Western Louisiana retail center sells
JLL Capital Markets arranged the sale of the 244,768-square-foot Acadiana Square in Lafayette, Louisiana
ATLANTA, Aug. 23, 2022 – JLL Capital Markets announced today that it has closed the sale of Acadiana Square, a 244,768-square-foot, super-regional retail center in Lafayette, Louisiana
JLL represented the seller, DRA Advisors and RCG Ventures. Property Commerce Dividend Fund acquired the asset.
Acadiana Square is 95-percent occupied center with several high-performing anchor tenants, including Burlington, Home Furniture company of Lafayette, TJ Maxx, PetSmart, Office Depot and Party City. With the exception of tenants in their initial term, every tenant has renewed two or more times, and new leases or renewals total over 87,000 square feet in the past 12 to 18 months.
Located at 5700 Johnston St., the center is situated in a premier retail node in Western Louisiana with 13 million square feet of retail inventory within five miles. Additionally, the center is easily accessible to the almost 250,000 residents within a ten-mile radius.
The JLL Retail Capital Markets Investment Sales and Advisory team that represented the seller was led by Senior Managing Director Jim Hamilton, Senior Managing Director Ryan West and Managing Director Brad Buchanan.
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 and sales 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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About JLL
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 $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Property Commerce Dividend Fund
Based in Houston, TX, Property Commerce Dividend Fund owns more than a million square feet of retail shopping centers in the southern U.S. To learn more, please visit: propertycommerce.com.
About DRA Advisors
DRA Advisors LLC is a New York-based registered investment advisor with approximately 95 employees specializing in real estate investment management services for institutional and private investors, including pension funds, university endowments, sovereign wealth funds, foundations, and insurance companies. Since DRA was founded in 1986, the firm has opened additional offices in Miami and San Francisco while acquiring over $36 billion of real estate. The acquisitions include 84 million square feet of industrial, 63 million square feet of office, 83 million square feet of retail and 80,000 multifamily units. As of March 31, 2022, DRA has $12.0 billion in gross assets under management. http://draadvisors.com
About RCG Ventures
RCG Ventures, LLC (“RCG”) is a privately funded real estate investment group that acquires and develops commercial real estate in the Continental United States. The company’s primary focus is value-add anchored shopping centers with the potential for long-term ownership.