One of the Augusta area’s largest shopping centers has been purchased for more than $20 million.

Village Plaza, at 270 Bobby Jones Expressway, was sold to an unidentified buyer, according to an announcement Wednesday from Matthews Real Estate Investment Services, the California-based company that helped broker the transaction.

The 208,269-square-foot property had been owned by Ohio-based U.S. Properties Group, which also developed the Walmart Supercenter and the Sam’s Club on either end of the shopping center. USPG has owned the property since 2002.

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The Walmart and the Sam’s are “shadow anchors” for Village Plaza, which means the stores aren’t part of the shopping center but they generate business for the center by attracting potential customers. Current Village Plaza tenants include Tractor Supply Co., Sally Beauty Supply, and BioLife Plasma Services.

"After completing multiple expansions and renovations, the seller had accomplished their objective with the asset and desired to move their capital into other projects,” Matthews said in a prepared statement.

USPG sold the property from its portfolio March 4, according to its website. Matthews reported the sale price at $20.5 million.

Village Plaza was completed in 1988 on property that straddles the boundary between Richmond and Columbia counties. Part of the adjacent Walmart is in Columbia County.

“One of the challenges with the asset was the short-term rollover of the anchor tenants, which resulted in financing hurdles,” said Johnny Blue Craig, Matthews’ vice president, who represented USPG in the deal. “It required an investor that would be willing to look past the short-term rollover and focus on the strong real estate fundamentals.”

The buyer was attracted by the “top-performing” Walmart and Sam’s, and the shopping center’s tenants “paying below-market rents at a price below (property) replacement costs,” according to Matthews.

This article originally appeared on Augusta Chronicle: Shopping center on Bobby Jones Expressway sells for $20.5 million