Donnie Jarreau has acquired The Settlement, an eight-building retail and office complex on Jefferson Highway near Bocage, and plans to spend some $500,000 renovating the 1980s-era development.
In a deal that closed earlier today, Jarreau acquired the 40,000-square-foot property from longtime owner Joe Anselmo for $4 million, or about $100 per square foot.
The Settlement’s prime location along the upscale Jefferson Highway commercial corridor and its high-end tenant mix, which is 60% retail and 40% office, made the deal too attractive to pass up, Jarreau says.
“It’s hard to find assets with this kind of location and this kind of occupancy, and there is value add,” he says. “We plan on doing like we did with Drusilla, Southdowns and Staring and breathe new life into it.”
Since 2008, Jarreau has acquired the Southdowns Shopping Center, Drusilla Shopping Center and Perkins South Shopping Center, formerly known as Town South, and updated them through exterior renovations, new signage and lighting, and freshly paved parking lots.
The Settlement, which is a complex of two-story, French Quarter-style buildings connected by winding walkways, is 95% occupied and counts among its tenants Palermo Ristorante, several art galleries and hair salons, and the local offices of Junior Achievement.
Jarreau plans to paint all the buildings the same color so the complex will be more visible from the busy street. He also plans to invest in new lighting and signage and will repave the aging parking lot, which encircles the rear of the development in a horseshoe pattern.
Troy Daigle, who works with Jarreau, represented the buyer and the seller in the transaction.
—Stephanie Riegel
