Ownership of Acadiana Square retail center in Lafayette has changed hands in a $24 million real estate deal announced Monday.
Kimco Realty Corp. sold the 244,768-square-foot center across Johnston Street from the Acadiana Mall, with national retailers including T.J. Maxx and Office Depot, to a partnership of consisting of DRA Advisors and RCG Ventures LLC. The two firms in the partnership specialize in retail center investments.
The deal was announced by Holliday Fenoglio Fowler LP, the commercial real estate firm that closed the deal.
“DRA is excited to acquire this quality asset, as the immediate upside and longterm credit of the tenant roster were very appealing and allows us to continue to expand our platform with RCG across several markets,” Brett Gottlieb, director of acquisitions for DRA Advisors, said in a prepared statement.
Other stores at Acadiana Square include PetSmart, Stein Mart, Party City, Shoe Carnival and Home Furniture Co.
Acadian Square is located on 20.5 acres in the 5700 block of Johnston Street at Ambassador Caffery, where more than 89,000 vehicles travel each day, according to the release.
Kimco Realty Corp., the seller, is a real estate investment trust headquartered in New Hyde Park, New York.