Timing right for Acadian Village sale, market analyst says
Local real estate experts say the recent sale of the Acadian Village Shopping Center at Perkins Road and South Acadian Thruway makes a lot of sense from the perspective of both the buyer and the seller.
In a deal that closed Friday, Acadian CPDC, a limited liability company established by Commercial Properties Realty Trust, sold the 79,000-square-foot shopping center for $32.1 million to the Dallas-based real estate firm Crow Holdings.
“It’s a fantastic time to sell assets,” says local appraiser Wesley Moore, who is familiar with Acadian Village but was not involved in the recent transaction. “Interest rates are at historic lows, so it’s a good time for buyers … Also, Commercial Properties is working on some major projects that are going to be very capital intensive, so it makes sense.”
Commercial Properties, the for-profit real estate company of the Baton Rouge Area Foundation, is developing the Water Campus on Nicholson Drive, as well as the IBM Services Center and its adjoining residential development, 525 Lafayette, among other projects. Given its location, tenant mix and 100% occupancy, Acadian Village was considered an attractive asset when it went on the market earlier this fall.
In September, Commercial Properties began marketing the shopping center through a Dallas real estate firm. According to an offering memorandum made available to potential buyers, the shopping center generates about $2 million a year in net operating income. The shopping center opened in October 2013. According to Commercial Properties’ website, the total cost of the investment was $18 million. Calls to the shopping center’s new owners for comment were not returned as of this morning’s deadline. —Stephanie Riegel