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Rankin's Hardware buys shopping center in Colonial Beach
BY FRANK DELANO
Longtime tenant Rankin's Hardware Inc. is now the owner of the Colonial Plaza Shopping Center in Colonial Beach.
According to deeds filed Jan. 5 in Westmoreland County Circuit Court, the Warrenton-based hardware chain paid $2.7 million for the center that contains about 50,000 square feet of retail space. The assessed value of the property is $1.6 million.
"The previous owner was in trouble and the bank offered us good terms," said Loyd Alspaugh, manager of the Rankin's True Value Hardware in Colonial Beach.
According to court records, First Mariner Bank of Baltimore agreed to finance the entire purchase price and Rankin's agreed to assign all rent payments to the bank.
The property was originally known as the Colonial Beach Shopping Center. In addition to Rankin's 13,000-square-foot store, the center is home to Dollar General, Papa John's Pizza, Sweet Tastin Bakery, East Coast Physicians, PC and Memory Lane Gift Shop.
An A&P supermarket--and Rankin's, too--were once located at the southern end of the shopping center. That 15,000-square-foot portion of the center needs a new roof, Alspaugh said.
"We hope to get started on it next week," Alspaugh said Thursday. "Hopefully, when we finish it up, we'll be able to get new tenants and offer them better terms."
Rankin's Hardware got its start in 1966 when James A. Rankin opened a small True Value Hardware Store in Warrenton. Now 20,000 square feet, the Warrenton location is managed by Rankin's son, Glen.
The family later bought a getaway house in Colonial Beach. In 1990, when Cooper's Store in town closed, the Rankins decided to open a 3,000-square-foot hardware store at the Beach Gate Shopping Center, said Alspaugh, a son-in-law of James Rankin.
Rankin's son, J. Alvin Rankin Jr., manages the family's King George County store, which is in the process of moving from a 10,000-square-foot building on U.S. 301 into a 16,000-square-foot building a half-mile away that was formerly a furniture store.
"We sell just about everything under the sun. We've been growing," said Alspaugh.
Frank Delano: 804/761-4300