Metairie, LA Retail Property For Sale

Rare opportunity to acquire the fee simple interest in a Burlington Coat Factory net lease asset located in Metairie, LA (New Orleans MSA). The building was originally built for Stein Mart in 1990 and a new 10yr lease with Burlington Coat Factory was executed in 2022. Burlington plans to perform tenant improvements in Q1 of 2023 with plans to open in Q2 or Q3 of 2023.

This single-tenant net leased asset is located on Veterans Memorial Blvd, New Orleans’ highest trafficked surface street, boasting high traffic counts of 100k vehicles per day. Co-tenancy with Rouses Market and a former K-Mart allows for cross parking/access. The property is supported by strong and stable retail and business presence along Veterans including two malls (Lakeside and Clearview) and other high-end retailers such as Whole Foods, Trader Joes, Total Wine, etc. Tenants in the Veterans Memorial corridor achieve some of the highest store sales in the Gulf South.

Burlington was founded in 1972 and went public in 2013. The discount retailer is headquartered in Burlington, New Jersey. The chain has over 840 stores (2021) in 45 states and Puerto Rico and is the 3rd largest discount retailer nationwide behind TJ Maxx and Ross Stores. They are a Fortune 500 company with over $21B in Market Cap and have seen over 600% stock growth in the last five years. Their store sales are up 33% compared to their pre-covid levels (Feb. 2020). The company continues to see steady revenue growth, over 9% in each of its last 3 years.

Investment Highlights

Rare opportunity to acquire fee simple interest in Burlington Coat Factory store located on New Orleans' busiest surface street.

Landlord responsibility - Roof and Structure

Tenant responsibility - Taxes, CAM, Insurance

A New Roof membrane was installed in February 2023 and includes a 10-year warranty

Possible Uses:

event venue

retail

entertainment

medical

organization headquarters

automotive sales

Information Deemed Reliable, not Verified or Guaranteed. Users are Responsible for Checking the Accuracy, Completeness, Currency, and Status of All Information.

Free standing building with drive-thru window. Only corner free-standing building available in the area. Great location at the intersection of West Esplanade and Severn Avenue. This building was constructed in 2010 and the entire slab sits three feet high as prevention from storm water after Hurricane Katrina. The building is sold along with the dry-cleaners business, which has been operating since 1990, but the business could be sold separately from the property for $700,000. Additionally, the business purchase includes a satellite location in Hammond which is currently leased. For more information please contact Luis Espinel at (504) 723-0939.

1605 Airline Drive is a two-level property adjacent to Hurwitz Mintz Furniture

Store (“Hurwitz Mintz”) available for either lease or sale. Each level

consists of approximately 15,000 sf of space, and there is one passenger

elevator. There is also ample parking.

The building is conveniently located with quick access to Elmwood, Metairie,

and New Orleans in a highly visible central location.

The property is presently part of Hurwitz Mintz. It will be separated once all

the conditions of a Purchase/Sale Agreement are satisfied or at the time of a

lease satisfactory to the owner is finalized.

RARE OPPORTUNITY! PROPERTY HAS MANY USES AND IS CONVENIENTLY LOCATED ON AIRLINE DRIVE ACROSS FROM THE SAINTS TRAINING CAMP AND SHRINE ON AIRLINE FORMERLY KNOWN AS ZEPHYR FIELD. LOT SIZE IS 28,713 SQUARE FEET. OWNER LOOKING TO RETIRE. CALL FOR DETAILS. DO NOT APPROACH BUSINESS WITHOUT APPOINTMENT.