The Hammond Aire Plaza shopping center at the intersection of Airline and Old Hammond highways has been sold to a pair of Houston investment groups.
According to documents filed with the East Baton Rouge Clerk of Court’s office Monday, the center sold for $100 “and other good and valuable consideration.” The seller was DRA Advisors of New York. Mark Gilbert and Fain Hicks of Atlanta-based Cushman & Wakefield represented the sellers in the transaction.
A sales flyer from Cushman & Wakefield had the asking price for Hammond Aire at $45.8 million. The flyer notes the center has a gross annual sales volume of more than $60 million.
DRA Advisors bought Hammond Aire and the Prien Lake Plaza in Lake Charles in late 2015 for a combined total of nearly $60 million.
The buyers were CRS Realty and Mont Belvieu Holdings. CRS now has a 97% stake in Hammond Aire and Mont Belvieu has a 3% share, according to documents filed with the clerk’s office.
Mario Tacchi of CRS Realty said the company has a buy-and-hold strategy and doesn’t plan on making any major changes at Hammond Aire.
Hammond Aire takes up 25.4 acres and its tenants include Michaels, Burlington Coat Factory, Marshalls and Stein Mart. Albertsons and Taco Bell are nearby, but not part of the shopping center. Hammond Aire has just under 350,000 square feet of space and 89% of the tenants are national chains. The center opened in 1985 and was renovated in 2009.
Tacchi said about 3% of the center is currently vacant.
Jonathan Walker, a senior commercial sales and leasing executive with Maestri-Murrell Real Estate, said Texas investors have been moving into the Louisiana market because they are finding returns they can't get in the Lone Star State.
Some of the large shopping centers that have sold in Baton Rouge and Opelousas have gone for under $100 per square foot, which is well below replacement cost, Walker said.