LAFAYETTE, LA—GlobeSt has learned that Holliday Fenoglio Fowler, L.P. (HFF) has closed the $24 million sale of Acadiana Square, a 244,768-square-foot retail power center with multiple national anchors in Lafayette.
HFF marketed the property on behalf of the seller, Kimco Realty Corp. A partnership between DRA Advisors and RCG Ventures LLC purchased the asset free and clear of existing debt.
Situated on 20.53 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, a southern Louisiana city. The 91%-leased Acadiana Square is home to T.J. Maxx, PetSmart, Office Depot, Stein Mart, Party City, Shoe Carnival and Home Furniture Company with shadow anchors Michaels, Toys "R" Us, Babies "R" Us, Hobby Lobby and Mardel Christian & Education.
The HFF team representing the seller is being 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.
"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," Hamilton said.
"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. is a publicly-traded real estate investment trust headquartered in New
Hyde Park, NY, that is one of North America's largest owner and operators of open-air shopping centers. As of September 30, 2015, the company owned interests in 710 shopping centers comprising 105 million square feet of leasable space across 39 states, Puerto Rico and Canada.
DRA Advisors is an investment advisor specializing in real estate investment and management services for institutional and private investors. DRA has over $6 billion in assets under management.
RCG Ventures LLC (RCG) is a privately funded real estate investment group that acquires and develops commercial real estate in the Continental United States.
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