Perhaps you heard the 70,400-SF Pinecrest Shopping Center in Brinkley was sold at auction back in May.
The buyer in that $975,000 deal was Edprop Development Co. LLC, an affiliate of Edwards Food Giant.
The purchase made Steve Edwards, president of the Marianna-based grocery chain, a landlord to a competitor: Kroger.
Edwards has visions of putting a store in Pinecrest at some point in the future.
He may have to wait up to eight years if Kroger exercises all of its options to extend the lease. For now, a non-compete clause in Kroger’s Pinecrest lease is keeping Edwards from opening a grocery store in the shopping center.
“If they didn’t have that, I’d go in the old Wal-Mart space next to them and go head to head,” he says.
In case you didn’t know, the Pinecrest seller was a Dutch investment group: Beleggingsmaatschappij Beltway B.V.
We’re told that 22-letter mouthful is pronounced buh-leggin-smat-shap-ee.
English translation? Investment company.
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