Northmarq, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a Whole Foods Market located at 5600 Magazine Street in New Orleans, Louisiana. The 30,300-square-foot retail property sold for approximately $31.4 million. Jason Maier of Northmarq represented the 1031 exchange buyer, a New York-based private investor. The seller was a local developer.
“This was a unique, historical property for Whole Foods and for my client, especially because the property is one of only two Whole Foods in the city of New Orleans,” said Maier, Senior Director in Northmarq’s New York City office. “We are excited to see this strong tenant thrive in an affluent location.”
The historic structure was originally constructed in 1894 as a bus barn and was renovated in 2002 for Whole Foods. The supermarket is situated on 1.65 acres in New Orleans’ Garden District. Neighboring tenants include Walgreens and various local food and service retailers. The property boasts frontage on three main roads – Joseph, Magazine and Constance Street – and is within walking distance of Uptown residents. Whole Foods Market operates on a long-term absolute triple net lease.