Oak Park Square
Lake Charles, LA
Oak Park Square was initially acquired (with a CMBS loan) in 2015 for $15,000,000, with a 90% occupancy. The center was completely renovated in 2018, and by 2020 the property was at 100% occupancy. In addition, most major tenants (Hobby Lobby, Big Lots, Harbor Freight and Sears) had all recently executed renewals. In August of 2020, Hurricane Laura (one of the strongest hurricanes to ever make landfall in the US) brought devastation to Lake Charles like had never been seen before… Oak Park Square suffered a “total loss,” and JRE’s management team worked directly with the insurance company and their third-party adjusters to settle an insurance claim for $13,000,000. In addition, they negotiated a payoff of the CMBS loan with NO defeasance. Armed with new financing, JRE is currently rebuilding 110,000 sf of the previous center with a pre-leased 90% occupancy and additional room to expand and grow as needed.
Address:
3260 Gerstner Memorial Drive, Lake Charles, LA
Total Square Footage:
110,000
Notable Tenants:
- City Gear
- DD’s Discounts
- Big Lots
- Affordable Rent-to-Own
- H&R Block
