Louisiana

Plenty of Opportunities Exist in New Orleans Retail Sector, Despite the Headwinds

by John Nelson November 28, 2022

New Orleans has seen significant, pent-up retail growth over the past 12 months as we emerge from the COVID-19 pandemic. More recently, however, external forces have provided some headwinds and caused tenants and investors to go back to their corners to reassess. Inflation, rising interest rates, insurance premium increases and elevated construction costs have all contributed to uncertainty in the Greater New Orleans retail landscape. Within the French Quarter and CBD, growing concerns from crime have forced some CEOs to look outside of the city core for their office headquarters. This issue, coupled with the current “work-from-home” environment, causes downtown retailers to rely even more on tourism and convention business. Thankfully, the hospitality sector has had success and is now exceeding pre-pandemic levels. Due to an active 2021 hurricane season that saw Hurricane Ida devastate South Louisiana, insurance rates have skyrocketed as carriers continue to leave the state. As a result, landlords have struggled with how to handle these unforeseen spikes in expenses. Should they pass those on to the tenant or eat them to remain competitive, or a combination of the two? 2022 has been a surprisingly quiet storm season, so with any luck these rates should begin to …

November 28, 2022

Louisiana Market Reports Office Southeast Southeast Market Reports

See You at Work: New Orleans Employers Rethink the Office Environment

by John Nelson November 21, 2022

In the post-pandemic environment where employers are trying to navigate new work schedules, office tenants are focusing more on the finish and design of office space than they are the rents. In New Orleans, we are seeing office tenants rethink the concept of office space altogether, and their employees are thinking differently about their individual offices as well. There has been a shift from the traditional office space of years past where one spends eight hours a day in a large private office with the door closed. The office has evolved into more of a social place. Companies want their employees to come back to the office and not to be fully remote. Many employees want to get out of their pajamas and come back to the office. But, getting them all to come back has proven to be the challenge. Companies are now enticing their employees with redesigned spaces that are more aesthetically pleasing and rich with amenities that allow for more social interactions and collaboration. Employees who work remotely a few days a week are coming to the office because they want that engagement with their colleagues. Tenants are now less interested in refurbishing private offices and spend …

November 21, 2022

Development Loans Louisiana Retail Southeast

Schelin Uldricks Secures $13.9M Construction Loan for Shopping Center in Lake Charles, Louisiana

by John Nelson November 14, 2022

LAKE CHARLES, LA. — Schelin Uldricks & Co. has arranged $13.9 million in financing for the redevelopment of University Plaza, a grocery-anchored shopping center located at the corner of Ryan Street and Sale Road in the southeast Louisiana city of Lake Charles. Financing will enable the renovation of portions of the property that experienced hurricane damage in 2020. When finished, the retail center will span 203,965 square feet. An undisclosed regional bank lender provided the loan. The property is currently leased to a mix of tenants that include a fitness center, grocery store and several inline restaurants and retailers.

November 14, 2022

Acquisitions Louisiana Multifamily Southeast

Servio Capital Acquires New Orleans Residential Building for $40M

by John Nelson November 7, 2022

NEW ORLEANS — Servio Capital has purchased the California Building, a luxury condominium property at the corner of Tulane Avenue and Rampart Street in New Orleans, for $40 million. Designed in 1949 and built in 1950, the property is one of the oldest standing international-style buildings in the city. Previously home to the Hibernia Bank operation center, the building has since been converted to multifamily housing and features amenities including a media room, fitness center, business center and a game room. The seller was not disclosed.

November 7, 2022

Acquisitions Hospitality Louisiana Southeast

HREC Arranges Sale of 319-Room Hilton New Orleans Airport Hotel in Kenner, Louisiana

by John Nelson November 3, 2022

KENNER, LA. — HREC Investment Advisors has arranged the sale of the Hilton New Orleans Airport, a 319-room hotel located at 901 Airline Drive in Kenner. Situated near the new terminal at Louis Armstrong New Orleans International Airport, the hotel features an onsite restaurant, airport shuttle, outdoor pool, fitness center, business center and meeting rooms. An entity doing business as NOLA Airport 319 LLC purchased the hotel for an undisclosed price. Scott Stephens, Len Wormser and Ketan Patel of HREC Investment Advisors represented the unnamed seller in the transaction. Greg Porter and Mike Armstrong of HREC Capital Markets Group arranged an undisclosed amount of acquisition financing on behalf of the buyer.

November 3, 2022

Acquisitions Louisiana Retail Southeast

Faris Lee, SRSA Broker $31.4M Sale of Single-Tenant New Orleans Store Net Leased to Whole Foods

by John Nelson September 21, 2022

NEW ORLEANS — Faris Lee Investments and SRSA Commercial Real Estate have brokered the $31.4 million sale of a single-tenant net-lease Whole Foods Market located at 5600 Magazine St. in New Orleans. The store, which is one of two Whole Foods in the city, is situated near Tulane University and was originally a street car barn constructed in 1893. Faris Lee’s Scott DeYoung and Jeff Conover, along with SRSA’s Steve Reisig, Chris Robertson and Kirsten Early, represented the undisclosed seller in the transaction. Jason Maier with Stan Johnson Co. represented the buyer, an unnamed East Coast investor that purchased the store in a 1031 exchange. Whole Foods recently executed a 15-year lease extension at the property, according to Faris Lee.

September 21, 2022

Acquisitions Louisiana Retail Southeast

SRS Arranges $2.2M Sale of Single-Tenant Retail Property in Lafayette, Louisiana

by John Nelson September 8, 2022

LAFAYETTE, LA. — SRS Real Estate Partners’ National Net Lease Group has arranged the sale of a single-tenant retail property in Lafayette leased to Shoe Station. The buyer, a private investor based in Texas, purchased the property for $2.2 million. Sabrina Kortlandt of SRS’ New Orleans office represented the seller, a Washington-based family trust, in the off-market transaction. The 13,125-square-foot store is located at 3606 Ambassador Caffery Parkview near Acadiana Mall, Acadiana Square and Ambassador Row.

September 8, 2022

Acquisitions Louisiana Retail Southeast

JLL Brokers Sale of 244,768 SF Acadiana Square Shopping Center in Lafayette, Louisiana

by John Nelson August 24, 2022

LAFAYETTE, LA. — JLL has brokered the sale of Acadiana Square, a 244,768-square-foot shopping center located at 5700 Johnston St. in Lafayette. Jim Hamilton, Ryan West and Brad Buchanan of JLL represented the sellers, DRA Advisors and RCG Ventures, in the transaction. Property Commerce Dividend Fund acquired the center for an undisclosed price. Acadiana Square was 95 percent leased at the time of sale to tenants such as Burlington, Home Furniture Co. of Lafayette, T.J. Maxx, PetSmart, Office Depot and Party City. The previous ownership executed new leases or renewals totaling over 87,000 square feet at Acadiana Square in the past 18 months, according to JLL.

August 24, 2022

Acquisitions Louisiana Multifamily Southeast

Matthews Brokers $7.3M Sale of Apartment Community in Baton Rouge

by John Nelson August 15, 2022

BATON ROUGE, LA. — Matthews Real Estate Investment Services has brokered the $7.3 million sale of Acadian Place Apartments, a 120-unit multifamily property located at 855 S. Flannery Road in Baton Rouge. John Solari of Matthews represented the undisclosed seller in the transaction. A private investor based in New York purchased the property. Acadian Place is situated within walking distance to Flannery Road Park, an elementary school, Shopper’s Value Food and multiple restaurants. According to Apartments.com, the gated property was built in 1973 and features a pool, laundry facilities, playground, clubhouse and onsite property management.

August 15, 2022

Acquisitions Louisiana Retail Southeast

Routh Group Purchases 560,343 SF Louisiana Boardwalk Shopping Center in Bossier City

by John Nelson August 8, 2022

BOSSIER CITY, LA. — Routh Group has purchased Louisiana Boardwalk, a 560,343-square-foot, open-air shopping center located at 540 Boardwalk Blvd. in Bossier City, a northern Louisiana city bordering Shreveport. Adam Howells, Ryan Shore, Zach Riebe, Matthew Barge and Cole Sutter of JLL represented the undisclosed seller that sold the value-add property for $30.5 million. Situated along I-20 and the Red River, Louisiana Boardwalk is within walking distance of two major casinos: Margaritaville Resort Casino and Horseshoe Bossier City Casino. The shopping center was 67 percent leased at the time of sale to tenants such as Bass Pro Shops, Regal Cinemas, Dollar Tree, Nike and Cumulus Media, among others. According to JLL, the property has about 185,000 square feet of retail and office space available for lease.

August 8, 2022

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