Drusilla Shopping Center

Baton Rouge, Louisiana

Drusilla Village Shopping Center was initially acquired in 2014 for $10,468,000 and an occupancy of 85%. The entire center underwent a full renovation, replacing much of the roofs, re-painting, and replacing much of the façade. These improvements, combined with the landlord’s active leasing activities, increased the center’s occupancy to over 90%. In 2016, however, Drusilla lost about 10% of its occupancy (about 14,000 sf) to national tenants’ bankruptcies, with Radio Shack and Hancock Fabrics. While this was a setback for the center, it was able to maintain its debt payment while JRE actively worked to bring occupancy back up to 90%. During this time, its anchor tenant (LeBlanc’s Grocery) sold its operations to regionally dominant grocer, Rouses Market. This was a significant upgrade to the credit of this centers tenancy.

This property was re-capitalized in 2021 by a new group of investors within JRE Capital’s investment platform and a 10-year CMBS loan, at a purchase price of $13,250,000. At the time of acquisition, the occupancy was at 89%. Within 12 months of new ownership, Jarreau Real Estate (JRE’s brokerage arm) secured a lease with a new concept called “X-Factor Sports” – an indoor baseball practice facility backed and operated by some of the top leaders in the local baseball community. This ideal use for the space greatly enhances the value of the center, bringing the occupancy up to 96%, adding an additional $100k+/- of NOI and creating additional value of over $1.2MM.