Faris Lee Investments, SRSA Commercial Real Estate Complete $31M Sale of New Orleans Whole Foods

Faris Lee Investments and SRSA Commercial Real Estate have completed the $31.4-million sale of a single-tenant net-leased Whole Foods on Magazine Street in New Orleans, LA. The retrofit supermarket building is a converted streetcar barn originally constructed in 1893.

Scott DeYoung and Jeff Conover with Faris Lee represented the seller in collaboration with Steve Reisig, Chris Robertson and Kirsten Early with SRSA. Jason Maier with Stan Johnson Co., represented the buyer in a 1031 exchange.

“Rarely do you see single-tenant Whole Foods trade on the market as they are usually part of a shopping center,” said DeYoung. “In addition, Whole Foods recently executed a 15-year lease extension, which is a testament to their long-term vision of the location and trade area.”

“We exceeded the seller’s expectation for pricing and closed at one of the largest price points and lowest cap rates for a single tenant net lease grocery store in 2022,” added Conover.