Louisiana

Faris Lee Arranges Sale of 10 Dairy Queen-Leased Properties in Louisiana

by Julia Sanders February 11, 2022

IRVINE, CALIF. — Irvine, Calif.-based Faris Lee Investments has arranged the sale of 10 Dairy Queen-occupied properties across Louisiana. The portfolio was sold to two separate buyers for an undisclosed sales price. Scott DeYoung, Jeff Conover and Hunter Steffien of Faris Lee represented the seller, an entity doing business as MP Holdings LLC, the existing Dairy Queen franchisee. The 10 stores are located in metro New Orleans, Baton Rouge, Lafayette and Houma. All featured relatively new locations, except for the Houma location being under construction at the time of sale. Additionally, all the properties are freestanding buildings with drive thrus. One of the locations was temporally closed and going through a remodel at the time of sale due to the impact of Hurricane Ida.

February 11, 2022

Acquisitions Healthcare Louisiana Southeast

MedProperties, Heitman Acquire 60,087 SF Hospital in Covington, Louisiana

by Julia Sanders January 17, 2022

COVINGTON, LA. — Dallas-based MedProperties Realty Advisors and Chicago-based Heitman LLC, in their first joint venture together, have acquired Avala Hospital, a 21-bed, 60,087-square-foot surgical hospital in Covington. The seller(s) and sales price were not disclosed. Capital One NA, with a participation by Siemens Financial Services, provided an undisclosed amount of financing for the acquisition. Avala Hospital is one of the only facilities in Louisiana offering robotics-assisted surgeries for hip replacements, total and partial knee replacements and spinal procedures. The hospital recently had Class A renovations and expansions done to the facility. Located at 67252 Industry Lane, the hospital is situated 36.1 miles from New Orleans and 37.2 miles from the Louis Armstrong New Orleans International Airport. The property is also situated near retailers and restaurants such as Whole Foods Market, Walgreens, Mandeville Seafood and a Winn-Dixie.

January 17, 2022

Acquisitions Louisiana Retail Southeast

Trinity REIS Brokers Sale of Family Dollar-Occupied Retail Property in New Orleans

by Julia Sanders January 10, 2022

NEW ORLEANS — Trinity Real Estate Investment Services (Trinity REIS) has brokered the sale of a Family Dollar-occupied retail property in New Orleans. Trinity REIS represented the seller, Legion Capital, in the sale. The sales price was not disclosed. The Family Dollar-occupied property spans 9,180 square feet. Located at 7437 Westbank Expressway, the property is situated about 10 miles from downtown New Orleans and 19.1 miles from the New Orleans Lakefront Airport.

January 10, 2022

Industrial Louisiana Market Reports Southeast Southeast Market Reports

Two Proposed Port Container Projects Could Catapult NOLA’s Industrial Sector

by John Nelson December 28, 2021

The current state of the New Orleans industrial real estate market can best be described as “dichotomic.” On the one hand, New Orleans has the stability of a mature market featuring one of the largest and oldest ports in North America, traditionally serving heavy industry that continues to perform. On the other, you have two new proposed container port projects that could significantly alter the landscape of the industrial real estate market for the foreseeable future. Like so many other markets across the country, the New Orleans area is gaining its fair share of distribution facilities, with Amazon and the like scrambling for sites to service increased consumer and business-to-business demand. That said, the real game-changer for the distribution sector will ensue when at least one of the two announced container port projects in the New Orleans area comes on line. The Port of Plaquemines and the Port of New Orleans have both identified sites with access to rail, major roadways and water-based transport options that would fundamentally alter the opportunity for distribution emanating out of the New Orleans area. Either project would instantly create a great demand for warehousing and distribution space and further diversify the industrial asset class …

December 28, 2021

Louisiana Market Reports Multifamily Southeast Southeast Market Reports

NOLA’s Apartment Market Remains Stable as Occupancy Gains Momentum

by John Nelson December 21, 2021

Like the rest of the country, metro New Orleans is slowly coming out of the COVID-19 fog. The uncertainty of these uncharted waters caused a lot of anxiety for multifamily owner and operators. Although there were some challenges, the market has survived the pandemic surprisingly well. The overall vacancy factor for the city is in the 5 to 6 percent range and should compress further given the modest pipeline of new inventory coming on line. The highest vacancy rates reported are in Algiers (15 percent) and East New Orleans (12 percent) where the majority of service and tourism workers lived and the most affected by COVID-19. It should be noted that we feel this downturn in occupancy is temporary and is showing signs of recovery as our tourism industry slowly rebounds. The Downtown/Warehouse district also experienced increased vacancies as residents fled the urban market for the suburbs with communities reporting vacancy rates as high as 15 percent. As the height of COVID-19 dissipated, the submarket rebounded strongly with many communities reporting 92 to 95 percent occupancy. Although previous years have seen a host of new developments enter the Downtown submarket, currently there are only two communities in the pipeline that …

December 21, 2021

Hospitality Louisiana Market Reports Retail Southeast Southeast Market Reports

New Orleans Lays Ground Work for a Return to a ‘Wonderful World’

by John Nelson December 14, 2021

“I see friends shaking hands, saying how do you do…” Like many urban city centers, New Orleans has faced unprecedented challenges from COVID-19 over the past 19 months. The metro area lost more than 85,000 jobs between second-quarter 2019 and second-quarter 2020. In an economy heavily reliant on tourism, Orleans Parish was the most impacted with over 41,000 jobs lost, predominantly in the hospitality sector. Retailers — and their employees — depend on the large boosts of economic activity provided by large-format gatherings such as conventions and festivals like Jazz Fest, French Quarter Fest, and Mardi Gras, all of which were cancelled for the past 24 months. Additionally, the very active hurricane seasons of 2020 and 2021 resulted in devastation from three major storms in economic centers along our coastal community. New Orleans is still navigating clean-up efforts following Hurricane Ida, which landed Aug. 29, while real estate developers, builders and tenants face even more pricing and timing challenges due to material and worker shortages that were further hindered by storm activity. However, we are marching in the right direction. Cruises are resuming from Port of New Orleans (Port NOLA). Business travelers are getting back on the road. Offices are …

December 14, 2021

Acquisitions Louisiana Retail Southeast

GBT Realty Buys 168,000 SF Shopping Center in Lafayette, Louisiana

by Julia Sanders December 7, 2021

LAFAYETTE, LA. — GBT Realty Corp. has bought River Marketplace, a 168,000-square-foot shopping center located at 4313 Ambassador Caffery Parkway in Lafayette. Jim Hamilton, Ryan Shore, Ryan West, Brad Buchanan and Taylor Callaway of JLL represented the seller, San Francisco-based RBL Real Estate, in the transaction. The sales price was not disclosed. Developed in 2003, River Marketplace includes multi-tenant buildings and six freestanding outparcels. Shadow-anchored by Super Target, the center was 99 percent leased at the time of sale to a tenant lineup including Total Wine & More, Ross Dress for Less, Raising Cane’s and Chili’s.

December 7, 2021

Acquisitions Louisiana Multifamily Southeast

Passco Purchases Two Multifamily Properties in Baton Rouge Totaling 552 Units

by Julia Sanders November 17, 2021

BATON ROUGE AND ADDIS, LA. — Passco Cos., an Irvine, Calif.-based commercial real estate company, has purchased two multifamily communities in Baton Rouge totaling 552 units. The properties include Tapestry Long Farm and Sweetwater Apartments. The sales price was not disclosed. Arlington Properties will manage both properties moving forward. Passco acquired 276-unit Tapestry Long Farm from the property’s developer, Birmingham, Ala.-based Arlington Properties. Mike Kemether and Larry Schedler of Cushman & Wakefield represented Passco and the seller in the transaction. Tapestry Long Farm features a mix of one-, two- and three-bedroom floorplans. Community amenities include a fitness center, business center, auto car center, pet park and grooming station, sports pub, swimming pool and a yoga and spin studio. Located at 16333 Columns Way, Tapestry Long Farm is situated within Long Farm Village, a 235-acre master planned development with residential, retail and office space. Built in 2017, the property is situated 12.8 miles from Louisiana State University (LSU). Hammond, La.-based Stoa Group sold the 276-unit Sweetwater Apartment Homes. Jeffery Glassover and Matthew Raitz of Glassover & Raitz LLC represented the buyer and seller in the transaction. Sweetwater offers one-, two- and three-bedroom floorplans with interior features including stainless steel appliances, faux-wood …

November 17, 2021

Acquisitions Louisiana Retail Southeast

SRS Brokers $10.9M Sale of Two Winn-Dixie Properties in Metro New Orleans

by Julia Sanders November 11, 2021

SLIDELL, LA. — SRS’ Investment Properties Group has brokered the sale of two single-tenant properties net leased to Winn-Dixie in Slidell, roughly 31 miles outside New Orleans. H&R 2985 Gause LLC and H&R 3030 Pontchartrain LLC sold the properties for $10.9 million to NS Retail Holdings LLC. Kyle Stonis and Pierce Mayson of SRS’ Investment Properties Group, along with William Place of L + A Retail, represented the seller in the transaction. The buyer was self-represented. Located at 2985 Gause Blvd. and 3030 Pontchartrain Drive, the properties are the only Winn-Dixie stores located within Slidell. Built in 1998, the Gause Boulevard location occupies 44,788 square feet and is situated on 5.7 acres of land. Built in 1973 on 6.7 acres of land, the Pontchartrain Drive store occupies 44,780 square feet.

November 11, 2021

Loans Louisiana Multifamily Southeast

JLL Secures $31.3M Refinancing for Multifamily Tower in New Orleans

by Julia Sanders November 10, 2021

NEW ORLEANS — JLL Capital Markets has secured $31.3 million in refinancing for Hibernia Tower, a 175-unit, 23-floor multifamily tower in New Orleans’ Central Business District. Jesse Wright, Robert Tonnessen, Kenny Cutler and Joshua Odessky of JLL represented the borrower, a partnership between New Orleans-based HRI Properties and New York-based Almanac Realty, to secure the three-year, floating-rate loan through New York-based Voya Investment Management. Built as an office building in 1921, the owner purchased the historic landmark in 2005 and later completed a renovation of the tower into a multifamily property. Today, Hibernia Tower offers one-, two- and three-bedroom units averaging 767 square feet. Units feature granite countertops, expansive windows, stainless steel appliances and hardwood flooring. Community amenities include a rooftop deck with pool, community room, fitness center, onsite management, controlled access, bike storage and reserved parking in the onsite structured garage. The property also includes a ground-floor undisclosed bank branch and 29,000 square feet of office space. HRI Properties uses the office space as its headquarters. The property was about 93 percent occupied at the time of sale. Located at 812 Gravier St., Hibernia Tower is located near restaurants including Bar Marilou, The Daily Beet, Maypop, tM breads and …

November 10, 2021

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