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Farragut cinemas, mall change hands


The former Regal Cinemas building and Farragut Towne Square shopping center are in the hands of new owners.

In a deal finalized this past Thursday, Horne Properties Inc. sold the former movie theater as well as the entire shopping center to Ingles Markets, Inc.

“Ingles markets has been a client of ours for twenty-five years,” said Doug Horne, owner of Horne Properties. “They intend to build a new superstore there. We normally build stores for them, but they wanted to do it themselves, so we sold them the shopping center.”

Horne said his company in the past has traditionally leased property to Ingles, but the grocery chain wanted to purchase the property this time.

Horne declined to say the purchase price for the shopping center, but Knox County officials say the property was appraised for a little more than $3.1

million.

What does the future hold for the current tenants of the shopping center?

Chief financial officer for Ingles Markets, Ron Freeman, said their businesses should run as usual.

“We have no plans to tear down the center or disrupt current tenants,” he said.

The former movie theater, he said, would probably be a different story. Freeman said the company plans to construct a new, larger Ingles store where the former theater is located.

“We don’t have a definitive time frame for construction, but what I can tell you is that the new store will be close to the movie theater,” he said. “It will be substantially larger than our current store. It will have all the amenities we’re putting in our larger stores: video, seafood, pharmacy, reading center, organics, etcetera.”

Freeman said the current store has about 34,800 square feet of space.

Freeman said he wasn’t sure, but the expansion plans could include an easement that would line up directly across from Peterson Road and include a signal light at that intersection.

Town officials are excited at the prospect of a new, larger Ingles in the community.

“I think that is a tremendous thing for the town of Farragut,” said Mayor W. Edward “Eddy” Ford III. “Ingles is a strong company that has been a vital part of our community.”

 

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