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LouisianaMarket ReportsMultifamilySoutheastSoutheast Market Reports

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

by John Nelson

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 …

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AcquisitionsLouisianaRetailSoutheast

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

by John Nelson

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.

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Leasing ActivityLouisianaOfficeSoutheast

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

by John Nelson

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.

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AcquisitionsLouisianaMultifamilySoutheast

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

by John Nelson

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.

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Leasing ActivityLouisianaRetailSoutheast

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

by John Nelson

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.

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Leasing ActivityLouisianaOfficeSoutheast

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

by John Nelson

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. 

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AcquisitionsLouisianaMultifamilySoutheast

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

by John Nelson

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.

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DevelopmentLeasing ActivityLouisianaMixed-UseOfficeSoutheast

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

by John Nelson

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.

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First-Solar-Iberia-Parish-Louisiana
DevelopmentIndustrialLouisianaSoutheastTop Stories

First Solar Breaks Ground on $1.1B Manufacturing Facility in Iberia Parish, Louisiana

by Taylor Williams

NEW IBERIA, LA. — First Solar Inc. (NASDAQ: FSLR), an Arizona-based provider of solar panels, has broken ground on a $1.1 billion manufacturing facility in New Iberia, located just southeast of Lafayette in the south-central part of Louisiana. The facility will be located on the grounds of Acadiana Regional Airport and will ultimately encompass more than 2 million square feet. The project, which local community leaders and members of the development team believe is the biggest in the history of the parish, is expected to generate about 700 new permanent manufacturing jobs within the local economy. First Solar anticipates that the plant will be fully operational and able to begin shipping products by the first half of 2026. When that scenario materializes, the company’s total manufacturing capacity will increase from 3.5 gigawatts to approximately 14 gigawatts in the United States and 25 gigawatts globally. At full capacity, the plant will be capable of churning out more than a dozen panels per minute. To secure the project in Iberia Parish, the State of Louisiana offered First Solar an incentives package that includes the workforce solutions of LED FastStart, a Louisiana Economic Development program for training and onboarding workers. Additional incentives include …

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