In 2007, Professional Realty Services developed a shopping center on Florida Boulevard near the Baton Rouge General Medical Center. The Live Oak Shopping Center, at 4065 Florida Blvd., was the first new retail development to be constructed in the area in over 20 years. The 18,900-square-foot retail center is occupied by Evangeline Laundry, Budget Prepay and Rent-A-Center. It was bought by Kimble Development on Dec. 7 for $1,512,040.88, or about $80 per square foot. Chris Pike, a commercial consultant with Mike Falgoust and Associates, represented both the buyer and the seller. According to Pike, there was a lease in the works that would bring the center to close to 100% occupancy. "There is not a lot of new development taking place in the area, but this is a well-built, newer center that was bringing in an excellent cash-on-cash return, and the new owner is very happy with his investment," says Pike.