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Northeast Plaza is a Community Grocery anchored Shopping Center. It is located in the growing City of Central, LA which is part of the Greater Baton Rouge sub-market. Sales in the Grocery Anchor have been increasing annually (and are available during a due diligence period). Because the center is only 71% leased, there is an opportunity for a qualified investor to acquire an asset with a long-term, stable tenant; while having the opportunity to re-tenant the shopping center by leasing up the vacant space and increasing rents with existing tenants that have short term remaining on leases. - Area description: The City of Central is a relatively new city that is expected to grow substantially in the coming years. With upcoming investments in infrastructure, schools and public facilities, the community is making great strides to meet the demands of future populations while improving the quality of life for its existing residents. New development in retail and housing further justify the need for additional investment in public amenities; more than 1,000 new homes were permitted between 2005 and 2007 alone, equivalent to almost 10% of the community’s housing stock. Accordingly, the city’s main thoroughfares – Joor Road, Hooper Road and Sullivan Road – are all expected to increase from two lane to four-lane arterials.
Fortunately, the city is poised to attract additional retail services and jobs, due to its pending residential developments, infrastructure investments and high quality of life, as measured in housing affordability, quality of the school system, and proximity to job centers. The City of Central has an undeniable potential to add additional retail establishments. Most notably, the city has a substantial gap in the number of sit-down restaurants, apparel retail stores, hobby stores, and entertainment options. In addition to the additional retail the city can support, there are also opportunities in economic development which take advantage of regional industrial strengths. In the long run, these include skilled manufacturing, finance, real estate and insurance, assuming the economy rebounds in industries previously strong within the Baton Rouge metro area. In the near future, the city is well-positioned to attract employers in the health care, government services, and education industries, all industrial sectors slated for growth.
Assuming Central can capture 25% to 75% of household expenditures, the city can add an estimated 40 to 71 new retail stores and restaurants, resulting in $1.5 million to$4.5 million per annum in city sales tax revenue.
Additionally, Central has the potential to create 234 to 522 direct and indirect jobs as a result of commercial development, and between 530 and 3,700 jobs based on regional job growth.”
Reference: Page 40 & 41 of Feasibility Study for New retail, Residential and Economic Growth City of Central (http://www.centraleconomicdevelopment.org/downloads/market-feasibility-study.pdf ) - Number of buildings: 4 - Building condition: Average - Tenancy: Multiple Tenants
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Most listings are in the $20's per square foot per year. The Greenwell Springs-Central submarket is seeing a an increase in rates. In the last 3 months, the median rate went up $22 per sqft per year. That's a Inf% increase in rent.
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