Magnolia Marketplace - Power Center in New Orleans

Shopping Center for Sale
Catylist Listing ID: 30809562
Property Subtypes: Fashion/Specialty, Net Leased, Power Center
Building Size (RSF): 115,250 SF
Sale Price: $1
Unit Price: $0 PSF
In Opportunity Zone? Yes
Property Use Type: Net Leased Investment (NNN)
Building Name: Magnolia Marketplace
Usable Size (USF): 115,250 SF
Sale Terms: Cash to Seller
Average Occupancy Rate: 100
Last Updated: 8/15/2022

Overview / Comments

Stirling Investment Advisors is pleased to present the opportunity to acquire Magnolia Marketplace, a 115,250 square-foot power center shopping center development located at the intersection of South Claiborne Avenue and Toledano Street in New Orleans’ Central City neighborhood. Magnolia Marketplace was 100% pre-leased prior to its groundbreaking in 2015. It remains 100% leased to a quality lineup of thirteen (13) tenants, including several nationally recognized brands: T.J.Maxx, Ross Dress For Less, Michaels, ULTA, Five Below, PetSmart, Capital One, T-Mobile, and Raising Cane’s.

Magnolia Marketplace is evidence of the resurgence of Central City and serves as a catalyst for future growth. The development embodies the strength of New Orleans’ recovery and represents another critical step in bringing retail back to the City. This urban infill project returned a vacant and blighted property back to commerce. Magnolia Marketplace provides goods, services, and over 200 permanent jobs to the area, including neighboring Harmony Oaks.

The offering of Magnolia Marketplace includes four separate investment properties. Each property is unique and provides a stable return from national credit tenants. The tenant lineup has a solid track record as some of the best-performing retail brands in the United States. The property can be purchased as a package deal or properties can be sold individually.

Investment Highlights:
- 2015 construction with best-in-class retailers
- Prominent retail location in New Orleans within “Central City”
- Strategic in-fill location on South Claiborne Avenue
- Leverage the ability to sell off existing outparcels
- Future upside potential in the development or ground-lease of ½ acre parcel
- Year-over-year increases in retail store sales  
- T.J. Maxx exceeded sales breakpoint and is paying percentage rent
- Resilient property throughout the Covid-19 Pandemic 

Financials

Finance Data Year 2022
Net Operating Income $1,992,730 (Annual)

Additional Details

Nearest MSA: New Orleans-Metairie
County: Orleans
Submarket/Township: Uptown-Garden District
Taxing Authority: Orleans Parish
Tax ID/APN: 41218974
Zoning: CU, MU-1
Retail Clientele: General, Family, Business
Property Located Between: S. Claiborne Ave and Toledano Street
Property Visibility: Excellent
Largest Nearby Street: S. Claiborne Ave
Total Number of Buildings: 4
Number of Stories: 1
Property Condition: Excellent
Year Built: 2015
Parking Type: Surface
Total Parking Spaces: 334
Heat Type: Electricity
Heat Source: Central
Air Conditioning: Engineered System
In Flood Plain?: Yes
Lot Frontage: 459
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Fee Simple

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 30,659 194,179 408,861
Median Age: 35.71 36.03 37.23
Households: 13,823 85,641 172,660

Contact

Photograph of Listing Agent

Justin P Langlois

Stirling Properties Baton Rouge Baton Rouge, LA 70809
LACDB Member
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