Bluebonnet Parc, the 135,000-square-foot shopping center near the Mall of Louisiana, is being marketed for sale on CREXi, a commercial real estate exchange website.
It’s being sold by its current owner, Cincinnati-based Viking Partners, which bought Bluebonnet Parc for $21 million in late 2013 with plans to re-tenant or re-lease the outparcel center. In the past five-plus years, they’ve secured several tenants, including Havertys furniture store and buy buy Baby.
“We’ve had a lot of success with the property,” says Bret Caller, an owner of Viking Partners. “Our company’s strategy is to buy properties, hold them for three to five years, improve them and then sell them. Now it’s time to put it on the market for sale.”
There is no listed asking price on the shopping center, with Caller saying “the market will determine the sale price.”
The company has hired brokers John Riser and Billy Hoffpauir, both of Indianapolis-based Riser Retail Group, to market the shopping center, which was built in 2002.
At 95% occupancy, other tenants include Best Buy, David’s Bridal, Destination Maternity, LifeWay Christian Bookstore and Men’s Wearhouse. An additional 15,000-square-foot pad is also available.
Caller says there is “substantial interest” in the 18-acre property.
Editor’s Note: This story has been updated from a previous version, which inaccurately associated broker Billy Hoffpauir with another company. Daily Report regrets the error