Kimco Realty Corp. has sold Acadiana Square, a retail center in Lafayette, to two real estate investment groups for $24 million.
Holliday Fenoglio Fowler L.P. marketed the property and closed the sale to DRA Advisors, which manages more than $6 billion in assets, and RCG Ventures LLC, a privately funded real estate investment group that specializes in commercial property.
Acadiana Square sits on 20.5 acres at the intersection of U.S. Highway 167 and Ambassador Caffery Parkway. The center has 244,768 square feet of space and its tenants include T.J. Maxx, PetSmart, Office Depot, Stein Mart, Party City, Shoe Carnival and Home Furniture Company, Michaels, Toys “R” Us, Babies “R” Us, Hobby Lobby and Mardel Christian & Education.
New Hyde Park, New York-based Kimco is North America’s largest publicly traded owner and operator of open-air shopping centers. As of September 30, the company owned interests in 710 shopping centers comprising 105 million square feet of leasable space in 39 states, Puerto Rico and Canada.