24 Oct How a Baton Rouge Retail Seller Beat Renewal Risk

Noah Loveland of ELIFIN® represented the seller in the successful sale of the ±18,300 SF retail property located at 13031 Perkins Rd in Baton Rouge, LA.

Challenge

The seller sold his business, Splash, to Leslie’s in 2023 and leased the building he owned back to them. It was the only property he owned in Baton Rouge, and he lives in Shreveport. The lease was not up for renewal until late 2028, but he did not want to wait and gamble on whether the tenant would renew. If they left, he would be stuck finding a new tenant for a building he had no local ties to manage.

Strategy

Noah and the seller decided to sell well ahead of the renewal date. They brought the property to market in early Q2 2026 at an attractive 9% cap rate, priced to draw real interest from investors who would value having a tenant already in place. The pricing worked. Multiple offers came in, giving the seller options and leverage when choosing a buyer.

Result

The property closed in October 2026, right after Leslie’s declared bankruptcy. The seller exited with the lease risk off his plate, and he did not have to take on the work of re-leasing the building. The buyer picked up a building with a tenant in place and the chance to benefit if the lease is renewed. Both sides were happy with how it turned out.

Leading Agent

Noah Loveland