Baton Rouge Towne Center is being listed for sale:
A Dallas company is listing the Towne Center at Cedar Lodge retail center as an investment opportunity. Holliday Fenoglio Fowler is marketing the 358,000-square-foot shopping center as a trophy asset, noting that the retailers in Towne Center such as Whole Foods, American Eagle Outfitters and Coldwater Creek are consistently bringing in sales from $375 to $500 per square foot. The shopping center is nearly 97% occupied, HFF says.
Stephen Keller of Creekstone Companies, which owns Towne Center, was out of the country and unavailable for comment this morning. The first Towne Center stores opened in 2005, and the center has attracted a mix of upscale national retailers and New Orleans-area businesses that wanted to set up Baton Rouge locations after Hurricane Katrina. Since developing Towne Center, Keller has started work on two new projects: Juban Crossing, a shopping center/TND at the Interstate 12/Juban Road intersection in Livingston Parish, and a 125-acre TND in Lafayette.
Tom Cook, an appraiser with Cook Moore and Associates, says Towne Center could sell for between $54 million and $72 million, depending on how high the average rents are. With the dollar being so weak, Cook says Towne Center could end up in the hands of European investors.
That last statement is interesting. Not only is the dollar weak, but it is probably undervalued versus the Euro, meaning that European investors may get a boost to their bottom line over the next couple of years from the dollar appreciating if they buy relatively soon.
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