Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, February 23, 1991 TAG: 9102230252
SECTION: NATIONAL/INTERNATIONAL PAGE: A-5 EDITION: METRO
SOURCE: SANDRA BROWN KELLY/ BUSINESS WRITER
DATELINE: LENGTH: Medium
The center is owned by WM Equity, a subsidiary of Dominion Bankshares Corp., which acquired the property in a foreclosure sale late last year.
William R. Debo Jr., Dominion vice president, said Roanoke Valley realty companies were considered, but Nusbaum's extensive retail experience impressed the bank. Nusbaum also has been hired to manage another Dominion-owned property, Denbigh Village Center in Newport News.
Nusbaum manages more than 50 strip shopping centers in Virginia, North Carolina and Maryland, and has developed 6 million square feet of retail space, said James M. Hill, a vice president and director of management.
Leasing at the center will be handled by Richard M. Jacobson, senior vice president at Nusbaum. Jim Oakley, who has been working at Towne Square and who previously worked for the development company there, has been hired by Nusbaum.
Dominion forced the sale of Towne Square in November, after Nashville developer BD&E failed to meet payments on a $20 million debt to the bank. The Sam's Wholesale Club building at Towne Square was not part of the foreclosure.
BD&E of Nashville also developed Hunting Hills Plaza on U.S. 220 south in Roanoke and Market Place in Christiansburg. Faison Associates of Charlotte was hired this week to manage those two centers, which were acquired last year by NCNB Corp. of Charlotte in foreclosure sales.
BD&E's Seven Hills Shopping Center in Lynchburg went bankrupt before the first building, which was to house a Wal-Mart store, could be completed. Wal-Mart has since bought its site and plans to complete its building.
by CNB