BATON ROUGE, LA-Mall Properties Inc. has put a 202,199-square-foot, multi-tenant retail center, Florline Commons, on the market. The asset carries a $14.6 million asking price, along with a current cap rate of just over 9.5%.
In addition to the buildings, a buyer interested in the property at 9401 Cortana Place along the periphery of the regional Cortana Mall will also acquire 18 acres of developable land. The property has Sam’s Club, Wal-Mart and Lowe’s as shadow anchors. National anchors include Bed Bath & Beyond, Office Depot, Old Navy, Big Lots and Guitar Center.
According to Jason M. Byrne, an investment broker with Marcus & Millichap Real Estate Investment‘s Manhattan office, the property has already attracted interest from private companies, investors and institutional buyers both locally and nationally. Byrne, who is partnering with Marcus & Millichap’s First Vice President-Investments Steven J. Siegel on behalf of the New York City-based seller, adds that there is no best-and-final deadline at this time, though the site has already attracted multiple offers, and for good reason.
“Baton Rouge is one of the stronger markets in the southeastern United States,” he tells GlobeSt.com. From a weather standpoint, Baton Rouge is, for the most part, insulated from hurricanes plus it enjoys one of the lowest unemployment rates, thanks to a strong technological center and being the capitol of Louisiana.
If the government and technology weren’t enough, Baton Rouge is also the largest inland port on the Mississippi River and is home to many institutions of higher learning. “Being a capital city, and a strong market for the tech sector, shipping and education, this is an economically diverse and stable area,” Byrne comments. “Unemployment rates have remained well below the national average, and the economy has grown 33% over the past decade, making this a good market for a buyer to be in.”