Thursday , 29 September 2016
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Kimco Sells Louisiana Shopping Center for $24 Million

Acadiana Square Shopping Center in Lafayette, Louisiana.

Acadiana Square Shopping Center in Lafayette, Louisiana.

LAFAYETTE, La. – Acadiana Square, a 244,768-square-foot retail power center in Lafayette, La. has been sold for $24 million.

Holliday Fenoglio Fowler (HFF) marketed the property on behalf of the seller, Kimco Realty Corp.  A partnership between DRA Advisors and RCG Ventures LLC purchased the shopping center free and clear of existing debt.

“Acadiana Square is the premier retail destination in Lafayette, Louisiana, which is located at one of the most heavily trafficked intersections in the MSA and is also located directly across the street from the super-regional Acadiana Mall,” said Jim Hamilton of HFF.

Situated on 20.5 acres at 5700 Johnston Street, Acadiana Square is positioned at the “main and main” signalized intersection of Johnston Street (U.S. Highway 167) and Ambassador Caffery Parkway, which has combined traffic counts of more than 89,000 vehicles per day.

The center is located across the street from Acadiana Mall, the dominant regional mall in Lafayette.  The 91-percent-leased Acadiana Square is home to T.J. Maxx, PetSmart, Office Depot, Stein Mart and others.

The HFF investment sales team representing the seller was led by senior managing directors Richard Reid, Jim Hamilton and Ryan West.  Scott Tarbet, vice president of acquisitions for RCG Ventures, and Brett Gottlieb, director of acquisitions for DRA Advisors, represented the partnership in the transaction.

“DRA is excited to acquire this quality asset, as the immediate upside and long-term credit of the tenant roster were very appealing and allows us to continue to expand our platform with RCG across several markets,” Gottlieb said.

Kimco Realty Corp., a REIT based in New Hyde Park, New York, is North America’s largest publicly-traded owner and operator of open-air shopping centers.

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