By Greg LaRose, NOLA.com
February 26th, 2016
The Shops at Canal Place, the upscale New Orleans mall owned by local developers Daryl Berger and Roger Ogden, is now in the hands of a New York real estate investor.
O’Connor Capital Partners announced Friday (Feb. 26) it had acquired the 260,000-square-foot site near the foot Canal Street. A purchase price was not disclosed. The three-story mall is 96 percent occupied, and a statement from O’Connor says “capital improvements” are planned for the property in addition to “remerchandising and leasing the available space.”
The deal includes the nine-screen Theatres at Canal Place but not the adjoining One Canal Place office tower or the parking garage that supports both buildings.
The new owners did not indicate there would be any changes in the mall’s tenants, which include Saks Fifth Avenue, Tiffany’s, Armani Collection, Michael Kors, Anthropologie and Brooks Brothers.
“The Shops at Canal Place maintains a dominant position in the market based upon the success and reputation that has been achieved with this unmatched collection of luxury retailers,” Bill O’Connor, president and CEO said. “This represented a rare opportunity to acquire a premier retail property with significant upside potential in a high barrier-to-entry market, in a prime tourist location with millions of tourists visiting annually. We are confident that the exclusive nature of this retail destination will continue to attract the most selective retailers in the world.”
O’Connor Partners has acquired or developed more than $30 billion in real estate, including more than 55 million square feet of retail space and 30,000 residential units, according to a company statement.
The Berger Co. remains heavily invested in downtown New Orleans. It has redeveloped the Jax Brewery into a retail site, in addition to the buildings just upriver than house H&M and Urban Outfitters. It’s holdings also include the Windsor Court, the Omni Royal Orleans and Omni Riverfront.
“The Berger Co. and Ogden Development have been privileged to own and manage The Shops at Canal Place for over 16 years,” principal Brandon Berger said in a statement. “We are proud to have created one of the premier luxury retail centers in America, and are happy that the renowned O’Connor Capital Partners company will continue to enhance, improve and build upon the dominant market position of this unique, one-of-a-kind asset.”