7500 Bullard Ave New Orleans, LA Investment Advisors
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JDS Real Estate Services Lakewood Plaza Shopping Center 7500 Bullard Ave New Orleans, LA Investment Advisors ENRI PINTO VP of National Sales CONFIDENTIALITY Miami Office AND DISCLOSURE Phone: 305-924-3094 [email protected] The information contained in the following Offering Memorandum (“OM”) is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Apex Capital Realty and should not be made available to any other person, entity, or affiliates without the written consent of Apex Capital Realty. By taking possession of and reviewing STEVEN VANNI the information contained herein the recipient agrees to hold and treat all such information Managing Director in the strictest confidence. The recipient further agrees that recipient will not photocopy or Miami Office duplicate any part of the offering memorandum. If you have no interest in the subject prop- Phone: 305-989-7854 erty at this time, please return this offering memorandum to Apex Capital Realty. This OM has been prepared to provide summary, unverified information to prospective purchasers, [email protected] and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Apex Capital Realty has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial per- TONY SOTO formance of the property, the size and square footage of the property, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, Commercial Advisor or any tenant’s plans or intentions to continue its occupancy of the subject property. The Miami Office information contained in this OM has been obtained from sources we believe to be reliable; Phone: 305-607-6012 however, Apex Capital Realty has not verified, and will not verify, any of the information [email protected] contained herein, nor has Apex Capital Realty conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. MIGUEL PINTO Miami Office NON-DISCLOSURE NOTICE BROKER OF RECORD Apex Capital Real Estate Investment Services, Inc. (“Apex”) is not affiliated with, sponsored MIAMI by, or endorsed by any commercial tenant or lessee identified in this OM. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or Phone: 305-607-6012 sponsorship or endorsement by, said corporation of Apex, its affiliates or subsidiaries, or any [email protected] agent, product, service, or commercial listing of Apex, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. JENNIFER STEIN BROKER OF RECORD DISCLAIMER In compliance with Louisiana law Apex Capital Realty, cooperates with JDS Real Estate Ser- JDS Real Estate Services, Inc. vices licensed and registered in the state of Louisiana as a Broker of Record for any transac- BROKER OF RECORD tions detailed within the materials of this document. LOUSIANA OSL Cooperating Broker ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT THE Phone: 213-446-5366 APEX LISTING AGENT FOR MORE DETAILS [email protected] Exceptional Investment Opportunity Apex Capital, in cooperation with JDS Real Estate Services as exclusive ad- visors, is pleased to present the exceptional opportunity to acquire Lake- wood Plaza Shopping Center located at 7500 Bullard Ave, New Orleans, LA, 70128 (”The Property”). Situated on roughly 6.80 Acres, the 27,193 Square Foot shopping center was constructed in 1981 and fully renovated in 2013. The property is anchored by Dollar Tree, syntactically tenanted with Hibbet Sports, along with the Louisiana Office of Motor Vehicles, and other local and regional tenants. The tenant mix provides for stable cash flow for new investors, as well as significant upside for savvy developers, by developing the included 2 acres of land directly connected to the building and outparcel for additional retail space. Fronting Bullard Ave, just north of I-10, and just off a main exit, the property is an ideal retail center providing community necessities in the central corridor of all the main thoroughfares in the area. The property is located within 1 mile of Walmart, Home Depot, and many of the main shopping destinations in the area. The property is located just 10-Miles from the French Quarter, the main economic driver in New Orleans. As a covered land investment opportunity this property benefits from government leases, national-credit tenancy, and local long standing ten- ants. The property provides sufficient cash flow at a discount price, with the ability to redevelop and capitalize on a much larger return in the near future. 2 Acre Developement Opportunity Investment Summary Investment Summary Lakewood Plaza Shopping Center LAKEWOOD PLAZA - Situated on roughly 6.79 Acres, The site would likely be a great candidate for a gro- the 27,193 Square Foot shopping center was con- cery store, as there are no other grocery stores in structed in 1981 and fully renovated in 2013. a 3-mile radius, East New Orleans must either do The property is anchored by Dollar Tree, other their grocery shopping at Walmart or travel out of tenants include Hibbet Sports, Louisiana Office the area to do their grocery shopping. This area is of Motor Vehicles, Napoli Pizza, PCNO Driving densely populated with affluent and median-in- School, and Goldstar Beauty Supply. The tenant come homes who would benefit greatly from a mix provides for stable cash flow for new inves- dedicated grocer in the area, the closest true gro- tors, as well as significant upside by developing cer to the center is located just over 3-Miles away. out the included 2 acre lot attached to the center. The sale includes an additional separate out-par- All tenants are currently paying below market rents, cel of land that was previously a shell gas sta- allowing further capitalization from the opportu- tion, on the corner of Bullard Ave and Morri- nity to increase rents and capturing current devel- son Rd. Ownership purchased the gas station opment opportunity, creating significant upside. from shell with plans of incorporating the space into the redevelopment of the center. DEMOGRAPHICS - Since hurricane Katrina in 2005, East New Orleans has seen an explosive resur- STABLE CASH FLOW - With a current Net Operating gence in population and capital influx. With de- Income of $316,723, future investors will bene- mographics growing over 16% in the past 8 years fit from full roster stable cash flow over the next 5 and Median Household Income over $55,000 years. Dollar Tree currently occupies 8,800 Square a year, East New Orleans is a gem market, with Feet providing a key anchor tenant to future own- great growth rates to support future development. ers, Hibbet Sports concurrently occupies 4,150 Sqaure Feet, with Goldstar Beauty Supply occu- The property is situated in a great major MSA, pying 6,400 Square Feet of the center. With over engulfed with affluent and median homes the 60% of income coming from 3 tenants with ideal perfect economic driver for lower price point lease terms, future owners will be able to rely on stores like Dollar Tree and Hibbet Sports. stable cash flow while developing additional re- tail space in the center, creating significant upside. DEVELOPMENT OPPORTUNITY - The property cur- rently has an included 2 acre lot adjacent to the LOCATION - 7500 Bullard Ave is located in the East current center, which provides for 50,000-square New Orleans sub-market of the New Orleans MSA. feet of additional retail development opportunity. The Property’s strategic location along bullard ave, The site was formerly a Winn-Dixie grocery store provides customers with direct and easy access to and retail strip that was damaged during hurricane I-10, the main highway in the area. The property is Katrina. The buildings were demolished by own- located just 2 blocks from I-10, making it accessible ership with plans to be redeveloped at a later time. to any passerby off of the Interstate exit. The prop- The concrete foundation is still in place providing erty is located at the intersection of Bullard Ave and 50,257 square-feet of building space and own- Morrison Rd with 2 points of ingress and egress ership has architectural plans for development. along each road; 4 total points of ingress/egress. FINANCIALS Lakewood Plaza Shopping Center 7500 Bullard Ave - New Orleans, LA Pricing Summary | Lakewood Plaza is being offered free & clear of debt at a 7.72% Cap Rate for $4,100,000 Lakewood Plaza: PRICING SUMMARY Listing Price: $4,100,000 Cap Rate: 7.72% Net Operating Income: $316,723 Value Add Opportunity Total Rentable Square Footage: 27,193 Lakewood Plaza is being sold with an Price Per Square Foot: $151 additional 2 acres of retail develope- met space. The foundation is already Percent Leased: 97% poured with architectual plans. The additional building area can be Total Land Area: 6.79 Acres used to capitalize on an addi- tional 50,257 square-feet of Year Renovated: 2013 retail space adding sub- stantial upside for buyers. Year Built: 1981 Lakewood Plaza Shopping Center 7500 Bullard Ave - NEw Orleans,