Magnolia Marketplace Trades for the First Time Since Development in 2015

NEW ORLEANS, LA—Matthews™, a commercial real estate investment services and technology firm, arranged the sale of Magnolia Marketplace, located at 2900 S Claiborne Ave in New Orleans, Louisiana. Senior Vice Presidents Pierce Mayson and Kyle Stonis, and Associate Vice President Boris Shilkrot brokered the transaction. The deal marked the highest sale price for a retail property sold within the Mid-City/Central City submarket within the last 10 years.*

The seller, Stirling, originally developed Magnolia Marketplace in 2015, and pursued the sale following nearly a decade of ownership. Leveraging its deep retail sector expertise, Matthews™ positioned the asset around its strong national credit tenant lineup and established presence in the New Orleans retail market. The firm directly sourced the buyer, Agree Realty (NYSE: ADC), a real estate investment trust (REIT), which was attracted to the property’s high-quality tenant mix and alignment with its investment strategy. The transaction closed successfully for both parties, allowing Agree Realty to add a high-quality retail asset to its portfolio while Stirling retained ownership of the Raising Cane’s outparcel.

Located along South Claiborne Avenue in New Orleans, Magnolia Marketplace is a 100% leased shopping center benefiting from prominent street frontage and exposure to approximately 54,435 vehicles per day. The property features a strong lineup of national retailers, including Ross Dress for Less, T.J. Maxx, Michaels, Five Below, PetSmart, and Ulta Beauty.

“We’re excited to get another strong retail asset sold in the heart of New Orleans,” Mayson said. “Magnolia Marketplace is an extremely high-quality development, which the sellers brought to fruition in 2015, and since then it has proven itself as a shopping mainstay within the community, characterized by a best-in-class national credit anchor line-up.”

*Data Compiled from Mid-City/Central City Submarket Retail Sales Sold Within the Last 10 Years | CoStar Group, Inc.

For more information, please contact Pierce Mayson, Kyle Stonis, and Boris Shilkrot or visit www.matthews.com.

About Matthews™

Matthews™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 1,000 agents and employees in 30 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.