Louisiana

Shell’s Move Exemplifies Flight to Quality Trend for Office Users in New Orleans

by John Nelson December 11, 2023

Shell’s announcement in mid-September to relocate its home from the Central Business District (CBD) of New Orleans to the planned 50-plus acre River District rocked the office market. The oil and gas giant has been in the Hancock Whitney Center (formerly One Shell Square) since 1972, and will be rightsizing in a Class A mid-rise office building that will anchor the River District. The planned building will be approximately 142,000 square feet and home to 850 to 1,000 employees. What a huge win for the planned River District and city of New Orleans. However, the void left in Hancock Whitney Center raises the question, what will building ownership group do with all of the space that Shell vacates? If the current occupancy rate stands, Hancock Whitney Center will have over 500,000 square feet of vacant space. Elsewhere, Entergy is in the process of a major contraction in its building located at 639 Loyola Ave., and earlier this year, Freeport McMoRan vacated over 100,000 square feet of space at 1615 Poydras. Both buildings are also located in the CBD. A number of office towers have loans maturing within the next 24 months, and the logical assumption is that securing financing will …

December 11, 2023

Louisiana Market Reports Multifamily Southeast Southeast Market Reports

New Orleans Multifamily Market Contends With Inflation, Interest Rates, Insurance

by John Nelson December 4, 2023

The volatility in the capital markets over the past 12 to 18 months has wreaked havoc on many aspects of the economy, and real estate has not gone unscathed. Unlike the retail and office sectors whereby there is a fundamental shift in how people work and shop, housing is a basic need. The equilibrium between supply and demand in metro New Orleans’ multifamily market is still in sync. It would however be naïve to suggest there are no challenges that are affecting our real estate market. The “three dreaded Is” (i.e. inflation, interest rates, insurance) is not a Halloween mask but a euphemism that crystallizes the challenges multifamily owners are faced with both locally and nationally. Each of these factors singularly are powerful forces, yet the trifecta is playing a role in the current state of our metro market. However, despite these challenges, the regional multifamily market has stable occupancy with most submarkets reporting levels in the 92 to 94 percent range. Overall monthly rental rates average $1,263 with rents ranging from a low of $1,000 in Eastern New Orleans and Algiers to rents in the Downtown market as high as $3,000. Once again, the barriers to entry (lack of …

December 4, 2023

Acquisitions Louisiana Retail Southeast

SRS Arranges Sale of 100,120 SF Karam Shopping Center in Lafayette, Louisiana

by John Nelson November 21, 2023

LAFAYETTE, LA. — SRS Real Estate Partners has arranged the sale of Karam Shopping Center, a 100,120-square-foot, grocery-anchored shopping center located at 215 W. Willow St. in Lafayette, about 55 miles west of Baton Rouge. Houston-based Mishra Group purchased the shopping center from TCP Realty Services for an undisclosed price. Kyle Stonis and Pierce Mayson of SRS, along with Jonathan Walker of Maestri-Murrell Inc., represented the seller in the transaction. Situated near I-10 and the University of Louisiana at Lafayette, Karam Shopping Center is anchored by Super 1 Foods and dds Discounts.

November 21, 2023

Leasing Activity Louisiana Office Southeast

Feil Organization Signs Engineering Firm to 9,829 SF Office Lease in Metairie, Louisiana

by John Nelson November 10, 2023

METAIRIE, LA. — The Feil Organization has signed engineering firm Ampirical Solutions to a five-year, 9,829-square-foot office lease in Metairie, a suburb of New Orleans. The tenant will occupy space at The Galleria, a 466,110-square-foot office building located at One Galleria Blvd. Amenities at the 22-story property include a fitness center, food service, ATM, car wash service and onsite security and management. Scott Graf of Corporate Realty represented the Feil Organization in the lease negotiations. Celso Eric Hernandez of Nola Living Realty represented the tenant.

November 10, 2023

Acquisitions Louisiana Multifamily Southeast

Marcus & Millichap Brokers Sale of 200-Unit Olde Salem Village Apartments in Shreveport, Louisiana

by John Nelson November 9, 2023

SHREVEPORT, LA. — Marcus & Millichap has brokered the sale of Olde Salem Village, a 200-unit apartment community located at 6725 Buncombe Road in Shreveport. John Hamilton, Bryan Sisk and David Dorris of Marcus & Millichap represented the seller, Continental Foundation Inc., in the transaction. An entity doing business as Thara Properties LLC purchased the community for an undisclosed price. Built in 1984 on 14.5 acres, Olde Salem Village features a clubhouse, pool and a basketball/tennis court.

November 9, 2023

Leasing Activity Louisiana Retail Southeast

Five Below, Ross Dress for Less Join Tenant Roster at Northlake Shopping Center in Mandeville, Louisiana

by John Nelson November 1, 2023

MANDEVILLE, LA. — National retailers Five Below and Ross Dress for Less have joined Northlake Shopping Center, a 166,371-square-foot retail center located at the intersection of Louisiana Highway 22 and U.S. Route 190 in Mandeville. Situated across Lake Pontchartrain from New Orleans, Northlake’s tenant roster also includes Fresh Market, Total Wine & More, Office Depot and PetSmart. The landlord, Epic Real Estate Partners, has recently completed exterior renovations to the shopping center. Jonathan Fawer and Austin Lavin of Corporate Realty represented the landlord in the lease negotiations.

November 1, 2023

Leasing Activity Louisiana Office Southeast

Feil Organization Signs Law Firm to Two Office Leases in Metairie, Louisiana Totaling 11,158 SF

by John Nelson October 18, 2023

METAIRIE, LA. — The Feil Organization has signed personal injury law firm Morris Bart to two leases in the New Orleans suburb of Metairie totaling 11,158 square feet. The tenant will occupy 2,248 square feet on the first floor of Oakwood Corporate Center, as well as 1,644 square feet on the first floor of Three Lakeway and another 7,266 square feet on the building’s 24th floor. Barry Spizer of SRSA Real Estate represented the tenant in both lease deals. Meghan Reed of Property One represented Feil Organization in the Oakwood Corporate Center lease, and Bruce Sossaman of Corporate Realty represented the landlord in the Three Lakeway lease. Morris Bart employs more than 100 attorneys and more than 150 legal professionals across 15 offices in Louisiana, Mississippi, Alabama and Arkansas.

October 18, 2023

Acquisitions Louisiana Multifamily Southeast

Reynolds Acquires Two Multifamily Properties Totaling 500 Units in Metro Shreveport, Louisiana

by John Nelson October 16, 2023

BOSSIER CITY AND SHREVEPORT, LA. — Reynolds Asset Management has acquired two multifamily properties in the greater Shreveport area. The first property, Preston Place and Port Au Prince in Bossier City, totals 272 apartments in a mix of one- and two-bedroom floorplans, as well as one three-bedroom unit. Stabilized monthly rental rates at the community, which is located at 400 Preston Blvd. and will be renovated and rebranded as Preston Place North and South, range from $880 to $1,265. Reynolds purchased the property in partnership with Devli Real Estate and iintoo. John Hamilton and Josh Jacobs of Marcus & Millichap brokered the transaction. Situated on 17 acres in Shreveport, the second property — Townhomes at South Highlands — comprises 228 apartments in one-, two- and three-bedroom layouts. Reynolds acquired the community in partnership with Newport Capital Group. Stabilized monthly rents at the property range from $715 to $1,080. Renovations at the community are currently underway and scheduled for completion in October 2024.

October 16, 2023

Development Leasing Activity Louisiana Mixed-Use Office Southeast

Shell Signs Lease at 142,000 SF Office Development Underway in New Orleans’ River District

by John Nelson October 3, 2023

NEW ORLEANS — Gas giant Shell has signed a lease at a 142,000-square-foot office building to be constructed in the 39-acre River District mixed-use neighborhood of New Orleans. Shell’s Gulf of Mexico operations headquarters will occupy the multi-floor property. Cypress Equities and Lauricella Land Co. have formed a joint venture to develop the building, which Gensler is designing. Located on Convention Center Boulevard, the project is scheduled to begin construction in 2024. Tim Relyea and Joe Peddie of Cushman & Wakefield represented Shell in the lease negotiations.

October 3, 2023

Development Industrial Louisiana Self-Storage Southeast

Go Store It Opens 86,680 SF Storage Facility in Baton Rouge, Louisiana

by Hayden Spiess September 27, 2023

BATON ROUGE, LA. — Go Store It has opened an 86,680-square-foot self-storage facility at 1683 O’Neal Lane in Baton Rouge. Comprising 550 units, the property features 24-hour video surveillance, electronic gate access, climate control and access to Interstate 12.

September 27, 2023

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