Algiers Shopping Center Purchased by California Investor
Village Aurora Shopping Center opened its doors in the 80’s to its 250,000-square-foot center. Around ten years ago, the shopping complex was renovated and expanded. The shopping center has been purchased by a Los Angeles-based investor, Moisce Belinow. The purchase price set the California investor back $35 million. Belinow believes that the local property is a good investment with upside potential. The current shopping center houses a Winn-Dixie and a Chick-fil-A.
“Our occupancy is 98%, which is attractive. New Orleans doesn’t have a lot of vacancy for high-quality centers, which gives me a lot of comfort about investing in a high-quality property like this,” says Belinow.
The roof needs attention now and the outside needs a facelift. Belinow will sink $1 million into the immediate improvements. The Winn-Dixie will also make some upgrades to its supermarket located in the shopping plaza. Future plans for the shopping center will include a new retail building.
“We focus on adding values to our properties which means renovating, new construction, adding extra pads,” explains Belinow.
“These guys are used to much higher prices on the West Coast, and this is a deal for someone who is willing to take the risk into a tertiary market. There’s a much better return on your investment than you would get for the same asset in Dallas or Houston or Atlanta,” says Steve Reising with SRSA Commercial Real Estate.