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Equity One Fills Big Box Holes in Louisiana

BATON ROUGE, LA-The Miami-based REIT finds 71,000-sf worth of tenants to backfill space at a 174,000-sf retail center in Baton Rouge and another property in Galliano that were vacated by Kmart in December 2002.

By Brian K. Miller | Updated on August 28, 2003

BATON ROUGE, LA-Equity One has signed three tenants for the former Kmart space at Seigen Village, a 174,000-sf mall in Baton Rouge.

Equity One Leasing Director Thornton Anderson tells GlobeSt.com it cost the company about $10 per sf to split the space, but they were able to sign tenants to 10- and 15-year leases for about $11.50 per sf per year. Stage Stores, a brand name and private-label department store, took 30,061 sf while Big Lots, a closeout retailer, took 33,508 sf and Dollar Tree Stores took about 8,000 sf. Anderson says the leases bring Siegen Village to 95% occupancy.

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