Business partners and developers Kent Walker and Donnie Jarreau have purchased for $868,750 a building at 2975 Highland Road that’s home to a Family Dollar store. Walker says the two bought the building as an investment and anticipate Family Dollar will remain in the building.
“We actually just purchased this one and another [Dollar Store building] in Gramercy at the same time,” Walker says. “Both are high volume stores that have been in their locations for 10 years each, and they’re in their renewals now. We feel like they’ll extend again, and there are bumps in rent when that’s done … We like the locations even if not, but we expect renewals based on the sales at those locations.”
The Baton Rouge building was bought from South Sherwood Square LLC, represented by manager Ralph Paul Voorhies Jr., according to sale documents. Walker says the Gramercy store was purchased for about $600,000. —Steve Sanoski
