The Drusilla Shopping Center will get extensive renovations and a new name after being purchased by a group of investors led by Donnie Jarreau, who redeveloped the Southdowns Village Shopping Center.
The 140,000-square-foot center at Jefferson Highway and Drusilla Lane sold for nearly $10.5 million.
The seller was Garry Lewis, who bought the center in 1999 for $6.3 million.
“The development plan that we have been working on for the past year and the announcement of some new tenants will assist in the revitalization of this retail shopping destination,” Jarreau said. “It will add tremendous value to the existing tenants and exciting new options for consumers.”
Plans are to rename the center Drusilla Village and spend about $2 million renovating the property, said Alex Knight of Donnie Jarreau Real Estate, who brokered the deal.
The work will involve putting a new facade on the building, updating signs, improving the parking lot, upgrading the lighting, adding new landscaping and installing awnings.
Knight said many of these things were done at Southdowns Village and they have been well received by businesses in the property and consumers.
“We’re going to make it look good,” he said. “Given the size of the facility, it’s going to take a little while. It’s not going to be done in 60 days.”
The new owners plan on working with the tenants so they are affected as little as possible by the work, Knight said.
Drusilla Village was built in the early 1970s.
Major tenants include Hi Nabor, Hancock Fabrics, Drusilla Seafood, Chase Bank and Pastime Jr. The center is about 90 percent occupied.
Because of Drusilla Village’s high occupancy rate, Knight said the new owners aren’t under any pressure to bring in tenants while the extensive remodeling is going on.
“There’s a value in those vacant spaces and it will only go up once the renovation is complete,” he said.