The Zachary Place Shopping Center at 5514 Main St. in Zachary has been sold via an online auction for $4,725,000. The center is located across the street from a Walmart and is home to tenants including Office Depot, Payless ShoeSource, Dollar General, Hibbett Sports and Rue 21.
WJ Boyd LLC, represented by Kent Walker and Donnie Jarreau, purchased the 56,991-square-foot center, which is situated on a 7-acre site. The sale price works out to $82.90 per square foot. The seller was Commercial Properties Realty Trust, represented by Carolyn Martin. Commercial Properties is the for-profit real estate development arm of the Baton Rouge Area Foundation.
The sale closed Dec. 22. At that time, just one vacancy existed in the center, measuring about 7,250 square feet. “We felt like it was an excellent investment given the strength of the tenants occupying the center,” Walker says. “With Walmart less than a quarter mile away and this being the center of the established retail corridor of Zachary, we felt like we made a good, solid, long-term investment. We have had a lot of potential tenants looking at the vacant suite and I think we will have it leased within 60 days.”
Aside from the vacancy, a land lease has been secured by Chili’s restaurant to develop a restaurant at the center. The property was originally developed over 20 years ago by Wilbur Marvin, one of the major benefactors of the Baton Rouge Area Foundation. The sale comes on the heels of Commercial Properties’ $32.1M sale of the Acadian Village Shopping Center at the corner of Perkins Road and South Acadian Thruway in Baton Rouge.
Appraiser Tom Cook owns Cook Moore and Associates. Reach him at 293-7006 or TCook@cookmoore.com.
