Monday, January 25, 2016

HFF closes $24 million sale of power center in Lafayette, LA

Acadiana Square, 5700 Johnston Street, Lafayette, LA

Richard Reid
ATLANTA, GA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $24 million sale of Acadiana Square, a 244,768-square-foot retail power center with multiple national anchors in Lafayette, Louisiana.

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-percent-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.

Jim Hamilton

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. 

“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.

 For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

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