Paducah company seeks to improve Fairview Plaza appeal

Wednesday, July 07, 2004

Paducah-based Azimuth purchased the Fairview Plaza Shopping Center in June from Warren County Judge-Executive Mike Buchanon for $8.7 million.

Michael Smith, partner in Azimuth, said Bowling Green seems to be growing.

Any kind of property should increase in value, Smith said. I really like the areas leaders and city council members we really thought itd be a valuable investment.

Buchanon sold that shopping center after receiving two or three offers this year for it. Hed received other offers in previous years.

The McDonalds, Wendys, Big B Cleaners and Branch Bank & Trust on the outparcels in front of Fairview Shopping Center are separate and not included in the sale.

Soon after the sale, the new owners notified David Holland, owner of Suitable for Framing, and other tenants of Fairview Plaza Shopping Center of the sale.

Obviously they want to maintain their client base, Holland said. I felt they did a very good transitional job.

Holland has already sent one rent check to the company. He has a feeling the new company knows its business and has a genuine interest in improving the property.

Ive been generally pleased, Holland said.

The acquisition of the shopping center is the first purchase of real estate outside Paducah for Azimuth, Smith said. It already owned some apartments in Paducah and the company is seeking to diversify its property base into real estate similar to the shopping center.

Azimuth plans to continue Buchanons efforts to improve the property, Smith said.

Our philosophy is we add value to the community, he said.

Smith added the company likes the Bowling Green area, but currently doesnt have plans to move anyone from Paducah to the Bowling Green community.

We have roots (in Paducah), Smith said.

Southern Kentucky Regional Farmers Market, which meets in the shopping centers parking lot, will continue to sell fresh produce from 3 p.m. to 7 p.m. Tuesdays and from 7 a.m. to noon Saturdays, Smith said.

Golds Gym, which is nearing completion of a new building on Pedigo Way behind Pier 1 Imports, is expected to move out of the shopping center in the next month or two, according to Smith.

David Hogan, assistant manager at Ace Hardware, summed up the results of the sale.

Everythings fine, he said.

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