A New York investment firm has paid $59.9 million for Hammond Aire Plaza at the corner of Airline and Old Hammond highways and Prien Lake Plaza in Lake Charles.
The sale documents, filed with the parish Clerk of Court’s office Wednesday, show Kimco Baton Rouge 1183 LLC, Texas-based Prien Lake Dunhill LLC, and Prien Lake Outparcel LLC, of Delaware—all representing the real estate investment trust Kimco Realty—sold the properties to G&I VIII Hammond LLC, representing DRA Advisors LLC.
Hammond Aire Plaza sits on about 18.5 acres, and features several clothing and apparel retailers, including Burlington Coat Factory, Marshalls and Stein Mart. Not included in the sale was the Albertsons supermarket in the Hammond Aire Plaza, which was not owned by Kimco.
Prien Lake Plaza sits on nearly 16 acres at the corner of West Prien Lake and Nelson roads in Lake Charles. The shopping center is anchored by Ross, Marshalls and Bed, Bath & Beyond. A Target in that shopping center was also not part of the sale.
DRA Advisors specializes in real estate investment and management services for investors. The company manages about $6 billion in assets. Its portfolio includes more than 7.2 million square feet in retail space on 43 properties in 17 states and more than 24.2 million square feet in industrial space on 99 properties in eight states.
This is the latest of several properties in the market that Kimco has sold off in recent years. In 2013, the REIT briefly took over a portfolio of office buildings owned by developer Tommy Spinosa, then sold those buildings to a group of investors that includes Mike Wampold and Atlanta developer David Songy. In 2014, Kimco sold a Winn-Dixie it owned on Coursey Boulevard and Stumberg Lane.
—Ryan Broussard and Stephanie Riegel
