A prominent retail center on College Drive in Baton Rouge has been acquired by College Drive Center LLC, a New Orleans-based investment group led by Oliver and Monica Montagnet. The property, previously owned by Bright-Meyers Baton Rouge Associates LP of Tennessee, sold for $6.8 million in a deal recorded with the East Baton Rouge Parish Clerk of Court. This transaction highlights ongoing shifts in the region’s commercial real estate market and signals continued investor interest in established retail corridors.
Property Details and Tenant Overview
The College Drive retail center comprises three buildings totaling approximately 47,000 square feet. Walmart serves as the anchor tenant, with additional long-standing occupants such as Office Depot and Sally Beauty, both operating at the site for over two decades. Other tenants include Coffee Call, Classy Nails, Teatery & Tapioca, and Juicy Seafood, contributing to the property’s diverse tenant mix and steady foot traffic.
Investment Background and Market Context
Bright-Meyers acquired the property for $10 million in 2003, reflecting the evolving valuation of retail assets over time. The recent sale price indicates market adjustments and the impact of changing retail dynamics. In May, Bright-Meyers also sold the property’s Capital One and IHOP outparcels for $5.2 million, further signaling a strategic repositioning of their Baton Rouge holdings.
Buyer Profile and Portfolio
Oliver and Monica Montagnet, the principals behind College Drive Center LLC, have a track record of real estate investment in Louisiana. Their portfolio includes notable assets such as 731 St. Charles Avenue in New Orleans, a former office building transformed into a 71-unit mixed-use luxury condominium complex in 2021. The Montagnets also own a shopping center on Coursey Boulevard in Baton Rouge, demonstrating a commitment to both urban and suburban property development.
Key Factors Driving the Transaction
- Location Stability: The College Drive corridor remains a vital retail destination, attracting both national brands and local businesses.
- Tenant Longevity: The presence of anchor and long-term tenants supports consistent rental income and property value.
- Market Trends: Recent sales activity, including the outparcel transactions, reflects broader trends in retail property repositioning and investor strategy.
The sale was brokered by Zach Taylor, Eric Abbott, and Steve Greer of Marcus & Millichap, representing the seller. As the retail landscape continues to evolve, transactions like this underscore the importance of adaptability and strategic investment for property owners and developers.
