Photo via Galridgecenter.com
The Galridge Center, located at 3361 General Degaulle Drive in New Orleans, is already nearing capacity after confirming a number of new tenants.
The Center only has two available spaces left at approximately 2,200 square feet.
Developer Josh Bruno paid $1.2 million for the property last year and his budget for the development was $2.6 million. Citizen Bank & Trust Co. is providing the financing for the purchase, and cash was used for the construction of ground up work and redevelopment.
Prior to Bruno’s purchase, the previous owners were charging between $9-11 gross per square foot. Bruno is now charging between $12-26 per square foot triple net, depending on the location.
The development is in a prime location, “on the route ‘home’ to Algiers and many of the great Westbank neighborhood,” Bruno told CanalStreetBeat. “This makes it a high profile location.”
Traffic numbers are estimated to be 110,000 cars per day that pass by the location. “It’s an excellent revenue generator for the tenants without the entry cost of Veterans or Manhattan Blvd.,” explains Bruno.
Galridge Center has both national and retail tenants, including Liberty Tax corporate, Crescent Title, Peppermint Room day spa, Good Look Salon, Irving Law, Pinnacle Security, and Italian Pie.
Italian Pie, a restaurant chain with locations around New Orleans, will be opening in the Galridge Center in 8-10 weeks.
The architect for the redevelopment was Caserta Architects, and Bruno’s in-house shop, Downtown Development Group, was the general contractor.