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GBT Acquires Retail Center in Lafayette, LA with 6M Shopper Count
GBT Realty Corporation has purchased River Marketplace, a 168,000-square-foot retail center in Lafayette, LA, for an undisclosed price. Seller RBL Real Estate had owned the property since 2005.
JLL‘s capital markets investment sales advisory team of Jim Hamilton, Ryan Shore and Ryan West, Brad Buchanan and Taylor Callaway, represented the seller.
“River Marketplace historically has had a very durable rent roll,” said Scott Porter, managing director of GBT Realty’s capital holdings division Porter. “Sixteen of the existing tenants have been at the shopping center since it was completed in 2003. Roughly 88 percent of the income is from accredited national and regional brands with the balance from local favorites such as Ground Pat’i Grill & Bar and Izzo’s Illegal Burrito – all-in-all a stable, reliable tenant lineup that we expect to improve.”
River Marketplace includes multi-tenant buildings and six freestanding outparcels. According to GBT Realty, the center is situated at Lafayette’s busiest intersection and is the most visited destination within 50 miles and the seventh most visited retail destination in LA with 5.5 million visitors annually.
