DRA Advisors and RCG Ventures have sold Acadiana Square, a 244,768-square-foot, super-regional retail center in Lafayette, La.
Property Commerce Dividend Fund acquired the asset for an undisclosed sales price.
Acadiana Square is 95-percent occupied center with several high-performing anchor tenants, including Burlington, Home Furniture company of Lafayette, TJ Maxx, PetSmart, Office Depot and Party City. Except for tenants in their initial term, every tenant has renewed two or more times, and new leases or renewals total over 87,000 square feet in the past 12 to 18 months.
Located at 5700 Johnston St., the center is situated in a premier retail node in Western Louisiana with 13 million square feet of retail inventory within five miles. Additionally, the center is easily accessible to the almost 250,000 residents within a 10-mile radius.
