The Florline Commons shopping center, along the ring road of Cortana Mall, was sold to a California real estate investor for $11.85 million.
Florline Commons houses national retail tenants such as Bed Bath and Beyond, Big Lots, Guitar Center, H&R Block, Office Depot, Old Navy and Shoe Carnival. The property also includes three vacant restaurant buildings and 18.5 acres of undeveloped land curving around the ring road.
Olshan Properties, formerly known as Mall Properties, sold the center to Highpoint Capital Group of Tarzana, California, in a deal that was filed Thursday with the East Baton Rouge Parish Clerk of Court’s Office.
Although the sale price of the 200,000-square-foot Florline Commons center was omitted from part of the court filing at the request of the seller and the buyer, the price was disclosed further in the court filing.
Highpoint Capital Group was founded by Jeffrey Seltzer. The company specializes in buying properties in the South and West, with minimum investments between $5 million and $50 million.
Seltzer, who was traveling Friday, confirmed the transaction but was unable to comment further.
The sale was brokered by Thomas Salanty with Cushman & Wakefield in Dallas.
While vacancies inside Cortana have increased because of population shifts and activity at the Mall of Louisiana, the businesses along the ring road have remained busy catering to people who live in midcity and north Baton Rouge. Over the past few years, Sam’s Club and Raising Cane’s have opened locations along the road.
Florline Commons is 89 percent occupied. Most of the tenants have long-term leases on their properties, although a few are expiring in the next year or so, such as Guitar Center and Old Navy.
Olshan is looking to sell 100 acres north of Cortana Mall. The company had owned Cortana until 2011, when it sold the shopping center to a special purpose entity owned by its lender. Moonbeam Capital Investments, of Las Vegas, bought the interior portion of Cortana in March 2013 for $6 million and the former Mervyn’s store for $150,000.
The large department stores operating at Cortana Mall own their buildings.
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