Mandeville, LA - 2-Tenant Retail

Description:

SRS Capital Markets is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership), in a 47% leased, 2-tenant, freestanding building in Mandeville, Louisiana (New Orleans MSA). The current tenant, Chipotle, has over 3 years remaining on their current lease terms, and options to extend with rental increases, growing NOI and hedging against inflation (see page 18 for details). Chipotle Mexican Grill is a publicly-traded (NYSE: CMG) Fortune 500 Company with approximately 3,800 locations. The offering features a value-add opportunity for a future owner to lease-up the vacancy.

The subject property is strategically located along LA-22/Emerald Road, which averages 28,500 vehicles passing by daily, with close proximity to U.S. Highway 190, a major thoroughfare serving 71,000 vehicles per day. The site benefits from excellent visibility via significant street frontage and a large pylon sign. Furthermore, the building is ideally situated as an outparcel to Northlake Shopping Center, a 300,000 SF center anchored by The Fresh Market, Total Wine, Petsmart, and Five Below. Other nearby national/credit tenants within the dense retail corridor include Target, Whole Foods, T.J. Maxx, Barnes & Noble, Rouses, Banana Republic, Old Navy, and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. The 5-mile trade area is supported by over 76,000 residents and nearly 40,000 employees, providing a direct consumer base from which to draw. Residents within 3 miles of the subject property boast an affluent average household income of $143,401. Mandeville, Louisiana is located approximately 35 minutes from New Orleans, the largest city in the state.

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