Commercial activity is picking up in Mid City, now that construction has started on the long-awaited Government Street road diet and several new high profile businesses have opened or getting ready to open.
On Wednesday, both the Goodwood Village Shopping Center and an 8,200-square-foot office and retail space on Government Street changed hands.
Goodwood Village Shopping Center, located near the intersection of Jefferson Highway and Government Street, was purchased by a group of Dallas investors for $3.35 million.
Goodwood Village LP of Dallas bought the center from Goodwood Village LLC, made up of local commercial Realtors Robert Pettit III and Geordy Waters.
“It was a hard choice, but it was the time to do it,” Waters said. He and Pettit owned the center for more than 12 years.
The 21,000-square-foot shopping center is fully leased by successful businesses such as Brew Ha-Ha!, Monjounis and Mo’s Art Supply, which he said made it an attractive investment.
“The majority of the leases we have are long term,” he said. “The timing for us to sell the property worked out. It’s a great time for investors to get into Mid City.”
Waters said the new owners bought the shopping center as an investment and don't plan on making changes.
Meanwhile, a center at the corner of Government and Cloud Drive sold for $775,000. M Square Properties LLC of Baton Rouge, represented by Robert Dale Mathews, sold the shopping center at 5621 Government and 5643 Government. The Cloud LLC, made up of Daniel Laborde and S. Tanner Strohschein, were the buyers.
Brent Struthers, of Beau Box Commercial Real Estate, who represented both the buyers and sellers, said the shopping center is fully occupied by tenants such as St. Vincent de Paul, which operates a thrift store, and Dr. Ross Stephens, a dentist.
The new owners plan to make some improvements to the building. While most of the leases in the property are short term, Struthers said they are actively looking to bring in longer-term leases.
“Like everyone, they’re waiting to see what happens with Government Street and what comes to fruition,” he said. “But they’re looking to improve the building and Mid City as well.”
The road diet involves trimming sections of Government Street from four lanes to three in an effort to improve the traffic flow. New sidewalks and bike paths will make the street more pedestrian friendly.
Along with the road work, Square 46, a mixed-use development is underway on Government. The office and residential development will include the White Star Market, an upscale food hall, set to open this spring.