Sale of the mall anchored to Kroger in Lake Charles
A Lake Charles mall anchored by a Kroger Marketplace store has been sold for an undisclosed price.
New Orleans-based Block Investors has purchased the 24,316 square foot Lake Charles Marketplace on just under 3 acres at the corner of Country Club and Nelson roads, company officials said. KSTX Nelson Shopping Center LLC was the seller.
SRS Investment Properties Group brokered the deal.
The store is one of nine Kroger stores in Louisiana and is in a busy location on the south side of town. The mall was built in 2019 and 2020.
Lafayette Mexican restaurant says closure is permanent
A Mexican restaurant in Lafayette announced its permanent closure on Monday.
Azteca’s Mexican Cuisine, 3535 Ambassador Caffery Parkway in the Ambassador Row mall, said in a Facebook post that it would be closing after being closed for some time.
“We would like to thank you from the bottom of our hearts, friends, family and loyal customers for many years of business,” the post read.
The restaurant dates back to at least early 2017 when owner Heath Stelly bought it.
Billeaud Cos. will open a storage point in Broussard
Billeaud Cos. de Broussard will open the GuardianStore air-conditioned warehouse at 501 W. Fairfield Drive this week.
The company will offer short or long term storage and will offer a pass code entry system, 24 hour supervision, packing and storage supplies available for purchase on site, payment online billing and other conveniences, said CEO Steven Hebert.
Billeaud also has a self-storage business for motorhomes and boats at 4924 US 90 E. in Broussard.
The business will be located near Sabal Point, a mixed-use development that will include a second location for Market Eatz and other retail spaces.
A third of homes for sale in Acadiana lowered their prices in June
A third of all homes listed for sale in the Lafayette area have dropped in price due to a declining market, economist Gary Wagner said.
The real estate market is cooling in the region and across the country as interest rates rise and house prices rise. Price drops don’t necessarily mean prices are falling, Wagner noted, but it could mean that landlords have been pricing properties a bit too aggressively in today’s market.
Home prices continued their upward trend last month in Lafayette Parish, with the average selling price last month topping $304,000 while the median selling price was above $250,000. That pushed the average sale price for the year to $281,045, up 11% from a year ago.
The number of homes sold last month in Lafayette Parish fell 27%. In Acadiana, the total number of homes sold fell nearly 30%.
“We’re also seeing a significant downturn nationally and locally,” said Wagner, who spoke at Thursday’s Lunch N Learn event hosted by the Downtown Development Authority. “I think given the expected rise in interest rates, we are likely to see a further slowdown in economic activity in the second half of the year.”
Every state saw home price growth of more than 10% last year, Wagner said.
Developers buy property near Acadiana Mall for around 200 homes
The developer behind a large residential development planned for a property near the Acadiana Mall bought the land for just under $3 million, records show.
Robert and Jordan Daigle have purchased a 19-acre parcel along Target Loop from the Giles family and an additional 21 acres along Ridge Road from the Stutes family for a development that will include a mix of over 100 homes each to be purchased and rent, land records Show.
The Daigles, developers of the West Village project in Scott, said the project is still in the design phase but could include rentals priced at $1,200 to $2,000 per month and homes for sale between $165,000 and $225,000. It will also include amenities such as a fitness center, walking and jogging trails, a dog park and a pickleball court.
Work could begin later this year and be completed by next summer.
The rental properties will be part of a wave of nearly 400 rental homes expected for the Lafayette area as rising interest rates on a typical mortgage and real estate values are expected to crowd many potential buyers out of the market. A developer plans 146 single-family rental homes in Youngsville, with another 110 planned for the area just north of Milton.