MedProperties, Heitman Acquire 60,087 SF Hospital in Covington, Louisiana

COVINGTON, LA. — Dallas-based MedProperties Realty Advisors and Chicago-based Heitman LLC, in their first joint venture together, have acquired Avala Hospital, a 21-bed, 60,087-square-foot surgical hospital in Covington. The seller(s) and sales price were not disclosed. Capital One NA, with a participation by Siemens Financial Services, provided an undisclosed amount of financing for the acquisition.Avala Hospital is one of the only facilities in Louisiana offering robotics-assisted …

Trinity REIS Brokers Sale of Family Dollar-Occupied Retail Property in New Orleans

NEW ORLEANS — Trinity Real Estate Investment Services (Trinity REIS) has brokered the sale of a Family Dollar-occupied retail property in New Orleans. Trinity REIS represented the seller, Legion Capital, in the sale. The sales price was not disclosed.The Family Dollar-occupied property spans 9,180 square feet. Located at 7437 Westbank Expressway, the property is situated about 10 miles from downtown New Orleans and 19.1 miles from the New Orleans Lakefront

Two Proposed Port Container Projects Could Catapult NOLA’s Industrial Sector

The current state of the New Orleans industrial real estate market can best be described as “dichotomic.” On the one hand, New Orleans has the stability of a mature market featuring one of the largest and oldest ports in North America, traditionally serving heavy industry that continues to perform. On the other, you have two new proposed container port projects that could significantly alter the landscape of the industrial real estate market for the foreseeable future.Like so many other …

NOLA’s Apartment Market Remains Stable as Occupancy Gains Momentum

Like the rest of the country, metro New Orleans is slowly coming out of the COVID-19 fog. The uncertainty of these uncharted waters caused a lot of anxiety for multifamily owner and operators. Although there were some challenges, the market has survived the pandemic surprisingly well.The overall vacancy factor for the city is in the 5 to 6 percent range and should compress further given the modest pipeline of new inventory coming on line. The highest vacancy rates reported are in Algiers …

New Orleans Lays Ground Work for a Return to a ‘Wonderful World’

“I see friends shaking hands, saying how do you do…”Like many urban city centers, New Orleans has faced unprecedented challenges from COVID-19 over the past 19 months. The metro area lost more than 85,000 jobs between second-quarter 2019 and second-quarter 2020. In an economy heavily reliant on tourism, Orleans Parish was the most impacted with over 41,000 jobs lost, predominantly in the hospitality sector.Retailers — and their employees — depend on the large boosts of …

GBT Realty Buys 168,000 SF Shopping Center in Lafayette, Louisiana

LAFAYETTE, LA. — GBT Realty Corp. has bought River Marketplace, a 168,000-square-foot shopping center located at 4313 Ambassador Caffery Parkway in Lafayette. Jim Hamilton, Ryan Shore, Ryan West, Brad Buchanan and Taylor Callaway of JLL represented the seller, San Francisco-based RBL Real Estate, in the transaction. The sales price was not disclosed.Developed in 2003, River Marketplace includes multi-tenant buildings and six freestanding outparcels. Shadow-anchored by Super Target, the …

Passco Purchases Two Multifamily Properties in Baton Rouge Totaling 552 Units

BATON ROUGE AND ADDIS, LA. — Passco Cos., an Irvine, Calif.-based commercial real estate company, has purchased two multifamily communities in Baton Rouge totaling 552 units. The properties include Tapestry Long Farm and Sweetwater Apartments. The sales price was not disclosed. Arlington Properties will manage both properties moving forward.Passco acquired 276-unit Tapestry Long Farm from the property’s developer, Birmingham, Ala.-based Arlington Properties. Mike Kemether and Larry …

SRS Brokers $10.9M Sale of Two Winn-Dixie Properties in Metro New Orleans

SLIDELL, LA. — SRS’ Investment Properties Group has brokered the sale of two single-tenant properties net leased to Winn-Dixie in Slidell, roughly 31 miles outside New Orleans. H&R 2985 Gause LLC and H&R 3030 Pontchartrain LLC sold the properties for $10.9 million to NS Retail Holdings LLC. Kyle Stonis and Pierce Mayson of SRS’ Investment Properties Group, along with William Place of L + A Retail, represented the seller in the transaction. The buyer was …

JLL Secures $31.3M Refinancing for Multifamily Tower in New Orleans

NEW ORLEANS — JLL Capital Markets has secured $31.3 million in refinancing for Hibernia Tower, a 175-unit, 23-floor multifamily tower in New Orleans’ Central Business District. Jesse Wright, Robert Tonnessen, Kenny Cutler and Joshua Odessky of JLL represented the borrower, a partnership between New Orleans-based HRI Properties and New York-based Almanac Realty, to secure the three-year, floating-rate loan through New York-based Voya Investment Management.Built as an office building in …

Fountain Residential Breaks Ground on 294-Bed Student Housing Community Near LSU in Baton Rouge

BATON ROUGE, LA. — Fountain Residential Partners has broken ground on The Vue on Parker, a 294-bed student housing development located near Louisiana State University in Baton Rouge.The Vue on Parker will offer studio to five-bedroom units with bed-to-bath parity. The fully furnished units will include wood-look flooring, granite countertops, queen-sized pillowtop beds, 60-inch smart TVs, stainless steel appliances, full-sized washers and dryers and an onsite structured parking garage. …

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