1200 Poydras St
New Orleans, LA 70112

• Unit Size: 17,270 SF
• Condo Use: Retail
• Price: $9,950,000 USD
• Sale Type: Investment
• Price/SF: $576.14 USD

Description

This is a ground floor retail condo unit that is part of a multi-story garage and entertainment complex. The top floor is a Dave & Buster’s condo unit, already sold, Floor Two through Five are a parking garage unit to remain with developer, and the ground floor is a 17,270 square foot retail condo unit, which is the piece for sale.

Condo Association Pays for all exterior and common area maintenance, which is billed back as Condo Association Dues, which can be passed through as CAM to all tenants, NNN.

As a ground floor space, with a garage above, there is limited exposure to the elements, and any roof work that would need to occur is shared amongst the condo unit owners, of which the other two are much larger contributors.

There are 15 ground floor parking spaces which are a limited common element of the condo association and are made available to the Retail Unit owner to allow Retail Unit owner to fulfill obligation to the Chic-fil-A tenant, as well as to make some available to other tenants. 

Tenant’s include:

Chic-fil-A: Occupying 3,964 square feet at the center of the retail with high road visibility, pickup parking in front and in rear, with a walk up window and interior seating for guests.

This tenant has an initial 15 year term lease, with eight, five year options to renew.

Stumpy’s Hatchet House: Stumpy’s Hatchet House is an indoor recreational facility featuring the unique sport of hatchet throwing in a safe, controlled environment. In addition to the throwing pit, Stumpy’s offers an area with farm tables and couches for guests 21 and older. The franchised company, founded in 2015 and headquartered in Eatontown, NJ, has grown exponentially in only a couple of years from its first location opened in April 2016 to 6 new locations with 15 locations coming soon throughout the US.

This tenant has 8 years remaining on their initial term with two, five year renewal options.

Hurts Donut’s: Hurts Donut Company is a 24-hour craft donut company founded in 2013. The franchised chain started in Springfield, Missouri and has expanded throughout the US with 20 stores in 10 states and 7 coming soon. The company has been featured on Food Network, and features more than 70 varieties of donuts, from Peanut Butter Cup to Cookies and Cream. The company has had unprecedented success and has made nearly $10 million in revenue in 2016.

This tenant has 3 years+ remaining on their initial term with two, five year renewal options.

Vacant Space: Several prospects have expressed interest and we are working through those proposals at this time.

Sale Notes

GROUND FLOOR: 4 separate NNN retail spaces totaling 17,270 square feet

OUTSTANDING LOCATION: located at the intersection of Poydras St and Loyola Ave with over 54,000 vehicles daily and accessible via the Loyola Avenue Street Car Line. Walking distance to world class museums, fine-dining restaurants, art galleries, and theatres. Only 1 block away from Champion’s Square and the Mercedes Benz Superdome.

SURGING DEMAND AND UPSIDE POTENTIAL: the location and continued revival of the city’s core has contributed to the area’s high demand. Significant investments have contributed to strong growth in recent years.

RARE OPPORTUNITY: because this neighborhoodis one of the highest in demand, opportunitiesto invest in properties like this one are becoming extremely rare. This exceptional opportunity offers investors significant upside potential and limited downside risk because of its superior location in the market.