Industrial Realty Group Hires CBRE to Lease 1.3M Square Feet at Michoud
HOUSTON – Industrial Realty Group has hired CBRE to lease 1.3 million square feet of industrial and office space planned for the development of Propel Park at NASA’s Michoud Assembly Facility in New Orleans East. IRG, one of the country’s largest owners of commercial and industrial properties, has signed a long-term ground lease for a 50-acre development parcel within MAF, one of the largest production facilities in the nation. Negotiations for the lead tenant to occupy the first building are underway.
CBRE’s Bill Boyer and Property One’s Leon Audibert are marketing and leasing the development on behalf of IRG.
“We’re excited to lock arms with an aggressive, New-Orleans based leasing team,” said Peter Goffstein, senior vice president of IRG. “The project has already received numerous inquiries. IRG is developing a dynamic project that will meet the city’s market demand.”
Propel Park is expected to include up to 1.3 million square feet of buildings developed in phases at the MAF site located at 13800 Old Gentilly Rd near Interstate 510 and U.S. Highway 90. The target users include light assembly, manufacturing, distribution, and office space. MAF is inherently secure with a 19 ½ foot levy and substantial onsite pumps, as well as access to a deep-water port.
“This development will provide a unique industrial opportunity within New Orleans city limits that is
ideal for last mile distribution close to population centers,” said Boyers. “As e-commerce continues to drive unprecedented demand for warehouse and logistics space, Propel Park will provide a Class A distribution product that does not currently exist in the market.”
The first phase of development will be a, 250,000 square-foot warehouse building. The development is planned to accommodate build to suit sites configurable for a variety of users, in addition to spec buildings.