HOUMA, LA-New Orleans-based Property Management Group beat out five other offers for ownership rights to the 98,586-square-foot Houma Power Center. When the dust settled, seller Kimco Realty Corp. of New Hyde Park, NY ended up with $8.5 million from the sale, while Property Management Group added a 100%-leased retail center to its portfolio.

“Three anchors occupy 70% of this property, so it’s a stable cash flow,” explains Margaret Caldwell with Jones Lang LaSalle’s Atlanta, GA office, who partnered with colleague Kris Cooper to negotiate the transaction on behalf of Kimco. Caldwell says the asset, located on State Highway 3040/Martin Luther King Boulevard, came to market during summer, 2011.

“The buyer is a local investor that really understands the market,” she tells GlobeSt.com, adding that the additional offers were received from all private investors. “This is typical,” she continues. “When you start entering markets like Louisiana and Alabama that aren’t considered primary markets, we see mostly private investors looking at these properties.”

Houma Power Center, built in 1999, has Old Navy, Michaels and Burke’s Outlet as its anchors. Other tenants include Shoe Carnival, Office Max and America’s Best Contacts & Eyeglasses, none of which are rolling any time soon. The center is also in the heart of what Caldwell dubs the retail corridor of the area, which includes a Walmart SuperCenter, and Target and Costco stores. “The nearest competitive market to this one is New Orleans, which is 55 miles away,” she adds.