Super regional power center sells for $39.5M in southern Louisiana
JLL Capital Markets completed the sale of the Lafayette asset that is most visited retail destination within 50 miles
ATLANTA, Oct. 21, 2021 – JLL Capital Markets announced today that it has closed the $39.5 million sale of River Market Place, a 168,421-square-foot super regional retail destination with multi-anchor drawing power in Lafayette, Louisiana.
River Market Place was constructed in 2003 and is the most visited retail destination within 50 miles, ranking it within the top two percent of all retail destinations in the U.S. Nearly fully leased, the center is home to a durable rent roll with national and regional tenants that include Ross Dress for Less, Sears Home & Life, Total Wine & More, Books-A-Million, Rack Room Shoes, CATO, GameStop, Saltgrass Steakhouse, McAlister’s Deli, Buffalo Wild Wings and more. Additionally, the center is shadow anchored by a high-performing Super Target. The acquisition included six single-tenant outparcels.
Situated on 23.756 acres at 4403 Ambassador Caffery Pkwy., River Market Place is at the intersection of Ambassador Caffery Parkway and Kaliste Saloom Road, which, at nearly 80,000 vehicles traversing per day, is Lafayette’s busiest intersection. The center is within a dominate trade area and has enormous drawing power that extends across three states. The local trade area includes 238,379 residents earning an average annual household income of $76,147.
The JLL Capital Markets Investment Sales Advisory team that represented the seller was led by Senior Managing Directors Jim Hamilton, Ryan Shore and Ryan West; Senior Director Brad Buchanan; and Associate Taylor Callaway, along with Senior Managing Director Andrew Levy.
“Investor interest was exceptionally strong for River Market Place due to the super-regional location, robust credit tenancy and dynamic tenant performance throughout the pandemic,” Hamilton said. “We have seen record amount of capital in pursuit of retail investments in 2021 due to the powerful yield premium compared to other asset classes along with retail’s excellent performance as an asset class throughout the pandemic.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About RBL Real Estate
RBL Real Estate specializes in the acquisition, development and management of commercial real estate. Since its inception, RBL has acquired and managed more than 50 properties across the retail, industrial and office product types with an aggregate value in excess of $750 million.
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