NEW ORLEANS — Matthews has brokered the sale of Magnolia Marketplace, a 115,281-square-foot shopping center located at 2900 S. Claiborne Ave. in New Orleans. Pierce Mayson, Kyle Stonis and Boris Shilkrot of Matthews represented the locally based seller, Stirling Properties, and sourced the buyer, Agree Realty. The sales price was not disclosed, but the deal marks the highest sales price for a retail property sold within New Orleans’ Mid-City/Central City submarket within the past 10 years, according to data from CoStar Group.
Built in 2015 by Stirling, Magnolia Marketplace was fully leased at the time of sale to tenants including Ross Dress for Less, T.J. Maxx, Michaels, Five Below, PetSmart and Ulta Beauty. Stirling is retaining ownership of an outparcel at the center leased to Raising Cane’s.