Photo of a Walmart Neighborhood Market via Walmart.
Six Wal-Mart Neighborhood Market properties around the state were acquired as part of a $78 million transaction.
The Hampshire Companies, a full service, private real estate investment firm, acquired the portfolio from SkilkenGold Real Estate Development. The properties were acquired in a joint venture with Hanna Asset Management Company from Seoul, South Korea, and several of their institutional and retail investors, and total more than 255,000 square feet
The portfolio consists of six, newly constructed free-standing retail stores located throughout southern Louisiana in Houma, Meraux, New Iberia, Opelousas, Prairieville and Thibodaux.
“We continue to see foreign investors looking to utilize capital to purchase core investments with well-known, strong tenants in mature and established markets across the country,” Robert T. Schmitt, a Principal of The Hampshire Companies, said in a written statement. “Our knowledge of the U.S. real estate market, global economy, and proven, cycle-tested investment strategies made us an ideal partner for this investment with our South Korean partners. We look forward to continuing to work with them to target asset classes that align with our investment strategy and their long-term goals.”
“Our decision to acquire this portfolio of assets in southern Louisiana was motivated by Walmart’s focus on long-term sustainable growth and our strategy of acquiring stable, core assets in strong marketplaces,” said John Goldsmith, a Portfolio Manager for The Hampshire Companies. “Walmart’s Neighborhood Market concept was developed with the current and future needs of consumers in mind and will allow these six stores to serve their local markets well into the future and offer us stable income generating assets.”