The owners of Perkins Rowe have put the mixed-use development up for sale, a move that will likely bring in more than $100 million for the property.

Donna Taylor, a spokeswoman for Stirling Properties, which manages Perkins Rowe at Bluebonnet Boulevard and Perkins Road, confirmed the development is up for sale and that the Dallas office of HFF has the listing. There is no set price for the property, she said.

A spokeswoman for TPG Capital, the Fort Worth, Texas-based investment firm that owns Perkins Rowe, said the company would not comment on the sale.

TPG Capital acquired Perkins Rowe in early 2014 for an undisclosed sum from KeyBank National Association, which took over the mixed-use development at a foreclosure sale a few months earlier.

At the time of the foreclosure sale, the value of Perkins Rowe was appraised at $103.4 million by the firm Cushman & Wakefield.

KeyBank and eight other participating lenders provided $170 million in construction loans in 2006 for Perkins Rowe.

The development had been envisioned as a $350 million multiphase project but was not completed before going into foreclosure.

Officials with HFF in Dallas declined to comment on the listing. Perkins Rowe had not appeared on HFF’s website listing of available properties as of late Wednesday.

Jonathan Walker, an agentbroker with Maestri-Murrell Real Estate in Baton Rouge who tracks the retail market, said there’s no better time than now to sell prime property like Perkins Rowe.

“The equity and the financing for these developments are available,” he said. “People are chasing Class A properties like this in the retail world.”

Likely buyers for Perkins Rowe include real estate investment trusts or private equity firms. “There are a large group of investors who like real estate over the stock market, even though the stock market is at all-time highs,” Walker said. “That’s because it’s real; it’s something they can touch and see. It’s not just ticker symbols on a screen.”

Walker said he isn’t sure how much over the appraised value Perkins Rowe will sell for. It will basically come down to two things: the net operating income at Perkins Rowe, which is the gross income minus expenses, and the cap rate, which is the ratio of the net operating income to the value of the property.

“It’s in a great location,” he said. “It’s in an area of Baton Rouge that is growing.” Mixed-use developments like Perkins Rowe are also still a hot trend in retail, Walker said.

Since getting control of the center, a number of improvements have been made. TPG bought the Perkins Rowe water chilling facility for $2 million in October, putting to an end a long-running dispute with developer Tommy Spinosa over the plant that provides air conditioning for businesses and residents. And in January, Stirling Properties filed a permit to complete construction of 89 apartment units in the development. The first floor of those units should open in June, with two additional floors following at 30-day intervals.

Officials with Stirling said Perkins Rowe has about 350,000 square feet of retail space that is 80 percent occupied. The development has about 240,000 square feet of office space that is at 95 percent occupied. There are currently 138 apartments in the development, and the occupancy rate is 93 percent.

While Perkins Rowe is the home for popular retailers and restaurants such as Barnes & Noble, Zoës Kitchen, Cinemark theater and Urban Outfitters, the development has been controversial.

Spinosa pitched Perkins Rowe as a $350 million development that would eventually include more than 800 condominiums and apartment units, offices, a hotel and trendy national retailers, including a department store. But the development was stifled by the recession, which saw retail chains dramatically cut back on their expansion plans and credit markets tighten up.

Several dozen lawsuits were filed against Spinosa and his Echelon Construction Services LLC by contractors and subcontractors, who said they were not paid for their work and services.

In 2009, KeyBank led a group of nine lenders that filed suit against Spinosa, claiming he had not made interest payments for several months on $170 million in loans. A court battle dragged on for several years before U.S. District Judge James J. Brady awarded a $201.9 million judgment to the lenders in September 2012.

Follow Timothy Boone on Twitter, @TCB_TheAdvocate.