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| Acadiana Square, 5700 Johnston Street, Lafayette, LA |
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| 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.
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| 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 | www.hfflp.com
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