Investor Pays $31.4M for Whole Foods Building in New Orleans
NEW ORLEANS — Stan Johnson Company, a national commercial real estate brokerage firm, has completed the sale of Arabella Station, home to Whole Foods Market, at 5600 Magazine Street. The 30,300-square-foot retail property sold for approximately $31.4 million. Jason Maier of Stan Johnson Company represented the 1031 exchange buyer, a New York-based private investor. The property was owned by Arabella Station LLC, operated by local developer Christopher Sarpy, who purchased it from the City of New Orleans in 2001.
“This was a unique, historic 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 Stan Johnson Company’s New York City office. “We are excited to see this strong tenant thrive in an affluent location.”
The historic structure on 1.65 acres was originally constructed in 1894 as a bus barn and was renovated in 2002 for Whole Foods. Neighboring tenants include Walgreens and various local food and service retailers. The property boasts frontage on three main roads: Joseph, Magazine and Constance Street. Whole Foods Market operates on a long-term absolute triple net lease.
Stan Johnson Company focuses on investment sales transactions involving retail, office, industrial, healthcare, and specialty properties. The firm and its affiliates provide acquisition, disposition, sale leaseback, capital markets, and advisory services for institutions, developers, investment funds, corporate occupiers, and private investors across the United States.