Perkins South Shopping Center

Perkins South Shopping Center was purchased in 2016 for $3,120,000, with an occupancy of 53%.  Formerly, this had been a grocery-anchored center and later was occupied by a technical college prior to JRE acquiring this property.  With a strong, centralized location and great proximity to Baton Rouge’s premier medical corridor, JRE was quickly able to bring this asset back up to 95% occupancy.  After $500,000+ on a new façade, overlayed the parking lot and installing new LED lighting to enhance the exterior of the shipping center, the majority of this vacancy was leased to Ollies Bargain Outlet and Dollar Tree, significantly increasing the occupancy.  An additional $1,500,000 was spent for additional tenant improvements, increasing the value of the center to $6,500,000 (per a recent appraisal).  Through a refinance in 2021, JRE created additional value for the center by developing an outparcel.  As of Q4, 2022, construction has begun on a 6,000 SqFt strip in the front of the center.