The largest commercial real estate market in New Orleans is the office category, but it is only one of 5 major types of commercial property. New Orleans MSA commercial real estate properties currently listed for sale total over one billion dollars and include at least 2,300 commercial properties, divided into these 5 basic property types:
1. Industrial-328 listings for 6.4 million sf totaling $263,000,000 in value.
2. Office-966 listings for 5 million sf totaling $434,000,000 in value.
3. Retail-Commercial-513 listings for 3.6 million sf totaling $307,000,000 in value.
4. Retail-Shopping Centers-150 listings for 1.2 million sf totaling $87,000,000 in value.
5. Vacant Land-428 listings for 182 million sf totaling $72,000,000 in value.
So far in 2012, there have been 3 properties sold in excess of $2,000,000:
1. The highest price commercial property sale is the old Amoco office building at 1340 Poydras Street, sold on February 16, 2012, for $18.75 million, or $49.60/sf. The 20 story, 378,000sf, building was built in 1977.
2. Mid-City Carrollton, known as Victory Real Estate Investments, in Columbus, Georgia, sold 4.97 acres including the old Bohn Ford auto dealership on February 16, 2012, for $7.35 million to SST Carrollton WD, which is owned by Lewis Sterling and Gerald Songy. The site was under contract to Green Coast Enterprises, who planned to lease 30,000sf of space at $20/sf for grocery store Jack-n-Jake’s, specializing in produce from local farmers, but Green Coast decided not to execute their option on the site so Victory sold the property for a record $35/sf for retail development. The new owners will develop the site into a 107,000sf building for anchor tenant Winn-Dixie and Office Depot, Pinkberry, Five Guys Burgers, and Jefferson Feed Pet Store.
3. At the corner of Chartres Street and St. Philip in the heart of the French Quarter, a two story building on 11,410sf land sold January 26, 2012, for $3.8 million by Riso Investments, owned by Jeff and Chris Riso, to Chartres Empire, owned by David Clement.
Sources: Louisiana Secretary of State, New Orleans Assessor, Notorial Archives, LACDB