Louisiana

Venture Commercial, SRSA Arrange Northern Tool + Equipment’s Lease in Lake Charles

by John Nelson January 25, 2017

LAKE CHARLES, LA. — Venture Commercial Real Estate and SRSA Commercial Real Estate, two real estate brokerage firms and members of X Team International, have arranged a 19,019-square-foot retail lease in Lake Charles. The tenant, Northern Tool + Equipment, will be situated within Park Plaza Shopping Center at 3031 Gertsner Memorial Drive. Clay Mote of Venture Commercial worked with Kirsten Early of SRSA Commercial to negotiate the 10-year lease deal on behalf of the retailer, and Seth Citron of Stirling Properties represented the landlord.

January 25, 2017

Louisiana Market Reports Office Southeast Southeast Market Reports

Despite Challenges in Marketplace, New Orleans Office Activity Has Picked Up

by John Nelson January 23, 2017

New Orleans may be The Big Easy, but when it comes to understanding this unique Southern city’s commercial real estate marketplace, very little is easy or simple. The numbers, at least, are fairly straightforward. New Orleans currently has around 8.8 million square feet of Class A office space and 1.6 million square feet of Class B. Average rental rates are approximately $19.00 per square foot and $15.50 per square foot for Class A and Class B, respectively, with current occupancy rates at 89.5 percent for Class A and 71 percent for Class B. By way of comparison, the popular suburban Metairie market has around 2 million square feet of Class A and 1.5 million square feet of Class B office space, with occupancy rates at 93 percent and 88.2 percent, respectively (both down slightly from 2014 highs of 95 percent and 92 percent). Average rental rates are approximately $24.00 per square foot in Class A properties and $19.50 for Class B. The numbers in the suburban North Shore market are similarly healthy, with rates and occupancy numbers in the same general range as Metairie. Look beyond the surface numbers, however, and things get interesting, and a little more complicated. In …

January 23, 2017

Louisiana Retail Southeast

Home Depot to Open New Store at Stirling Properties’ Hammond Square in Louisiana

by John Nelson December 23, 2016

HAMMOND, LA. — The Home Depot has closed on its purchase of 9.7 acres of land for a new 106,000-square-foot store and 28,000-square-foot garden center as part of the redevelopment of Hammond Square, a 850,000-square-foot shopping center in Hammond developed and managed by Stirling Properties. Hammond Square is situated on nearly 100 acres at the corner of I-12 and US Highway 51 Business. Existing tenants include Target, AMC Theatres, Dillard’s, JC Penney, Academy Sports + Outdoors and Sears. The Home Depot is set to begin construction on the new store before the end of the year and open in 2017.

December 23, 2016

Loans Louisiana Multifamily Southeast

CBRE Arranges $32.5M Refinancing of Apartment Building in Downtown New Orleans

by John Nelson December 6, 2016

NEW ORLEANS — CBRE has arranged a $32.5 million loan to refinance 925 Common, a 15-story apartment building in downtown New Orleans. Built in 1952 as offices for Shell Oil, the building was converted to a 108-unit multifamily development in 2006. The sponsor, Belmont Commons LLC, recently completed extensive renovations at 925 Common, including adding 91 units, a new rooftop infinity-edge pool, new fitness center and an expanded parking garage. The property’s 10,400 square feet of ground-level retail space was also activated to include a Rooster Club Barber Shop and Goldberg’s Bagel Co. & Deli. Jonathan Rice of CBRE’s Atlanta office arranged the 10-year loan through Benefit Street Partners. 925 Common is situated in the central business district of New Orleans and is adjacent to The Roosevelt and across from Canal Street and the French Quarter.

December 6, 2016

Louisiana Seniors Housing Southeast

Blueprint Arranges $11.5M Sale of Seniors Housing Community in Baton Rouge

by John Nelson November 9, 2016

BATON ROUGE, LA. — Blueprint Healthcare Real Estate Advisors has brokered the $11.5 million sale of Oakwood Village, a 77-unit independent living, assisted living and memory care community in Baton Rouge. Blueprint represented the seller, a regional owner-operator divesting its only seniors housing asset. The buyer was a subsidiary of Florida-based specialty insurer Fortegra Financial Corp., an affiliate of Tiptree Financial Inc. New York City-based Care Investment Trust LLC will serve as asset manager of Oakwood Village, and Traditions Senior Management of Clearwater, Fla., will provide management services. Jacob Gehl was the lead Blueprint advisor on the transaction, supported by Michael Segal. Clint Parker and Jeremy Joiner from Brown Gibbons Lang & Co. Real Estate Partners assisted in the transaction.

November 9, 2016

Features Louisiana Multifamily Southeast Student Housing Top Stories

NMHC 2016 Conference: Student Housing Remains Robust, Transaction Volume and Investor Interest High

by Katie Sloan October 13, 2016

NEW ORLEANS — The 14th annual National Multifamily Housing Council (NMHC) Student Housing Conference & Exposition was held Sept. 28-30 at the New Orleans Marriott in Louisiana, with over 700 leaders from all facets of the sector convening to network, discuss and dine over a range of industry topics. The outlook throughout the conference was overwhelmingly bright. Each panel and session showed the sector to be robust, with reports of rising rental rates, a record year in asset sales in the sector, and increasing investor interest and capital entering the student housing market. The conference began on Wednesday, Sept. 28, with opening remarks by NMHC president Doug Bibby, followed by a panel titled “Keeping Count: The Public Company Perspective.” Led by CEO of Peak Campus Bob Clark, the panel went in-depth with the CEOs of the two public REITs in the industry — Bill Bayless, president and CEO of American Campus Communities (ACC), and Randy Churchey, chairman and CEO of Education Realty Trust (EdR). Clark began the panel with a variety of statistics on the sector today, as reported by Axiometrics. New supply deliveries for the last five years have been 61,000-beds in 2013; 62,000-beds in 2014; 47,000-beds in 2015; 48,000-beds in 2016; and 36,000 …

October 13, 2016

Hospitality Loans Louisiana Southeast

Kennedy Funding Financial Closes $1.5M Acquisition Loan for Site of Future Hotel, Hostel in New Orleans

by John Nelson September 30, 2016

NEW ORLEANS — Kennedy Funding Financial has closed a $1.5 million acquisition loan for a 40,000-square-foot lot in the Bywater neighborhood of New Orleans. Fronting Charles Street and bounded by Mazant and Royal streets, the site houses a former seafood processing plant. The borrower, Pelican Royal LLC, plans to develop a 43-room, 32,000-square-foot hotel and hostel known as Stateside on the site. Slated to open in early 2018, Stateside will feature a laundromat, courtyard, pool, restaurant and bar and a coffee and juice shop.

September 30, 2016

Hospitality Louisiana Southeast

New Castle Opens 103-Room Hotel in Downtown New Orleans

by Katie Sloan September 23, 2016

NEW ORLEANS — New Castle Hotels and Resorts (NCHR) has opened a 103-suite Fairfield Inn & Suites in the French Quarter neighborhood of New Orleans. Rockbridge Capital provided financing for the project. The property is a $10 million renovation of the former Interstate Electric Co. building, built in 1910. John T. Campo Associates designed the project, which used historic tax credits and preserved the building’s façade.

September 23, 2016

Loans Louisiana Multifamily Southeast

G.S. Wilcox Arranges $44.2M Financing for Two Multifamily Assets in Louisiana

by John Nelson September 16, 2016

HARVEY AND ALGIERS, LA. — G.S. Wilcox & Co. has arranged two loans totaling $44.2 million for apartment communities in Harvey and Algiers. David Fryer of G.S. Wilcox arranged the two loans through Legacy Texas Bank on behalf of an unnamed, repeat client of G.S. Wilcox. The financing includes a $24.2 million loan for the refinancing of a 408-unit garden-style community in Harvey and a $20 million acquisition loan for a 442-unit garden-style community in Algiers.

September 16, 2016

Loans Louisiana Multifamily Southeast

Bellwether Enterprise Arranges $31.6M HUD Loan for Workforce Housing Construction in New Orleans

by John Nelson August 29, 2016

NEW ORLEANS — Bellwether Enterprise Real Estate Capital LLC has arranged a $31.6 million HUD 221(d)(4) loan for the construction of Village of Versailles, a 50-building, 400-unit affordable and workforce housing community in New Orleans. Prior to Hurricane Katrina in 2005, the site of the Village of Versailles housed two 200-unit, HUD-insured apartment developments. Set to open in late 2017, Village of Versailles will feature two community buildings and a leasing office. Jon Killough of Bellwether Enterprise’s Alabama office arranged the 40-year loan with 22 months of interest-only payments through HUD on behalf of the borrower, Mirus New Orleans LLC. The financing of the project also includes the issuance of short-term tax-exempt bonds, 4 percent Low Income Housing Tax Credits purchased by City Real Estate Advisors and HOME Funds provided by the Louisiana Housing Corp.

August 29, 2016

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