Algiers Plaza Shopping Center Sells to California Buyer

NEW ORLEANS — SRSA Commercial Real Estate and Faris Lee Investments represented N3 Real Estate in the sale of the Algiers Plaza Shopping Center (4100 General De Gaulle Drive) for $35 million to an undisclosed, California-based buyer. 

The shopping center sits on 23.56 acres and has approximately 228,000 rentable square feet. Major tenants include Winn-Dixie, Walgreens, Ross, TJ Maxx, Petco and Five Below. Chick-Fil-A recently opened in the center.

Steve Reisig, Kirsten Early and Christopher Robertson Jr. from SRSA collaborated on the deal with Scott DeYoung and Jeff Conover from Faris Lee Investments.

“SRSA is proud to announce the sale of Algiers Plaza to an out-of-state buyer,” said Christopher Robertson Jr. “The seller out of the Dallas-Forth Worth area was seeking to consolidate investments to regions where they had higher concentrations, so it was an exciting opportunity for us to bring our knowledge of the area, relationships with out-of-market investors, and first-in-class property management services in order to facilitate such a substantial investment sale.” 

SRSA said it used its network in the broker and financial community to complete the deal. 

“We work hard to lead the local market with our national connections and leverage our extensive management experience to help buyers transition after sales to make the process as smooth as possible,” said Robertson, “Our partnership with the national investment advisors at Faris Lee gives us confidence that we can capitalize on our combined expertise to give our client the best service possible”. 

when the sale is complete, SRSA and Gulf South Management will manage leasing and management of the center.