Westbank Shopping Center Sells For $18,500,000

by • October 28, 2014 • Acquisitions, Retail, West BankComments (0)3107

Photo via Mid America Group

Photo via Mid America Group

Manhattan Place shopping center in Harvey has been purchased by the World Class Capital Group for $18.5 million, reports Nola.com

Marketing documents obtained by CanalStreetBeat claim that the shopping center had net operating income in 2011 of $1,870,170, meaning it was purchased at a roughly 10% cap rate.  At 281,614 square feet, the building sold for $66 per square foot.

Tenants at the center include Ross Dress For Less, Stage, K&G Men’s Superstore, Rue 21, Lane Bryant, and Ashley Stewart.

The shopping center also includes a Target, although Target itself owns their store, which was not included in the October 16 sale.

The new owners will apparently seek to fill five vacant shops with children’s stores.

The seller was Weingarten Realty Investors out of Houston.  Brokers on the deal include Larry Rabin of Corporate Realty and Joe Girardi of Mid America Group.

 

 

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