NEW ORLEANS — Lineage Logistics, an industrial REIT specializing in cold storage real estate, will build a $42 million expansion of its Jourdan Road cold storage facility at Port of New Orleans (Port NOLA). The State of Louisiana is providing $10 million in capital outlay funds, while Port NOLA is providing $2 million in funds. Michigan-based Lineage Logistics is investing the remaining $30 million in capital for the cold storage project, and also is expected to utilize Louisiana’s Quality Jobs Program. The cold storage complex is located along the Inner Harbor Navigation Canal. The development plans are for the complex to grow from 160,000 square feet to 304,000 square feet. Lineage Logistics plans to retain 188 existing jobs with the new project, while creating an estimated 50 new direct maritime and warehousing jobs. Louisiana Economic Development estimates the project will result in an additional 56 new indirect jobs, for a total of more than 100 new permanent jobs in the region. In 2020, Lineage Logistics’ facilities in New Orleans partnered with Port NOLA to export 380,000 tons of poultry to global markets. The development expansion will support imports of fresh produce as well. In 2012, Port NOLA and New Orleans …
BATON ROUGE, LA. — Landmark Properties, a student housing developer and owner-operator based in Athens, Ga., has purchased The Exchange at Baton Rouge, a 299-unit, 898-bed student housing property located at 449 Ben Hur Road in Baton Rouge. The sales price was not disclosed, and Halstatt was Landmark’s capital partner on this transaction. The Exchange at Baton Rouge is a garden-style property located approximately 1.5 miles from the Louisiana State University (LSU) campus and is situated adjacent to Tiger Land, an entertainment area for LSU students. The Exchange’s amenities include three resort-style swimming pools, four courtyards, bike storage, volleyball court, fitness center, cybercafé and game room. The Exchange also offers one- to four-bedrooms floorplans. Landmark plans to modernize the community. The purchase of The Exchange at Baton Rouge represents Landmark’s 11th acquisition in the past 18 months and its first transaction completed in partnership with Halstatt Real Estate Partners.
NEW ORLEANS — Hertz Investment Group has opened a new coworking space in New Orleans called Connect Hub Coworking at 400 Poydras Tower. The space is situated on the ninth floor within Hertz’s 400 Poydras Tower, a 32-story, 620,000-square-foot office building in the city’s central business district. Hertz invested about $1 million into the project. According to Jim Ingram, chief investment officer of Hertz, the property is offering desk-to-office options for remote workers, those splitting time between home, field and/or office and growing businesses in need of flexible lease agreements. The property offers offices suites ranging from 100 square feet to 100,000 square feet, as well as fiber internet, conference rooms and onsite management. Connect Hub is one of 80 tenants at 400 Poydras Tower. 400 Poydras Tower tenants include IMTT, Accruent, Entercom, Regions Bank and Reily Foods. Hertz Investment Group is a real estate investment firm based in Woodland Hills, Calif. The company currently operates seven properties in New Orleans, including First Bank and Trust Tower, Poydras Center and 400 Poydras Tower.
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Morgan Properties, Olayan America Acquire 14,414-Unit Apartment Portfolio Across Midwest, Southeast for $1.7B
KING OF PRUSSIA, PA. — Morgan Properties and Olayan America have acquired a portfolio of 48 apartment communities totaling 14,414 units in 11 states for $1.7 billion. STAR Real Estate Ventures, a joint venture between El-Ad National Properties LLC and Yellowstone Portfolio Trust, was the seller. The portfolio, named the North Star Portfolio, consists of Class B assets in Florida, Texas, Georgia, North Carolina, South Carolina, Louisiana, Michigan, Illinois, Indiana, Ohio and Maryland. On average, the communities total 300 units each and date to 1985. “While most of our competitors remain defensive and on the sidelines, Morgan Properties continues to play offense. North Star was right in our wheelhouse given the barriers to entry and we pounced on the opportunity to secure it,” says Jonathan Morgan, president of Morgan Properties. “The North Star investment speaks to the strength of our partnership with Morgan Properties and our continued confidence in the multifamily sector,” says Erik Horvat, managing director and head of real estate at Olayan America. The buyers plan to invest an additional $100 million for enhancements and amenity upgrades at the properties. With the North Star acquisition, Morgan and Olayan entered five new states, including Florida, Texas, Georgia, Louisiana and …
METAIRIE, LA. — HREC Investment Advisors has brokered the sale of the 181-unit Sheraton Galleria Metairie Hotel located in Metairie. Len Wormser of HREC exclusively represented the seller, Hotel Capital LLC, in the transaction. Barry Swanson, Michael Salloway, Ketan Patel and Scott Stephens of HREC assisted in the transaction as well. The buyer, Atlanta-based Generation Hospitality, will manage the hotel. The sales price was not disclosed. The Sheraton Galleria Metairie Hotel is located at Four Galleria Blvd. and is five miles from the New Orleans Botanical Garden and seven miles from Louis Armstrong New Orleans International Airport. The property’s rooms feature free Wi-Fi, flat-screen TVs, mini fridges, safes and coffeemakers, as well as room service. Other hotel amenities include a restaurant/bar, a convenience shop, gym, rooftop pool and event space. Hotel Capital LLC is an Indianapolis-based, private equity real estate investment firm.
METAIRIE, LA. — Audubon will develop a five-story, $55 million apartment community in Metairie known as The Metro at Clearview. The 270-unit development will feature units averaging 925 square feet and leases ranging from an average of $1,500 to $3,000 per month. The apartment complex is the multifamily component of Clearview City Center, a redevelopment of the former Clearview Shopping Center. The $100 million mixed-use development, owned by the Richards family, sits on a 35-acre site approximately six miles northwest of downtown New Orleans. The Metro at Clearview will feature two courtyards, a pool and cabanas, yoga lawn, lounge area, grilling stations, sitting area and a Zen garden. Community amenities include a 2,000-square-foot clubroom with multiple seating and entertainment areas, a catering kitchen, fully furnished fitness center and a sky lounge. The Metro at Clearview will join other planned tenants at the Clearview City Center redevelopment, including Ochsner Health System, which is developing a super clinic for comprehensive healthcare services, and Regions Bank at the intersection of Clearview Parkway and Veterans Boulevard. Audubon expects to begin construction this May and complete the development in two years. Audubon is an Atlanta-based firm specializing in the acquisition and management of multifamily properties.
NEW ORLEANS — Holiday Inn Club Vacations Inc. has opened its New Orleans resort, which marks the first urban property for the company. The hotel is housed in what was the city’s first skyscraper, built in 1893. Holiday Inn Club Vacations acquired the property in 2019 and converted the apartment building into a 105-villa resort. The property offers one- and two-bedroom suites with kitchens and living rooms. The first floor of the 11-story building offers a marketplace and the Maritime Bar & Lounge. The top floor features a fitness center, rooftop deck and a pool. The asset is situated at 203 Carondelet St. in New Orleans’ French Quarter district. The resort houses 45 employees.
NEW ORLEANS — The Millenia Cos. has received a $27.5 million construction loan to redevelop Peace Lake Towers, a 131-unit affordable seniors housing community in New Orleans’ Read Boulevard West neighborhood. Upon completion, the property will offer renovated one-bedroom floor plans and communal amenities such as a community center, arts activity space, library, computer lab and a fitness room. The renovations will also include upgraded heating, cooling and electrical systems; a new roof, windows and doors; and eco-friendly appliances. Cleveland-based Millenia expects to begin renovations soon and complete the project in roughly 14 months. Crews will renovate vacant units first and relocate households onsite as the construction is completed in phases. Residents will pay 30 percent of their income toward rent, and rent will remain affordable for at least 20 years by a federal project-based Section 8 contract. Redstone Federal Credit Union provided the construction loan, and Netherlands-based Aegon is the syndicated lender. Additionally, Louisiana Housing Corp. issued bond and tax credits for the project, and the U.S. Department of Housing and Urban Development (HUD) and the City of New Orleans both provided financing. Marous Brothers Construction is serving as the general contractor, Hooker DeJong Inc. is the architect and Millennia Housing …
CARENCRO, LA. — Amazon has chosen Carencro for a new $100 million fulfillment center, its first in the state of Louisiana. The Seattle-based e-commerce giant currently operates three delivery centers and seven Whole Foods stores in the state. The property is expected to house 500 full-time employees upon completion, which is slated for the end of 2021. The asset will be situated in Lafayette Parish at the former site of the original Evangeline Downs Casino and Racetrack, near Interstates 49 and 10. Employees at the fulfillment center will pick, pack and ship bulky or larger-sized items, such as patio furniture, outdoor equipment and rugs. Amazon expects the facility to span 1 million square feet.
BATON ROUGE, LA. — EdgePWR has acquired Bon Carre Technology Center, a 712,000-square-foot office and technology park in Baton Rouge. The property is situated at 7337 Florida Blvd., five miles east of downtown Baton Rouge. Tenants at the time of sale included Cox Media, software firm CRIF ACTion, Pixel Dash Studios and data company Venyu. Bon Carre was originally developed in the 1960s as Bon Marche Mall before being redeveloped into an office park more than 20 years ago. Bill Sanders and Jessie Babcock of Beau Box Commercial Real Estate, along with JLL, represented the undisclosed seller in the transaction. South Carolina-based EdgePWR has retained Sanders and Babcock to handle leasing at Bon Carré and Beau Box Property Management to manage the property.