Four Baton Rouge real estate brokers have bought the Walgreens on Staring Lane, near the Perkins Road intersection, for $3.8 million, according to sales documents.
The property was purchased by Monroe Plaza LLC, represented by officer David Persac; Four Boys Holdings LLC, represented by Edward Rotenberg; Donnie Jarreau Developments LLC, represented by Donnie Jarreau; and Stalter Holdings LLC, represented by Benjamin Stalter. Stalter also served as the broker for the deal.
Jarreau says the group was looking for investment property in Baton Rouge and were interested in the recently-converted Walgreens because of the property’s proximity to three area hospitals.
The building, previously a Rite Aid, changed flags following Walgreen’s $4.4 billion acquisition of more than 1,900 Rite Aid locations around the U.S. in June.
Walgreens has six years remaining on the lease, which Jarreau expects the company to renew despite another Walgreens being located less than a mile away at Our Lady of the Lake.
“Nowadays, it’s hard to find a good investment,” says Jarreau, who owns several pieces of property along Perkins Road and Staring Lane. “I think it’s a good piece of real estate. Some 80,000 to 90,000 cars pass that corner every day. It’s a great retail corridor.”
The four buyers split the ownership interest in the property. According to sales documents, Monroe Plaza LLC holds some 72% of the property, while Four Boys Holdings LLC owns 17%, Donnie Jarreau Developments LLC owns nearly 8% and Stalter Holdings LLC owns nearly 3%.
The Walgreens was sold by Jordan S. Geller, R. Blake Atkins and Suzanne M. Geller, as trustees of the Jerome H. Pearlman and Faith Pearlman Trust No. 2.