BATON ROUGE, LA. — TruCore Investments has acquired an 81,589-square-foot industrial facility located at 10781 Cousey Court in Baton Rouge. Situated on 10.8 acres, the Class B property was fully leased at the time of sale to FedEx, which has occupied the facility since its delivery in 1998. Alex Ruch of Elifin Realty brokered the transaction. The seller was not disclosed.
HOUMA, LA. — Atlanta-based ECI Group has sold Houma Highlands, a 378-unit apartment community located at 461 S. Hollywood Road in Houma, about 57 miles southwest of New Orleans. Oakwood Capital purchased the 16-building property for an undisclosed price. Larry G. Schedler & Associates and Mike Kemether of Cushman & Wakefield’s Atlanta office represented ECI Group in the disposition. Phase I of Houma Highlands was completed in 2004 by another developer. ECI Group purchased the first phase and then completed Phase II in 2012. The pet-friendly community features one-, two- and three-bedroom apartments, as well as a resort-style pool, fitness center and green spaces.
GRETNA, LA. — The City of Gretna, Jefferson Parish and Formwork Development will host a grand opening today for Primary Workspace, a coworking and event venue built within a historic 1911 schoolhouse in downtown Gretna. The development was conducted in a public-private partnership between Jefferson Facilities Inc. and Formwork Development on behalf of Jefferson Parish and the City of Gretna. Architect and interior designer Studio BKA followed a three-part approval process to preserve the building’s historical integrity while incorporating modern updates and collaborated with the Louisiana Historic Preservation Office to ensure the renovation met the Secretary of Interior’s Guidelines for Historic Preservation. The $3.5 million renovation was funded with $2.7 million in funding from the American Rescue Plan Act and $800,000 of Louisiana State Historic Tax Credits. Located at 519 Huey P Long Ave., the nearly 20,000-square-foot development offers flexible coworking office space and special event rental options within the repurposed primary school, which features original architectural details and updated systems and amenities such as a revived two-story auditorium, rebuilt proscenium arch and stage, private offices, meeting rooms and hot desks. An additional 2,800 square feet is available for lease on the first floor alongside the German-American Cultural Center & Museum, …
NEW ORLEANS — LaPhair Capital Partners and former or current members of the NFL’s New Orleans Saints have partnered to invest in Maidstone New Orleans, a boutique hotel redevelopment located at 3522 Tulane Ave. in New Orleans’ Mid-City district. The involved NFL players include current Saints defensive end Cam Jordan, former quarterback Jameis Winston and former running back Mark Ingram. Local media outlets reported last summer that the hotel was formerly known as The Drifter Hotel and sold in an off-market transaction. Further details about the renovations and offerings of Maidstone New Orleans were not disclosed.
NEW ORLEANS — A partnership between Cypress Equities, a real estate development and management firm based in Dallas, and locally based firm Lauricella Land Co. has broken ground on a new eight-story office building in New Orleans. Situated on the banks of the Mississippi River, the 123,941-square-foot property, named Shell Plaza, will house the headquarters of the Gulf of Mexico operations for oil-and-gas giant Shell (NYSE: SHEL). Shell executed the office lease with Cypress Equities and Lauricella Land Co. last year. The new property represents the first Class A office building to break ground in New Orleans since 1989 and the first office property within the River District, a 39-acre mixed-use neighborhood on the riverfront, according to the development team. “This project will boost the local economy while setting a new standard for sustainable, modern office space in New Orleans,” says Chris Maguire, CEO of Cypress Equities. Shell Plaza will be located on a 1.6-acre site at 1600 Convention Center Blvd. at the corner of Henderson and Euterpe streets and adjacent to the New Orleans Ernest N. Morial Convention Center. River District Neighborhood Investors LLC, working on behalf of the convention center, is overseeing the development of the River District …
METAIRIE, LA. — The Feil Organization has completed a $4 million renovation of the common areas at One Lakeway, an office building within the 1.2 million Lakeway office complex in Metairie. Feil partnered with AGL Commercial Interiors and AECOM Tishman on the project. The renovation included new art installations, furniture and finishes in the lobby, as well as landscaping improvements for the courtyard between One and Two Lakeway. Additionally, the overhaul included renovations to the café, rebranded now as Lakeway Café, and the installation of outdoor dining areas. Feil is underway on the lobby renovations at Two Lakeway and expects to complete construction by the end of the year.
METAIRIE, LA. — Chamblee, Ga.-based Audubon has sold The Local on Severn, a 161-unit apartment community in Metairie, for $17.6 million. The buyer was a Texas-based property management firm that has multiple Louisiana apartment communities in its portfolio. Located southeast of Baton Rouge via I-10, The Local on Severn offers studio, one-, two- and three-bedroom apartments, as well as two swimming pools and sundecks.
BOSSIER CITY, LA. — The Cordish Companies has set the opening date for its $270 million Live! Casino & Hotel Louisiana — Thursday, Feb. 13, pending approval from the Louisiana Gaming Control Board. The Baltimore-based company launched bookings at the Bossier City hotel last Friday, almost exactly a full year after breaking ground. Additionally, tickets are now on sale for a slate of shows/concerts at the development’s Event Center at Live! Situated along the Red River near Shreveport, La., the Live! Casino & Hotel Louisiana will feature more than 47,000 square feet of gaming space; a sportsbook for live betting on sporting events; an upscale 550-room hotel with a resort-style pool and fitness center; 25,000-square-foot events center; structured and surface parking; a 31-site RV park; and 30,000 square feet of dining and entertainment venues, including Cordish brands Sports & Social, PBR Cowboy Bar and Luk Fu, as well as Ridotto Grand Café and The Prime Rib steakhouse.
MANDEVILLE, LA. — PJ’s Coffee plans to open 12 new locations in the metropolitan Atlanta area over the next seven years. The Peach State currently has a PJ’s Coffee location in Greensboro and construction will soon begin for its next one in Rome. The Mandeville, La.-based coffeeshop chain has more than 185 locations operating systemwide and more than 100 in the development pipeline. “Our expansion into Atlanta represents a game-changing opportunity to share PJ’s unique flavors with a vibrant community that values Southern hospitality and exceptional coffee,” says Lory Schwartz, franchise development manager of PJ’s Coffee. “The city’s dynamic economy, strong coffee culture and affinity for innovation make it the perfect place for our next chapter of growth.”
ALEXANDRIA, LA. — Marcus & Millichap has brokered the $9.8 million sale of Holiday Inn Alexandria Downtown, a 169-room hotel located at 701 4th St. in downtown Alexandria that fronts the Red River. The seller was Sharpco Hotels, an investment firm based in Natchitoches, La., that purchased the formerly vacant hotel from the City of Alexandria and revitalized and rebranded the property. A partnership between Tennessee-based VJ Hotels and Texas-based ARK Hospitality purchased the hotel. David Altman of Marcus & Millichap represented the seller in the transaction. Steve Greer served as Marcus & Millichap’s broker of record in Louisiana for the transaction. Holiday Inn Alexandria Downtown features 11,000 square feet of meeting space, a restaurant and Tesla car chargers, as well as direct access to the Randolph Riverfront Convention Center.
