Texas Partnership Snaps Up $13M Chalmette Mall
- Apr 29, 2015
Retail continues to be a hot asset class for New Orleans, with new developments, reopenings and sales dotting the local real estate landscape. One of the hottest new retail deals in in the New Orleans metro area, worth $13 million, was recently brokered by The Stevens Realty Group Inc. The Metairie, La.-based real estate services provider negotiated the $13 million sale of The Mall, a 138,782-square-foot shopping center in Chalmette, La., between Ray Peacock, acting though local entity 8700 West Judge Perez LLC, and a Texas-based partnership identified as Chalmette Management LP, reported Biz New Orleans. Kenny Hurst, CCIM brokered the sale. The Mall’s new owners have contracted The Stevens Realty Group to search for additional shopping centers on the market in the region.
Located about six miles from the French Quarter and 15 minutes from downtown New Orleans, the Chalmette mall includes 673 parking spaces and features a mix of local and national retailers. National tenants include Big Lots, IHOP, Payless ShoeSource, T-Mobile, Aaron’s, Save-A-Lot, ACE Cash Express, Churchill Downs and Hibbett Sporting Goods. Local tenants include multiple restaurants and retailers.
Seller Ray Peacock purchased the property in 2007 for $1.5 million, financed through First NBC Bank. The mall underwent a comprehensive redevelopment the following year. The property hit the market three-and-a-half years ago. Its asking price a year ago was $14.5 million.
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Image courtesy of The Stevens Realty Group via Facebook