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Whole Foods to Open 30 KSF Mandeville Location; St. Rock Market Targets April Opening

24 Feb 2015, 7:19 pm

By Eliza Theiss, Associate Editor

Albertsons Mandeville

Mandeville residents that have been campaigning for a Whole Foods location can finally celebrate. While rumors have been floating around the grocery chain looking at possible locations, confirmation of a future store came recently with Whole Foods announcing plans to open 11 new stores across North America. Among the eight newly signed U.S. store leases is one in Mandeville.

According to The Times Picayune, the health food grocer will take up a 40,000-square-foot lease vacated by a recently closed Albertsons supermarket. The lease is located in Premier Centre, a 273,000-square-foot shopping center near the U.S.190 and North Causeway Boulevard intersection. Whole Foods will join a tenant mix that includes Bed, Bath & Beyond; Barnes & Noble; Old Navy; and T.J. Maxx. This will be Whole Foods’ fourth location in the Greater New Orleans area; it opened its third location a year ago in the blighted former Schwegmann’s supermarket.

In other retail news, St. Roch Market has announced the final additions to its vendor line-up before its much anticipated April opening. According to The Times-Picayune, St. Roch will feature 13 affordable and gourmet vendors offering a mix of coastal and local fare. This is in line with the project’s goal of restoring the 19th century market to its original purpose as a hub for small food vendors. According to The Times-Picayune, the 1875-built market suffered extensive damage during Hurricane Katrina and sat blighted for seven years before the city spent $3.7 million to renovate the property. Business partners Will Donaldson and Barre Tanguis then took an interest in the property and invested to outfit and finish the market into a usable retail space for vendors offering both high-end gourmet fare and affordable options in line with the neighborhood’s needs.

Click here for further New Orleans market data.

Image credit: Price Mabry via Facebook   



NorthMarq Refinances Five Bruno Apartment Communities

16 Feb 2015, 6:14 am

By Eliza Theiss, Associate Editor

Riverview Apartments

NorthMarq Capital’s Miami office has arranged refinancing for a New Orleans multifamily portfolio owned by Bruno Inc. through its affiliation with a Fannie Mae DUS lender, the company announced. The deal was structured with a 10-year term and a 20-year amortization schedule. According to Canal Street Beat, the non-recourse deal is worth well over $20 million. The portfolio includes Washington Place Apartments, Liberty Park Apartments, Forest Park Apartments, Riverview Apartments and Cypress Park Apartments. All feature remote-access gated parking, CCTV cameras and on-site maintenance and are managed through MetroWide Apartments.

The 65-unit Cypress Park Apartments comprises one- and two-bedroom apartments and two-bedroom luxury townhomes. Cypress Park has recently been upgraded with new custom floors, granite countertops and new appliances and is hurricane resistant.

Located in Kenner, La.’s Historic Rivertown, in the Greater New Orleans area, the three-story Riverview Apartments comprises 45 artist lofts. The hurricane-resistant riverfront community features landscaped courtyards; an outdoor entertainment area complete with barbecue; tennis courts and outdoor activity areas for basketball, bocce ball, tetherball and horseshoes; as well as a laundry facility.

The 25-unit Washington Place Apartments, the 20-unit Forest Park Apartments and the 10-unit Liberty Park Apartments are all adjacent to Uptown New Orleans.

Forest Park Apartments

Forest Park comprises one-bedroom luxury lofts complete with energy-efficient appliances and walk-in closets, and amenities such as foos ball and pool tables. The community is in close proximity to public transport and boats a Walk Score of 75.

Washington Place features one-bedroom studios apartments complete with separate kitchen/dining areas and energy-efficient appliances and fixtures. The recently renovated community is hurricane resistant. Liberty Park was recently renovated and offers two-bedroom lofts, landscaped grounds, pool tables and foos ball,  and is in close proximity to mass-transit.

Click here for further New Orleans market data.

Image credits: Riverview Apartments and Forest Park Apartments

 



Walton Street Capital, New Castle Hotels & Resorts Buy Downtown Hotels

6 Feb 2015, 10:36 pm

By Eliza Theiss, Associate Editor

DoubleTree by Hilton Hotel New Orleans

As Mardi Gras continues to rage on in New Orleans, the city’s hospitality market is also having a blast, outpacing the national occupancy and RevPar average. Hot on the heels of The Blackstone Group’s $76 million, three-hotel deal, Walton Street Capital dropped $85.3 million on the DoubleTree by Hilton Hotel New Orleans. According to Canal Street Beat, the $232,000-per-key deal included $72.8 million in loans from Starwood Property Mortgage. The 367-key hotel was picked up from Canal Street Property LLC, an entity affiliated with local hotel management firm Expotel Hospitality.

Located at 300 Canal St., the 17-story hotel features 16,000 square feet of flexible meeting space, including a 5,000-square-foot ballroom; a 24-hour business center; a heated outdoor pool; a fitness room; the WoW Café sports bar and lounge; and the PJ’s Coffee of New Orleans coffee shop.

As previously reported, Walton Street Capital recently purchased a DoubleTree-branded hotel in Nashville for $70 million.

Comfort Inn & Suites Downtown

In other hospitality news, New Castle Hotels & Resorts also made a New Orleans hotel acquisition, purchasing the 103-key Comfort Inn & Suites Downtown for $9 million. Private equity firm Rockbridge provided financing for the acquisition.

The Baronne Street hotel will undergo a $10 million renovation, opening in time for the 2016 French Quarter Festival. Currently, the hotel features a fitness facility, a business center and the Voodoo Too cocktail lounge.

New Orleans’ hospitality market also caught the eye of Marriott International. The hotel giant recently announced that it will launch its European Moxy Hotels brand in the U.S. with eight projects in New Orleans, New York, Seattle, San Francisco and Chicago.

Click here for further New Orleans market data.

Image courtesy of DoubleTree by Hilton Hotel New Orleans  via Facebook and New Castle Hotels & Resorts 

 



Blackstone Buys Three Hotels, Parking Garage for $76M

2 Feb 2015, 5:58 am

By Eliza Theiss, Associate Editor

Hampton Inn& Suites Convention Center

Global investment and advisory firm The Blackstone Group has invested $75.7 million in New Orleans’ real estate, picking up three centrally located hotel properties and a parking facility, reported Canal Street Beat. Blackstone acquired the properties from Florida-based Highpointe Hotel Corp. LLC. The acquisitions include the EZ-Park on Carondelet Street, which traded for $15.4 million; the 288-key Hampton Inn & Suites Convention Center, purchased for $24.9 million; the 22.5 million, 210-key Hampton Inn & Suites Downtown French Quarter; and the 100-key Hampton Inn Garden District, which sold for $12.9 million, reported Canal Street Beet.

Located at 1201 Convention Center Blvd., the 288-key Hampton Inn & Suites Convention Center sits in New Orleans’ historic Arts & Warehouse District, across the street from the Ernest N. Morial Convention Center. Amenities include 12,000 square feet of on-site meeting and event space, a 24-hour business center, a 24-hour fitness center, an outdoor pool and a courtyard.

Hampton Inn Garden District

Featuring the 226 Carondelet St. address, the 210-key Hampton Inn & Suites Downtown French Quarter sits in the famed historic French Quarter. It is located in New Orleans’ first skyscraper. Amenities include 3,000 square feet of meeting space, a 24-hour fitness center and a 24-hour business center.

Located in one of the hottest New Orleans neighborhoods, the Garden District, the 100-key Hampton Inn Garden District is close to Magazine Street’s shopping, the French Quarter’s entertainment and history, and to Tulane and Loyola universities’ top-grade education, on the famous St. Charles Avenue Streetcar line. Amenities include a 420-square-foot meeting facility, a business center, a fitness center, a pool and complimentary on-site parking.

Click here for further New Orleans market data.

Images courtesy of Hampton Inns of New Orleans via Facebook



Bruno Picks Up Algiers Commercial Centers, Plans Further Development

12 Jan 2015, 9:46 pm

By Eliza Theiss, Associate Editor

Galridge Center II

Joshua Bruno has been making quite the splash in the New Orleans real estate market, and especially Algiers. Last year, it snapped up several properties, most recently the 336-unit Oakmont Apartments. Now, the real estate developer and property owner has acquired one square block (about one acre) worth of assets on General DeGaulle Drive. The assets include Galridge Center I and II, as well as a vacant commercial lot. The purchase price was not disclosed.

Located just minutes from downtown New Orleans, Galridge Center I features retail space, while Galridge Center II is a mixed-use property sporting a shopping center and office space. According to Canal Street Beat, the properties total 4,400 and 3,600 square feet, respectively. Overall, the assets boast a 90 percent occupancy rate, with the shopping center component fully leased. The stabilized tenant base, with many companies in place for several years, includes Crescent Title, State Farm Insurance and Liberty Tax, along with a number of law firms, medical offices and production companies. Rise Management, a subsidiary of Bruno Inc., will manage the properties and add a number of diversified national tenants. Rise Management will also upgrade the properties with complimentary Wi-Fi, CCTV cameras, LED energy-efficient security lighting , extra signage and increased landscaping features.

Galridge Center I

“I’m very bullish on the Westbank and mainly the Algiers area due to the Medical Corridor and Federal City Development. Given the high ground and large traffic count, this area is prime for expansion and additional development needed to satisfy the ever-growing housing and retail/office space demand,” Bruno declared.

With this purpose in mind, another Josh Bruno company, the Downtown Development Group, will add a second floor over the existing shopping center. Downtown Development Group will also collaborate with national retailers and restaurateurs for a ground-up, built-to-suit project on the acquired vacant lot.

Bruno Inc. owns and self manages more than 6 million square feet of commercial and multifamily space.

Click here for further New Orleans market data.

Images via Google Maps

 







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