Derbes Falgoust Commercial Real Estate
Central shopping center sells for $2.47M
Central's City Market Shopping Center, located at 18564 Magnolia Bridge Road, has been sold for approximately $2.47 million, says Justin Langlois of Mike Falgoust & Associates Commercial Real Estate, who represented the seller in the deal. Built in 2007 and patterned off of a shopping center in Destin, Florida, City Market is located 2.5 miles from Wax and Sullivan roads, an intersection Langlois calls the "epicenter" of Central. "It's located right at the base of the bridge that takes you from East Baton Rouge Parish to Livingston," Langlois says, "so it's strategically located. If you want to go to Denham Springs, you kind of have to cross over Magnolia Bridge Road." The roughly 18,000-square-foot, 14-suite shopping center houses about eight tenants, he says, including Chris' Specialty Meats and local doggie daycare Smooch My Pooch, but has approximately 3,800 square feet of space available for additional tenants. Because the shopping center is only seven years old, Langlois says the new owners have no immediate plans for renovations. The seller in the deal was Bellingrath Lakes LLC, and the buyer was Gulfport, Miss.-based 2003 Realty Company LLC. Drew Pearson, of Waters & Pettit Commercial Real Estate, represented 2003 Realty in the deal and will market the vacant space in the shopping center. The sale closed Thursday.
Article Provided by The Greater Baton Rouge Busienss Report | Rachel Alexander