Servicer Sale: New Orleans Retail | National, Credit Tenants | High-Visibility

Highlights:

• Auction Start & End Date: 2/10/2025—2/12/2025
• 100% leased to AutoZone and Harbor Freight, two national, credit tenants
• Opportunity for investors who seek immediate return, with a desire for stable tenants and value-add opportunity via the 1.379 acre parcel.
• Excellent visibility and exposure along US Highway 90, with over 25,000 vehicles daily and direct visibility to I-10 and approximately four (4) miles from the CBD and nearly two (2) miles from Lake Pontchartrain
• Notable nearby brands include but are not limited to Walmart, Dollar Tree, Citi Trends, Shoe Dept., McDonald's, Popeyes, and Raising Cane's
• All measurements are approximate/not guaranteed and are to be verified by the purchaser. Zoning and Intended Use to be verified by the purchaser.

Description:

SVN | Urban Properties (“SVN”), in conjunction with Mission Capital Advisors (“Mission Capital”), a subsidiary of Marcus & Millichap and RealINSIGHT Marketplace, is pleased to offer for sale the fee simple interest in 4600 & 4610 Chef Menteur Highway and 4300 Desire Parkway (collectively, the “Property”), a retail building & existing parking lot located in New Orleans, LA. The Property is comprised of approximately 5.116 acres, split between 4300 Desire Parkway and 4600 & 4610 Chef Menteur Highway (Lot 7A-1 & 7A-2, respectively).

Built in 2000, and remodeled in 2023, 4600 & 4610 Chef Menteur includes a +/- 57k SF building, currently occupied by AutoZone and Harbor Freight (two national, credit tenants). 4300 Desire currently consists of 1.379 acres of parking lot space, with defined development opportunity. The Property was transferred to special servicing in September of 2018 due to the former tenant, Winn-Dixie, vacating as a result of a Chapter 11 restructuring, which led to a closing of over 100 locations. On 10/16/2019 the loan went REO via a deed-in-lieu.

The retail building is 100% leased to AutoZone and Harbor Freight, which are both on long term leases inclusive of rent escalations and renewal options. In May of 2022, AutoZone commenced a triple-net lease on 38,210 sf. AutoZone’s lease expires April 2038. More recently, in March of 2024, Harbor Freight commenced a triple-net lease on 19,605 sf. Harbor Freight’s lease expires July 2034. Both tenants have made all monthly rent payments owed (as of December 2024). 2025 Projected NOI (per NNN lease structure) is equal to the Projected Base Rent of $426,974.76. This offering represents an opportunity for investors seeking immediate return, with a desire for stable tenants and value-add opportunity via the 1.379 acre parcel.

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No Cooperating Broker Fee

The Property is located at the southwest corner of Chef Menteur Hwy & Desire Pkwy providing excellent visibility and exposure with over 25,000 vehicles per day. It is located within the Gentilly neighborhood of New Orleans, approximately four (4) miles from the CBD and nearly two (2) miles from Lake Pontchartrain. The rich history and culture, along with the multitude of Louisiana ports, makes the city an economic and commercial hub for the Gulf Coast and the nation.

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