NEW ORLEANS — The Howard Hughes Corp. has sold the Outlet Collection at Riverwalk, an outlet mall near the Port of New Orleans. An entity doing business as Rockstep Riverwalk LLC purchased the property for $34 million. Outlet Collection at Riverwalk spans 264,000 square feet of open-air retail space and houses retailers such as Calvin Klein, Carter’s, Crocs, Gap Facory, Kate Spade, Levi’s, Nordstrom Rack, Polo Ralph Lauren, Samsonite, Tommy Bahama Outlet and Under Armour. Food-and-beverage tenants include Auntie Anne’s, Café Du Monde, Fat Tuesday, Green Leaf’s, Häagen-Dazs, Mandarin Express, Raising Cane’s, Smoothie King and Villa Italian Kitchen. Tom Salanty of NAI Robert Lynn represented Howard Hughes Corp., a publicly traded real estate owner and developer based in Houston, in the transaction.
SLIDELL, LA. — SRS Real Estate Partners’ Investment Properties Group has arranged the sale of Village at Northshore, a 114,638-square-foot shopping center in Slidell, about 40 miles north of downtown New Orleans. Woodmont Acquisitions LLC purchased the asset from an affiliate of Atlanta-based RCG Ventures for $12.4 million. Kyle Stonis and Pierce Mayson of SRS represented the seller in the transaction. The buyer was self-represented. Spanning nearly 13 acres, Village at Northshore was built in 1988 and renovated in 2020. The majority of the property’s tenants are national retailers, including Marshalls, JoAnn, Dollar Tree, Boot Barn and Ollie’s Bargain Outlet.
PASADENA, CALIF. — JRW Realty, a Pasadena-based commercial real estate brokerage firm, has arranged the sale of six single-tenant retail stores in Louisiana net-leased to Walmart Neighborhood Market. Jennifer Rodriguez Ventura of JRW Realty represented the buyer, an unnamed institutional investor that purchased the portfolio for $84 million. Alex Sharrin of JLL represented the undisclosed seller. The six stores are located in the southern or coastal Louisiana towns of Meraux, Houma, Prairieville, New Iberia, Opelousas and Thibodaux. All purchases have single-tenant net leases in place, with individual prices ranging from $11.8 million to just under $16.5 million. The stores average approximately 43,000 square feet and the total square footage of the six stores is 257,427.
SLIDELL, LA. — A partnership between The Woodmont Co. and The Criterion Fund has acquired Village at Northshore, a 144,638-square-foot shopping center located at 105-115 Northshore Blvd. in Slidell. The sales price was not disclosed. Situated adjacent to I-12, the property was developed in 1988 and renovated in 2020. The retail center’s tenant roster includes Marshalls, JoAnn’s, Ollie’s Bargain Outlet, Boot Barn and Dollar Tree. Shadow anchors include Walmart Supercenter, Sam’s Club, The Home Depot and Aldi. SRS Real Estate Partners represented the seller, Atlanta-based RCG Ventures, in the transaction. Woodmont was self-represented. Andy Thelen of Woodmont worked with Louisiana National Bank to secure a loan for the acquisition. David Adams and Jake McCoy will oversee leasing at Village at Northshore for Woodmont on an internal basis.
NEW ORLEANS AND GONZALES, LA. — California-based Passco Cos. has purchased two apartment communities in Louisiana totaling 602 units in two separate transactions. The properties include the 330-unit Canal 1535 in downtown New Orleans and the 272-unit Sawgrass Point in the Baton Rouge submarket of Gonzales. Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing for both transactions. Mike Kemether of Cushman & Wakefield and Larry Schedler, Cheryl Short and Christian Schedler of Larry G. Schedler & Associates Inc. were the brokers in the Canal 1535 transaction. Chad Rigby and Saban Sellers of Stirling Investment Advisors and Telly Fathaly of Walker & Dunlop were the brokers in the Sawgrass Point deal. The sellers and the sales prices were not disclosed. The acquisitions bring Passco’s Louisiana portfolio to nearly 1,700 units.
NEW ORLEANS — HREC Investment Advisors has arranged the sale of The Whitney Hotel, a historic 93-room hotel in New Orleans. Cleveland-based GBX Group LLC acquired the property for $16.9 million. Len Wormser, Ketan Patel, Barry Swanson and Michael Salloway of HREC represented the seller, The MCC Real Estate Group, in the transaction. Built in 1870, The Whitney was renovated about 24 years ago, and features 24 suites, meeting space, parking and a 7,000-square-foot lobby. The property is situated close to the 1.2 million-square-foot New Orleans Ernest N. Morial Convention Center, the French Quarter and Superdome.
LAFAYETTE, LA. — New York-based Kushner Realty Acquisition LLC has purchased two multifamily properties in Lafayette for a combined $93.5 million. New Orleans-based Key Real Estate sold the communities, Robley Place and Ansley Walk, for $52.5 million and $41 million, respectively. Albert Elmore and Brian Savage of Colliers represented both the buyer and the seller in the transaction. The adjacent properties both offer one-, two- and three-bedroom floorplans. Built in 2016, Robley Place features 248 units with stainless steel appliances, wood-style flooring and walk-in closets. Community amenities include a courtyard, grill, fitness center, pet washing station, spa, pool, playground and a business center. Built in 2008, Ansley Walk has 242 units with walk-in closets, balconies and patios and master bathrooms with double vanities. Community amenities include laundry facilities, pet play area, car wash area, pet washing station, package service and Wi-Fi at the pool and clubhouse.
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.
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.
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.