155,490-SF Siegen Plaza Moves to Inland's Hands

BATON ROUGE, LA-Weingarten Realty Investors has sold its only holding in the region, turning over the 155,490-square-foot Siegen Plaza to Inland Real Estate Corp. Weingarten built the center, shadow-anchored by Super Target, in 2001.

Confidentiality agreements on both sides have kept the sales price under wraps, but market sources say the Oak Brook, IL-based buyer most likely paid far north of $155 per square foot for the 98%-leased center on 22 acres at 6725 Siegen Lane. Minneapolis-based Target Corp. has 125,400 square feet of the retail space. Ross Dress for Less is the second-largest tenant with 30,187 square feet. The tenant roster also includes Conn’s Appliance, Petco, Rack Room Shoes, Olive Garden and Chick-fil-A.

Houston-based Weingarten’s chairman Stanford Alexander says he and his management team liked the center a great deal, pointing out that it continues to perform well. He says it didn’t make economic sense to hang onto it because it was the only asset in the market. “We’re great believers in hands-on management of our properties and like enough properties in one place where we can maximize economies of scale,” he explains.

Alexander says Inland Real Estate was a logical choice because it is familiar with the marketplace. “We received a fair amount of interest on this and felt comfortable with Inland,” he tells GlobeSt.com. “We’d done business with them before.”

Jim Batjer, Ryan Shore and Doug Hazelbaker in Holliday Fenoglio’s Dallas office marketed Siegen Plaza for Weingarten. The marketing flyer reported 87% of the original tenants are still in place. The Super Target also is considered to be the chain’s best performer in Baton Rouge. “It’s a high-performing location for a lot of the tenants,” Alexander adds.