A 56,000-square-foot shopping center on Main Street in Zachary has been sold to a group of local investors for $4.7 million.
W.J. Boyd LLC bought the center at 5514 Main St. in a deal that was filed last week with the East Baton Rouge Clerk of Court’s Office. An LLC set up by Commercial Properties Realty Trust was the seller.
Kent Walker, the manager of W.J. Boyd, said the center was purchased as a long-term investment. The property is 87 percent occupied by national retailers, including Office Depot, Dollar General Stores, Payless Shoe Source and Hibbett Sports.
“It’s really kind of right in the center of the retail district in Zachary,” Walker said, noting that the property is across the street from a Wal-Mart Supercenter and next to a shopping center at 5460 Main St. that was sold last month to the J.B. Levert Land Co. for $2.9 million.
Walker said he’s working to fill the vacant space in the center. He’s talking to rue 21, an existing tenant, about expanding to take up the empty spot, as well as marketing the space to new businesses.
This is the second significant real estate deal for Commercial Properties in the past few weeks. About three weeks ago, the for-profit real estate arm of the Baton Rouge Area Foundation sold the Acadian Village Shopping Center for $32.1 million. A shopping center in Watson was also sold as Commercial Properties repositions assets for future developments, like the IBM building and apartment complex downtown.
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