Catylist ID:
#30836033
| Catylist Listing ID: | 30836033 |
| Property Subtypes: | Office Building |
| Building Size (RSF): | 353,003 SF |
| Gross Building Area: | See Agent |
| Sale Price: | $1 |
| Unit Price: | $0 PSF |
| Property Use Type: | Investment |
| Class of Space: | Class A |
| Sale Terms: | Cash to Seller |
| Call for Offers: | Yes |
| Cap Rate: | Undisclosed |
| Last Updated: | 3/22/2023 |
Overview / Comments
|
Goodwin Advisors and Property One, as Exclusive Advisors, are pleased to present to qualified investors an exceptional core-plus opportunity to acquire Heritage Plaza, a mid-century modern office tower conveniently located on popular Veterans Boulevard and surrounded by restaurants and neighborhood retail. Under the same ownership since it was completed, this is the first time Heritage Plaza has been listed for sale. Built in 1983 and renovated in 2000 and 2006-07, the 17-story tower contains a total of approximately 353,003 rentable square feet with a 3:1,000 parking ratio in a seven story above grade parking structure and surface lot. The exterior is a contemporary design clad in cool-gray double-paned glass and anodized aluminum curtain wall and white painted precast concrete. The Building’s lobby features a mid-century décor drenched in sunlight, an attended security desk, primary access to the structured parking and entrance to Desi Vega’s Seafood and Prime Steak (there is also a private entrance on the south side of the building to this high-end restaurant). Heritage Plaza offers virtually unobstructed views from all sides of the building with breathtaking views of Lake Pontchartrain and the New Orleans CBD. The Property is heavily amenitized with a 17,000 sf Ochsner Fitness Center, onsite deli, ample parking, and Desi Vega’s. Located on top of the parking structure, the Ochsner Fitness Center offers a first-class gym experience including a swimming pool, extensive weight room, large spin bike facility, and men’s and women’s locker rooms with whirlpools, saunas, and steam rooms, plus an age-appropriate childcare center. The subject location is also within an urban, walkable neighborhood near two grocery stores, multiple full service and fast casual restaurants and several coffee houses. Heritage Plaza is also attractively situated at the border of the Orleans-Jefferson Parish line, minutes from some of the most upscale residential neighborhoods in the region. The Property is advantageously just minutes from two access points to Interstate 10 (“I-10”) and from the Lake Pontchartrain Bridge (aka the “Causeway Bridge”), which provides quick access to the North Shore communities including Covington and Mandeville. The Property is just blocks from the Metairie Business District which features competitive office buildings and a wide variety of hotels, restaurants, retail, and other amenities, including Lakeside Mall and numerous auto dealerships, such as Porsche, Mercedes, Audi and Volvo. With a virtually congestion free urban location, Heritage Plaza provides for easy in/out at any time of the day. Heritage Plaza is well positioned to be the rental rate and occupancy leader in Greater New Orleans. Given Heritage Plaza’s iconic stature, dense amenity base and convenient location, combined with its strong tenant retention history and over $11.4 million of capital and leasing costs spent on the Property since 2012, it is very well positioned for the next owner to take advantage of positive leasing trends and invest in cosmetic enhancements to continue to push rental rates and occupancy to new heights. Further, there is a strong opportunity to mark to market near-term lease expirations of tenants that have been in occupancy in some instances upwards of 10 to 40 years, creating even more value. |
Attachments & Media
Additional Details
| Nearest MSA: | New Orleans-Metairie |
| County: | Jefferson |
| Submarket/Township: | Airport-Metairie-Kenner |
| Tax ID/APN: | 126657 |
Demographic Statistics
| Proximity: | 1 mile | 3 miles | 5 miles |
|---|---|---|---|
| Total Population: | 18,021 | 135,028 | 326,578 |
| Median Age: | 40.65 | 39.37 | 38.33 |
| Households: | 8,370 | 59,234 | 142,948 |
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