Investing in retail real estate is about more than just acquiring properties. At RockStep Capital, we leverage our 270+ years of experience to generate properties that promote community growth and stay ahead of modern demands for unique customer experiences. How do we accomplish our mission? RockStep adds value to our properties through redevelopment, renovation, repositioning, merchandising strategies, expense control and innovative marketing.
In 2018, we acquired two properties in New Iberia, LA, located directly across the street from one another. Keep reading for an analysis of our investment in these properties thus far.
On opposite corners of S. Lewis St. and E. Admiral General Dr. in New Iberia, LA, sat two shopping centers with noticeable development potential: Iberia Plaza and Lagniappe Village. RockStep purchased both.
New Iberia, LA is approximately 20 miles south of Lafayette, LA; the population is estimated to be just above 27,000.
RockStep purchased each property with specific goals in mind.
On August 7, 2018, RockStep purchased both properties and got to work. Here’s what we accomplished:
At Iberia Plaza, we replaced 2 underperforming tenants with Ollie’s Bargain Outlet and successfully obtained a fuel station ground lease from a grocer. At Lagniappe Village, we sold two parcels at low cap rates and replaced vacant units with Aldi and Five Below. Additionally, we filled 15,000 extra square feet of space with a beauty supply tenant, and replaced a vacant store with Beall’s Outlet, scheduled to open by the end of 2023. There are several groups interested in acquiring both properties once we have completed the redevelopment of Lagniappe Village. The expected price will be greater than the price at which we purchased the properties.
RockStep capitalized on the location of these two properties to revitalize this area of New Iberia and enrich the customer experience. With new anchor tenants and refreshed spaces, Iberia Plaza and Lagniappe Village now work together to keep bringing customers back. RockStep’s ability to identify a community’s need(s) and quickly fill in the gaps to meet those needs ensures our continued success for years to come, as we continue to identify new properties and execute accordingly.