The iconic Goodwood Village shopping center—home to such Mid City merchants as Brew Ha-Ha!, Painting with a Twist and Monjunis Italian Cafe—has sold for $3.35 million to a Dallas investment firm.
Main Street Investment, a real estate development, investment and health care company, bought the roughly 21,000-square-foot retail center—in a deal that closed Tuesday—from Goodwood Village LLC, a company owned by George Waters Jr. and Robert Pettit III of Waters & Pettit Commercial Real Estate.
“It was a difficult decision for us to make,” Pettit says. “With all the energy and everything that’s going on in Mid City and Government Street—all the activity and interest—we thought it was a good time to sell.”
Designed by the legendary Baton Rouge architect A. Hays Town, Goodwood Village, at 711 Jefferson Highway, has a Spanish tiled roof and large columns and arches. The fully leased shopping center sits at the gateway to Mid City and twice annually host crowds from neighborhood festivals like White Light Night and Hot Art/Cool Nights.
Pettit and Waters purchased the property about 12 years ago, working to stabilize the center’s leases while watching the neighborhood evolve.
And with developments like Square 46 close to opening, new restaurants moving in and the Government Street ‘road diet’ under construction, the duo decided that market conditions made it a good time to find a buyer and sell.
The new owners, Pettit says, intend to maintain the property.
“The property is such a unique property, and I think they just want to keep it that way,” he says. “It’s got some great tenants, great leases in place and they found that attractive.”