Catylist ID:
#30836027
| Catylist Listing ID: | 30836027 |
| Property Subtypes: | Office Building |
| Building Size (RSF): | 188,123 SF |
| Gross Building Area: | See Agent |
| Gross Land Area: | 5.26 Acres |
| Sale Price: | $1 |
| Unit Price: | $0 PSF |
| In Opportunity Zone? | Yes |
| Property Use Type: | Investment |
| Class of Space: | Class B |
| Sale Terms: | Cash to Seller |
| Call for Offers: | Yes |
| Cap Rate: | Undisclosed |
| Last Updated: | 3/22/2023 |
Overview / Comments
|
Goodwin Advisors and Property One are pleased to present to qualified investors the opportunity to acquire Executive Tower, an exceptional core-plus investment opportunity located in Metairie, Louisiana. Executive Tower is a 14-story office tower originally designed with a mid-century modern style that is currently 89.8% occupied. The Building is located in the heart of the Metairie Business District on over five acres, three of which are currently a surface parking lot that is prime for redevelopment. The development site has broad zoning rights and is located within an Opportunity Zone. The Building is the premier Class B office tower in the very stable Metairie office market. Current ownership acquired the property in 2018, has invested important back of the house capital improvements and pushed rents. The three-acre surface parking lot is highly sought-after development site in a key location in the most valuable district of Metairie. Development here would be highly advantageous to Jefferson Parish government, who has indicated support for investment at this site. The existing cash flow of the Property with the ability to push rents plus the development of the surface parking lot combine to make a generational or medium- term investment opportunity. |
Attachments & Media
Additional Details
| Nearest MSA: | New Orleans-Metairie |
| County: | Jefferson |
| Submarket/Township: | Airport-Metairie-Kenner |
| Tax ID/APN: | 67378 |
Demographic Statistics
| Proximity: | 1 mile | 3 miles | 5 miles |
|---|---|---|---|
| Total Population: | 21,110 | 122,546 | 290,477 |
| Median Age: | 41.27 | 41.16 | 39.32 |
| Households: | 9,556 | 54,606 | 123,334 |
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