The Acadian Square shopping center on Airline Highway, near its intersection with Bluebonnet Boulevard, has sold for $885,000.
Shree Ganapati Airline LLC, managed by Neal, Karen and Krunal Patel, bought the 9,796-square-foot center as an investment. The center sits on a 0.81-acre tract at 10466 Airline Hwy. Ben Stalter with Maestri Murrell represented the buyers. Carmen Austin with Saurage Rotenburg represented the sellers, G & L LLC, managed by Gregory and Leona English, who previously occupied a small suite in the complex, the Baton Rouge Meeting Room. Stalter says the new owners are now looking at potential tenants to fill that space.
“We have a couple of prospects we’re talking to,” Salter says.
All of the other suites are occupied. Tenants in the center include Groomingdale’s Pet Salon and Spa and Luxury Formal among others. Stalter adds that the ratio of net operating income to the initial cost of the property, or the capitalization rate of the purchase, is high for the area, making the shopping center an especially good investment. —Kelly Connelly
