The Acadian Village Shopping Center at the intersection of South Acadian Thruway and Perkins Road has sold for $38.2 million to an affiliate of a national real estate service firm in Dallas.
Alpine Acadian, a Texas limited liability company connected to LPC Retail, bought the shopping center from CH Realty VII/R Baton Rouge Acadian LLC, according to sales documents. Both companies are located in Dallas.
The seller, a Dallas-based private real estate fund advised by Crow Holdings Capital, bought the shopping center in December 2014 from Commercial Properties Real Estate Trust for $32.1 million.
Neither the buyer nor the seller could be reached before this afternoon’s publication deadline for Daily Report PM.
Tom Cook of Cook, Moore, Davenport and Associates calls the acquisition “significant,” noting the nearly 20% difference between the price at which Crow Holdings Capital bought the shopping center four years ago and the price at which the company sold it.
“I would bet the difference in price is due to an escalation of rent from the existing tenants,” he says.
The Acadian Village Shopping Center is home to a tenant mix that includes Trader Joe’s, A Divina Gelateria, Nadeau Furniture, Pier 1 Imports, Petco, The Ruby Slipper Cafe, Galatoire’s and LuLulemon. The 79,000-square-foot shopping center cost around $18 million to build and opened in 2013.
