About a year after the Towne Center at Cedar Lodge was purchased by out-of-state buyers, the shopping center has continued drawing in customers amid a changing retail landscape.
Towne Center, built on a horse farm formerly belonging to the Witter family, opened two decades ago as one of the first open-air lifestyle centers in Baton Rouge and has maintained its popularity. New York-based firm DLC Management purchased the shopping center in August for $81 million. The center’s grocery store anchor tenant Whole Foods caught their eye.
Open-air developments have risen in popularity due to their relatively lower operating costs to enclosed malls and better visibility. The increased demand coupled with low supply, hindered by low construction, has driven prices up…