Community Shopping Center Asset Trades in Baton Rouge, Louisiana0 Comment
On behalf of Kimco Realty, JLL’s Capital Markets experts today announced the firm has closed the sale of Hammond Aire Plaza, a nearly 350,000 square foot community shopping center located in Baton Rouge, Louisiana. A joint venture partnership between DRA Advisors and Viking Partners purchased the asset.
Managing Director Margaret Caldwell, Vice President Diane Roberts and Associate Eric Spencer led the JLL team on the transaction.
“Hammond Aire Plaza has an unmatched location in the market, and combines big box destination shopping with the market’s favorite small shops that appeals to a broad customer base,” said Caldwell.
“We are excited to work with the Viking team. Our team recognized a strong-performing center at Hammond Aire coupled with the ability to lease-up the 25,000 square feet of available space,” added Brett Gottlieb, Director of Acquisitions at DRA Advisors.
Hammond Aire Plaza is currently 92 percent occupied, and is home to Baton Rouge’s only Marshalls, Stein Mart, Burlington Coat Factory and K&G Fashion Superstore. The newly renovated asset is a destination shopping area in an expanding market, offering the market a value-oriented environment.