Busy Jackson developer buys Cape Albertsons

Jim Maevers doesn't have to worry about the devil's workshop because his hands are far from idle.

In the past year, the Jackson developer has reworked the old Wal-Mart building, bringing in Fred's Discount Store and Nearly Perfect Shoes.

He's already announced plans for a restaurant called the Branding Iron to go in the huge parking lot in front of Fred's and is within a few weeks of closing deals that will bring a national sandwich franchise and a movie rental chain to that property, too.

Maevers also is working to renovate the old IGA into a bowling alley in Jackson. He and his wife Deb opened Pastimes Antiques on Main Street in Cape Girardeau.

Not to mention that he and his brother, Tim, already own the Save-A-Lot grocery stores in Jackson, Cape Girardeau and Sikeston.

And now this ...

The Bull's Eye Investment Group, of which Maevers is managing member, closed a deal last week to buy the Albertsons building from the Tennessee group that had bought it when the grocery store closed.

"I think that it's in a great location," Maevers said. "The Albertsons company spent a lot of money in upgrading that corner. I was attracted to it because I saw potential there."

When I broached the topic of the purchase price, Jim suddenly got media savvy: "Terms of the sale were not disclosed," he said. "Isn't that what you guys say?"

Something like that.

Anyway, Maevers said that the group is also looking to lease the building, and he hopes to have some news about an occupant in just a few weeks. (Where have I heard that before?) He, too, would like the building to be leased by one retailer and not several.

Maevers also told me that Arby's has already agreed to buy the spot in the parking lot where the convenience store was and put a restaurant there by the end of the year.

The tanks will be removed this week, he said.

The restaurant is actually being opened by The RTM Restaurant Group, an Atlanta-based company which is Arby's largest franchisee with about 800 restaurants.

Mary Beatty, the real estate construction coordinator for RTM, said construction is to start Sept. 15, with plans to open by Dec. 15. She said the roast-beef restaurants typically have about 30 employees.

There is strong interest in the Albertsons building itself, Maevers said. He said he had been talking to interested parties weeks before the deal closed.

"I don't buy things without having a plan for it," he said. "I've been talking to one in particular for five weeks."

Like the previous owners, Maevers said he couldn't even hint at the interested parties, saying such negotiations are fragile.

Maevers is an interesting paradox in today's business world. With the economy such as it is, these are the days of business closings and layoffs, right?

"I don't see it that way," he said. "I know the business climate is going to improve. There's a lot going on."

There's an understatement, Jim.

Scott Moyers is the business editor for the Southeast Missourian. Send your comments, business news, information or questions to Biz Buzz, 301 Broadway, Cape Girardeau, Mo., 63702-0699, e-mail smoyers@semissourian.com or call 335-6611, extension 137.