Irvine, CA – August 15th, 2023 - Faris Lee Investments, a leading national retail advisory and investment sales firm, and SRSA Commercial Real Estate completed the $35M sale of Algiers Plaza, a premier grocery and drug anchored shopping center located on General De Gaulle Dr. & Macarthur Blvd in New Orleans, LA.
Scott DeYoung, Senior Managing Director, and Jeff Conover, Managing Principal, with Faris Lee Investments, represented the seller, N3 Real Estate, in collaboration with Steve Reisig, Chris Robertson, and Kirsten Early with SRSA Commercial Real Estate. The buyer, a West Coast Investor from Los Angeles County, acquired the property and plans to upgrade and expand it by adding several new storefronts.
The 228,000sf grocery and drug anchored center sits on 23.56 acres and is anchored by Winn-Dixie, Walgreens, Ross, TJ Maxx, Petco, and Five Below. In addition, Chick-Fil-A drive-thru recently opened in the center. Chick-fil-A's presence added to the property’s daily needs tenant mix, including grocery, drug, fitness, restaurants, beauty, clothing, and financial services. Such a diverse mix ensures a high and consistent foot traffic while providing resilience against e-commerce threats.
Algiers Plaza also stands below replacement cost offering potential upside as rent rates at the property should increase over time. The surrounding infill New Orleans demographics are favorable. The Center is located around 4 miles from downtown New Orleans. “This was a true collaboration with SRSA Commercial Real Estate whose local trade area knowledge and tenant expertise smoothly navigated the sale and allowed them to retain the leasing and management of the Center after the close." said DeYoung of Faris Lee Investments.
"This prime grocery and drug anchored center, strategically located in New Orleans, presented a unique opportunity for investors seeking steady income with potential for future growth and value creation. We closed the transaction with a California Buyer,” said Conover of Faris Lee Investments.
About Faris Lee Investments:
Faris Lee Investments is a retail brokerage advisory firm founded in 1996 and is based in Irvine, California. The firm specializes in commercial real estate investment sales, brokerage, and advisory services. In addition, the firm provides a national marketing platform of properties for sale, asset appraisal, property valuation, debt structuring, negotiation, market research, and analysis services. Faris Lee combines underwriting and research that exceeds industry standards with a marketing strategy to transform investment potential, enhance value and provide their clients the competitive advantage needed when making investment decisions. The firm also serves as institutional advisors in the areas of acquisitions and dispositions, merchant banking, distressed asset disposition, private equity, and corporate sale-leaseback. For more information, visit www.farislee.com