The Family Dollar store at 9999 Burbank Drive, between Gardere Lane and Bluebonnet Boulevard, has been sold for $645,600, according to land records filed with the East Baton Rouge Parish Clerk of Court today.
The store was built in 2002 and measures about 9,000 square feet, according to a real estate listing, and was sold by RCS Land Company, a limited liability company domiciled in Arkansas and represented by Richard Syrgley. The buyer is LA 42 LLC, which is represented by Carroll Boudreaux Jr. and Alisa Boudreaux of Lafayette.
Due to strong sales at the store, the real estate listing says, Family Dollar recently exercised the first of six separate five-year lease extensions. Rent will increase by 7% in 2017 under terms of the first options, with each option thereafter calling for a 10% increase in rent.
Headquartered in Matthews, North Carolina, Family Dollar is a publicly traded company with more than 7,100 stores in 44 states, including 20 in the Baton Rouge area. Shareholders of the company last week approved a sale of the business for $8.5 billion to Virginia-based rival Dollar Tree, which succeeded in acquiring Family Dollar despite a higher, $9.1 billion bid last year by Dollar General. As the Charlotte Observer reports today, Family Dollar CEO Howard Levine is selling 1 million to 2 million shares of his stake in the company, according to securities filings from the company Wednesday. He currently owns about 7.8% of Family Dollar’s stock outstanding and is the largest individual shareholder. —Steve Sanoski
