Lakeside Plaza
Lakeside Plaza
Lakeside Plaza is a 14,980 square foot retail strip that is essentially an outparcel of Lakeside Shopping Center, the largest and busiest mall in the Greater New Orleans area, with over 615,000 monthly visits and one of the premier shopping areas not only in Louisiana but in all of the gulf south. Located in Metairie, LA, the largest suburb of New Orleans, this is a rare opportunity to own a generational asset which hasn't been on the market for over 30 years.
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Matt joined Property One in 1998, and in 2021, along with two partners, purchased Property One from its founders. While acting as president of the firm and running the brokerage division, Matt continues to represent corporate tenants and real estate owners.
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Matt has experience in all aspects of commercial real estate transactions and property types, having completed over $600 million in gross transaction volume, focused mainly on office/industrial leasing and investment sales.
Representing clients in 15 cities around the country and participating in some of the largest transactions in the Greater New Orleans market provides Matt with a wide perspective on the real estate industry.
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He is a graduate of Jesuit High School and Louisiana State University.
- Property Type
- Retail
- Deal Type
- Acquisition
- Risk Profile
- Core Plus
Located on the hard corner of Severn Avenue and 17th Street, this strip is highly visible in one of the premier shopping areas not only in Louisiana but in all of the gulf south. The Metairie market is extremely stable making the property well positioned for long term ownership.
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The adjacency to Lakeside Shopping Center adds value. With over 1.2 million square feet of retail space with over 120 shops and restaurants, Lakeside Shopping Center is the largest and busiest mall in the Greater New Orleans area, with over 615,000 monthly visits.
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The subject property is able to achieve higher rents than other retail strips in the area due to its proximity to and visibility from the Lakeside Mall, yet spaces here remain comfortably priced below mall rents. Occupancy has been 100% for decades. Current tenancy consists of two restaurant uses, a spa, a financial firm, an iconic local clothing store, and United Apparel.
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$9,015,000 is a 7.5% cap rate on projected 2023 net income
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LONG TERM INVESTMENT WORTHY
- Retail strip essentially an outparcel of Lakeside Shopping Center, one of the busiest and most vibrant malls in the Gulf South Hard corner in one of the top retail areas in the region that has been a shopping destination since the 1960's
- Main & Main location in Louisiana's biggest metro region which has grown 2.7% since 2010
- New Orleans MSA is the hub of economic and commercial activity for the Southern Central U.S.
- Stable local economy - Louisiana's gross state product is larger than output of Greece and New Zealand
- New Orleans is an international tourist destination with over 19 million visitors a year, many shopping at adjacent Lakeside Mall
- Generational real estate hasn't been marketed for nearly half a century