Wal-Mart has purchased a 5.8-acre tract in Denham Springs and plans to build a Neighborhood Market on the site.
The company’s real estate business trust bought the land at the corner of La. 16 and Vincent Road for nearly $1.4 million in a deal that closed Thursday, Randy Herring of Mike Falgoust & Associates said. Herring represented the seller, G & D Storage of Natchez, Mississippi.
The site plan calls for building a 41,000-square-foot Wal-Mart Neighborhood Market on the land. Along with selling groceries, the store would sell gasoline on the premises.
Herring said the owners of the land have about 6 acres remaining for sale, which they want to sell to retailers. “That would be the best use, with the Neighborhood Market anchored there,” he said.
Wal-Mart has three Neighborhood Markets in Baton Rouge. The stores are more like a traditional grocery store with a pharmacy, roughly a quarter the size of a Wal-Mart SuperCenter.
Wal-Mart plans to open between 180 to 200 new Neighborhood Markets this year. As of the end of April, the company had nearly 360 Neighborhood Markets. Earlier this month, the retail giant said comparable-store sales at Neighborhood Markets open at least a year increased by 5 percent in the fiscal first quarter, at a time when its overall comparable-store sales dropped slightly.
A Neighborhood Market is under construction at the La. 42/La. 44 intersection in Prairieville, said Dennis Carlton, with Carlton & Associates Real Estate.
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