Business

Zandale shopping center sells for nearly $10 million

The Zandale Shopping Center has new owners photographed on Monday May 20, 2013 in Lexington, Ky.
The Zandale Shopping Center has new owners photographed on Monday May 20, 2013 in Lexington, Ky. Lexington Herald-Leader

The Zandale shopping center, which includes stores such as Critchfield Meats and Miller & Woodward Jewelers, has sold for nearly $10 million.

David O'Neill, Fayette County property valuation administrator, said the sale to Zandale Shopping Center LLC for $9.7 million went through last week.

Zandale is a 7.5-acre site that was assessed this year at $7.5 million. It is at the corner of Zandale and Nicholasville roads and contains more than 20 stores.

The center was built and completed in 1962. It last changed ownership in 2002, when it was purchased by Jeffrey Ruttenberg for $7.35 million. Before that, the center was owned by Rubloff Zandale LLC, which bought it in 2001 for $6.9 million.

Critchfield Meat has been in the center for 26 years. One of the owners, Larry Critchfield, said that the store has seen new owners of the shopping center before.

"This fella will be the fourth owner since we've been here ... ," said Critchfield, who added that he had been happy with Ruttenberg, the previous owner. "When Jeff took it over he improved it, put up new facades all around."

The new ownership group is represented by attorney Teddy O. Mims, who said Monday that he was not free to disclose the names of the organization's members or their plans for the center.

"Right now, it's a full shopping center with good local tenants," Mims said. "They're very excited."

Mims is a son of developer Ted J. Mims, who has been involved in a recent controversy over a proposed health clinic on Southland Drive to be operated by HealthFirst.

Teddy Mims said his father was not involved in the Zandale purchase.

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