New Orleans, LA – July 28, 2023 – SRSA Commercial Real Estate in conjunction with our X Team Retail partners, Faris Lee Investments, were proud to represent the seller in the sale of the Algiers Plaza Shopping Center, located at 4100 General De Gaulle Drive. The shopping center sits on 23.56 acres and has approximately 228,000 rentable square feet. Major tenants include Winn-Dixie, Walgreens, Ross, TJ Maxx, Petco, and Five Below. Industry leader, Chick-Fil-A, recently opened in the center and generates more sales per store than any other large fast food restaurant chain.
Steve Reisig, Kirsten Early, and Christopher Robertson Jr. from SRSA and Scott DeYoung and Jeff Conover from Faris Lee Investments represented the seller, N3 Real Estate, and utilized industry relationships to bring the buyer as a new investor to our market.
“SRSA is proud to announce the sale of Algiers Plaza to an out-of-state buyer,” said Christopher Robertson Jr. “The seller out of Dallas / Fort Worth, Texas was seeking to consolidate investments to regions where they had higher concentrations, so it was an exciting opportunity for us to bring our knowledge of the area, relationships with out-of-market investors, and first-in-class property management services in order to facilitate such a substantial investment sale.” SRSA utilized their large network in the broker and financial community to complete this investment deal. “We work hard to lead the local market with our national connections and leverage our extensive management experience to help buyers transition after sales to make the process as smooth as possible,” said Robertson, “Our partnership with the national investment advisors at Faris Lee gives us confidence that we can capitalize on our combined expertise to give our client the best service possible”.
Just 5 miles from downtown New Orleans, Algiers Plaza is located on General De Gaulle Drive and MacArthur Boulevard, which has over 50,000 vehicles per day.
Built in 2014, the center is a high-yield investment with future upside. With grocery, drug, fitness, restaurants, beauty, clothing, and financial services, this center has a good balance of tenants to meet the region’s daily needs.
Furthermore, upon completion of the sale, SRSA Commercial Real Estate and Gulf South Management will take over leasing and management of the center and look forward to being partners in promoting our new clients’ success.