Around Town

Acadiana Square shopping center sells for $24M

Located on Johnston Street across from Acadiana Mall, center is 91 percent leased.

Located on Johnston Street across from Acadiana Mall, Acadiana Square was sold for $24 million to an out-of-state partnership.

Acadiana Square shopping center at 5700 Johnston St., across from Acadiana Mall, has been sold by Kimco Realty Corp. to two out-of-state real estate groups for $24 million. A real estate investment trust based in New York that now ranks as North America’s largest publicly traded owner and operator of open-air shopping centers, Kimco had owned the center since 1997.

According to a Jan. 11 announcement by mortgage banking firm Holliday Fenoglio Fowler, which represented Kimco in the transaction, the 244,768-square-foot power center was purchased by a partnership between DRA Advisors, which manages more than $6 billion in assets, and RCG Ventures, a privately funded real estate investment group that acquires and develops commercial real estate throughout the country.

Acadiana Square is located on 21 acres at the Johnston Street/Ambassador Caffery intersection, which has combined traffic counts of more than 89,000 vehicles per day, according to the press release, and is 91-percent leased. Its tenant mix includes T.J. Maxx, PetSmart, Office Depot, Stein Mart, Party City, Shoe Carnival, Home Furniture Company, Michaels, Toys “R” Us, Babies “R” Us, Hobby Lobby and Mardel Christian & Education.