RECENT CLIENT SUCCESS
Goodwood Shopping Center
Goodwood Shopping Center is a multi-tenant strip center in the heart of an eclectic and resurging arts and retail corridor in Mid-City, Baton Rouge, LA. The owners of Goodwood Shopping Center enlisted the services of Justin Langlois, CCIM and team to guide them in the pursuit of capable and qualified tenants. The owners desired a skilled leasing advisor capable
of filling the shopping center with quality tenants. The size of the retail bays, existing floor plans, and highly competitive Mid-City retail market would make this a challenging assignment.
Mid-City 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 the property. Co-tenancy is critical when balancing businesses within a shopping center. To achieve a balanced tenant mix, Justin met with existing tenants in Goodwood Shopping Center to better understand what they desired in a neighboring business.
Success for the landlord and Langlois took considerable effort and determination, ultimately resulting in drastic physical and financial improvement of the property:
• Four (4) new long-term leases were executed at Goodwood Shopping Center
• Five (5) leases were added to the rent roll with NNN lease structures
• Overall value increased by 37&, a results of new tenants and restructuring existing lease terms
• For the first time in many years, the shopping center is 100% occupied!
“Justin is the most patient and knowledgeable real estate advisor I have ever had the pleasure of working with…his ability to negotiate on our behalf was invaluable. He improved our lease terms with existing tenants and greatly increased the value of our real estate holdings. With guidance from Justin, we successfully negotiated long-term leases at Goodwood Shopping Center and achieved 100% occupancy for the first time in many years!”
- David Sabin