has been on-going with an 80,000 square foot addition completed in Fall 2006. Major tenants in the addition include HHGregg and PetsMart. Other major tenants in that center include Target, Dick’s Sporting Goods, Best Buy, Michael’s, Kroger and Goody’s.

The most significant addition to the Macon Mall-Eisenhower Parkway market was the 2005 opening of Academy Sports at the Key Street /Eisenhower Pkwy intersection. Also, Save-A-Lot leased 31,000 square feet in the Macon Plaza Center located about ¼ mile west of Pio Nono Ave. on Eisenhower Pkwy.

The Wal-Mart located at Westgate Shopping Center at the corner of Pio Nono and Eisenhower Parkway (US 80) relocated to the I-475 interchange on Eisenhower Parkway. Thus began the shift of retail to the Eisenhower Pkwy area, between Macon Mall and I-475. In 2005, Home Depot, which was also located at Westgate Shopping Center, vacated the area to join the other major big boxes at Eisenhower Crossing. There are currently over 800,000 square feet of vacant big box space along the Eisenhower Parkway corridor from Pio Nono Ave. to Bloomfield Road.

It is believed that the opening of other retail establishments in the north Macon area will have a significant effect on the Macon Mall market. However, this market should remain viable as the open of Steve & Barry’s University Sportswear and the announcement of a new movie tavern theater in the Macon Mall are some of the highlights of that area.

North Macon Area

In 2005, Bass Pro Shops announced the opening of a 130,000 square foot retail store to be located adjacent to its 430,000 square foot distribution facility near the Bass Road/I-75 interchange. The Distribution Center opened 2nd quarter of 2006 and the retail store opened in October 2006. This ignited the area’s transition into what many believe will be one of middle Georgia’s premier destination retail corridors. Jim Wilson & Associates are in the opening stages of Shoppes at River Crossing, a 750,000 square foot retail development at the Riverside Drive/I-75 interchange located just south of the Bass Road interchange. Dillards will open in March 2008, followed by Barnes & Noble, Bonefish Grill, Cold Water Creek, Ann Taylor Loft, Gymboree, and Christopher and Banks. Stores scheduled to open later in 2008 include Belk, Dick’s Sporting Goods, and Circuit City. Market Place at Bass will offer 750,000 square feet of anchors and small shop space.

Meanwhile, the Bass Road/I-75 Interchange continues to add retailers to go with the Bass Pro Shop. McDonalds, Starbucks, and Piedmont Bank had held recent openings of Fickling & Company’s project totaling over 500,000 square feet. BB&T Bank, J. Christopher’s Restaurant, Zaxby’s, and Drury Inns and Suites also have locations under development at this interchange. Additionally, several large retailers are currently in negotiations to locate within that corridor.

West Macon Area

Zebulon Road/I-475 corridor also continues to add new retailers as the Kohl’s Department Store was added to that mix to go with Lowe’s, Wal-Mart and Kroger.

Sub-South Area

The sub-south Hartley Bridge Road/I-75 Interchange has plans for a major retail development. No anchors have been announced.

These new developments, coupled with the usual restaurants and small shops that usually follow, have created excitement in the Macon retail market. However, this growth will create vacancies as retailers reevaluate their positions in the market.