New Strip Center – Fully Leased

Challenge
4343 Sherwood is a multi-tenant strip center located on Sherwood Forest Blvd. in the heart of South Baton Rouge. The developers of the shopping center purchased vacant land and enlisted the services of Justin Langlois, CCIM to guide them in the pursuit of filling the property with qualified tenants. Never-ending road construction, high retail vacancy in the immediate corridor, and lower comparable lease rates in the area would make this a challenging assignment.

Action
South Sherwood Forest Blvd. is full of a diverse range of restaurants and retailers, some of which are in older buildings that are functionally obsolete. Langlois and his team started by putting together a list of prominent retailers in the corridor and approached these businesses about relocating to 4343 Sherwood. Co-tenancy is critical when balancing businesses within a shopping center. To achieve a balanced tenant mix, Justin met with existing tenants in the shopping center to better understand what they desired in a neighboring business.

Result
Four (4) long-term NNN leases were executed during the term of the listing agreement. Success was achieved in the following ways:​

  • An end cap with drive thru was created for Parker's Pharmacy resulting in a lease rate 11% above market
  • Relocation of a prominent and existing tenant in the immediate corridor: O'Halloran Jewelers
  • A retail hair and beauty tenant relocated from an older shopping center in Baton Rouge
  • A full-service Mexican restaurant called Quesos rounded out the tenant mix
  • The center is now 100% occupied!

 

Testimonial
"Justin has assisted in the retail development of our Baton Rouge projects for several years. With guidance from Justin, we effectively negotiated multiple long-term net leases at 4343 Sherwood. We are pumped to have completed another successful project with Justin!" - Brett Davis