Westpark Shopping Center - Call For Offers Due May 7th, 2025

Highlights:

• Stable Occupancy with Immediate Cash Flow: The center is 82.5% occupied with 5.04 years WALT, generating over $800,000 in annual base rent as of May 1, 2025.
• Value-Add Opportunity: The investment offers multiple avenues to add value including; leasing the 17,476 SF of vacant space, conversion of all leases to triple net, extending co-anchor Harbor Freight, and marking select leases to market upon expiration
• Anchor Tenants Driving Traffic and Stability: Planet Fitness (25,504 SF, lease to 1/31/2035) and Harbor Freight Tools (15,394 SF, lease to 8/2026) are major draws ensuring long-term stability and foot traffic.
• Diverse Tenant Mix with Recession-Resistant Elements: Includes financial services (Citizens Inc., Foti Financial, Advance America) and specialty retail/dining (Boost Mobile, Exclusive Cuts, Hot Blondys), balancing essential and discretionary income streams.
• Strategic Location in a Retail Corridor: Positioned on East Admiral Doyle Drive with over 22,000 vehicles per day, near Walmart Supercenter and Rouses Market, and accessible via Highway 90, enhancing visibility and customer draw.

Description:

Positioned in the thriving retail corridor of New Iberia, Louisiana, the Westpark Shopping Center offers an exceptional commercial investment opportunity. With an occupancy rate of 82.5% and a 5.04-year weighted average lease term (WALT), this 99,942-square-foot property provides immediate cash flow and stability. Major anchor tenants like Planet Fitness, Office Depot, and Harbor Freight Tools ensure consistent foot traffic, while a diverse tenant mix balances essential services and specialty retail.

This property offers strong income stability with several anchor tenants secured under long-term leases. Planet Fitness and Office Depot have extended lease terms, providing consistent cash flow and reducing turnover risk. These established national brands drive steady foot traffic and reinforce the property’s status as a retail destination. Additionally, the recent 2023 TPO roof replacement minimizes future capital expenditure requirements, ensuring a low-maintenance and high-yield investment profile.

Strategically located on East Admiral Doyle Drive, the center benefits from over 22,000 vehicles per day and proximity to major retail drivers like Walmart Supercenter and Rouses Market. It’s easy access via Highway 90 ensures high visibility and convenience, attracting steady consumer traffic. With a solid tenant base, growth opportunities, and a prime location in an expanding market, Westpark Shopping Center is an ideal acquisition for investors seeking stable cash flow with long-term upside potential.

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