Chalmette’s “The Mall” Changes Hands In $13M Deal
Leslie T. Snadowsky
In what could be the largest commercial real estate transaction in Chalmette, LA, since Hurricane Katrina, The Stevens Realty Group, Inc. brokered a deal to sell The Mall, located at 8700 West Judge Perez Dr., between local group 8700 West Judge Perez, LLC, to Texas partnership Chalmette Management, LP, for $13 million.
The deal was inked Friday, April 17, 2015.
“The Mall is perfectly situated to draw customers from New Orleans and New Orleans East,” Kenny Hurst, CCIM, an agent with The Stevens Realty Group, Inc., said. “People love to come to the 6-screen movie theater Chalmette Movies and shop at Big Lots and Save-A-Lot. There’s always a large crowd there at any time of the day, and it offers something for everybody from food to clothing, games and a fitness center. This new deal will ensure the longevity of The Mall.”
The Mall, which was on the market for 3 ½ years, was built in 2008, consists of 3 buildings with 138,782 rentable square feet and 673 parking spots. It’s located about 6 miles from the French Quarter and 15 minutes from downtown New Orleans.
Seller Ray Peacock bought the property in 2007 for $1.5 million with financing from First NBC Bank.
According to 2013 U.S. Census Bureau population estimates, St. Bernard was the nation's second fastest-growing county between April 1, 2010, and July 1, 2012, with the population growing 16 percent from 35,897 to 41,635 residents.
Hurst said St. Bernard Parish has been among the fastest growing communities in the entire Greater New Orleans Metro area post-Hurricane Katrina.
“There were and are a lot of benefits to shopping at The Mall,” Hurst said. “It offers a discount base for food and supplies, and it helped a lot of people after the Storm who were coming back and had nothing left.”
“The Mall makes it a lot easier to live in Chalmette,” Hurst said. “Local residents don’t have to drive far to go shopping and everything inside the mall is new and completely renovated, even the sewer lines below the building. The owner, Mr. Peacock, spared no expense.”
The Mall’s national tenants include Aaron’s, ACE Cash Express, Big Lots, CATO Fashions, Churchill Downs, GameStop, Hibbett Sporting Goods, IHOP, Payless ShoeSource, Save-A-Lot and T-Mobile. Local businesses include several restaurants, a nail salon, a jewelry store and a discount tobacco and liquor store.
Hurst said the new property owners, who own more than a dozen malls, asked The Stevens Realty Group, Inc. to help them find more regional shopping centers for sale to expand their retail reach.