A shopping center at the corner of Florida and South Sherwood Forest boulevards that had been anchored by an Albertsons has been sold for $1.6 million to a group of local investors.
The Corner Square Shopping Center was sold in a deal that closed Friday, said Jonathan Starns, broker/owner of Berkshire Hathaway HomeServices – United Properties in Baton Rouge. Phil Foster of Berkshire Hathaway represented both the buyers and the sellers.
The buyer was TP Properties Management Corp., which is made up of Thutam Le of Denham Springs and Phu Le of Baton Rouge. The sellers were the Broussard and Bailey heirs, Starns said.
Albertsons closed its 52,000-square-foot store in 2006, after attempting to rebrand it as a Super Saver, with a smaller selection of groceries, low prices and limited amenities. The attached 20,800-square foot shopping center is made up of tenants with month-to-month leases.
The new owners thought the shopping center was a good opportunity because of the low price for land, along with the high visibility and traffic counts. Amazon’s plans to build a massive fulfillment center at the nearby Cortana Mall site was also a factor, Starns said.
The new owners plan on redeveloping the 8.1-acre site, but they’re not sure if they will completely demolish and rebuild from scratch or rehab the Albertsons space, Starns said.