New Orleans Hyatt Regency Exhibit Hall Lease- NNN - 41 Years Remaining

Retail-Commercial for Sale
Catylist Listing ID: 30618254
Property Subtypes: Free-Standing Building
Building Size (RSF): 23,700 SF
Gross Building Area: See Agent
Gross Land Area: 32,903 SF
Sale Price: $8,685,951
Unit Price: $366.50 PSF
In Opportunity Zone? Yes
Property Use Type: Net Leased Investment (NNN), Investment
Building Name: Hyatt Regency New Orleans Exhibit Hall
Sale Terms: Cash to Seller
Cap Rate: 5.0%
Last Updated: 11/24/2021

Overview / Comments

This is a NNN Investment Sale Offering. The property consists of a 27,000 SF Exhibit Hall that is leased to Hyatt Regency New Orleans for 50 years. The Exhibit Hall was an expansion of the Hyatt's meeting and Exhibit space in 2011 when it completed a 250,000,000 renovation after Hurricane Kartrina. There are 41 years remaining on the primary lease term with no additional renewal options.The rent increases based on CPI every 5 years, proving excellent inflationary protection to cash flow.

The 1200 room Hyatt Regency holds over 1,100 annual events with over 300,000 attendees.

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Additional Details

Nearest MSA: New Orleans-Metairie
County: Orleans
Submarket/Township: Uptown-Garden District
Tax ID/APN: 41032172
Largest Nearby Street: Loyola Avenue
Tenancy: Single Tenant
Total Number of Buildings: 1
Property Condition: Excellent
Year Built: 2011

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 20,022 195,071 410,826
Median Age: 37.57 36 36.98
Households: 9,785 85,235 172,497

Contact

Photograph of Listing Agent

Steven R Reisig

SRSA Commercial Real Estate Metairie, LA 70002
LACDB Member
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