The Ogden Market Shopping Center in the 3000 block of Government Street, between Bedford and Hearthstone drives, sold on March 2 for an undisclosed price. However, online records show show it was most recently listed on the Louisiana Commercial Database for more than $2.87 million.
The center is located across Government Street from the Westmoreland Shopping Center, and it’s home to businesses including Radio Bar, Time Warp, Red Stick CrossFit, Advance America, Hair Crown and H&R Block. Plans for a new restaurant in the shopping center are in the works and should be announced soon.
Justin Langlois, with Sperry Van Ness | Graham, Langlois & Legendre, represented the seller, Ogden Park Market LLC. The purchaser, Feringa Family Trust, was represented by Liam Grace and Beau Box of Beau Box Commercial Real Estate.
Current cap rates of investment-grade real estate are compressed, meaning investors are paying more money today for properties and receiving a lower rate of return. Investors have few options—especially those investing in a structured 1031 exchange, which allows an investor to sell a property, reinvest the proceeds in a new property and defer all capital gain taxes—but this purchaser bought a great building with a strong rate of return.
Ogden Market Shopping Center has a rich Baton Rouge history. Formerly known as the the Ogden Theater, the building and its history date back to the mid 1940s. See a photo of the old theater from 1948.
Appraiser Tom Cook owns Cook Moore and Associates. Reach him at (225) 293-7006 or TCook@cookmoore.com.
