2840 VETERANS MEMORIAL BLVD Metairie LA 70002

Rare opportunity to acquire the fee simple interest in a Burlington Coat Factory net lease asset located in Metairie, LA (New Orleans MSA). The building was originally built for Stein Mart in 1990 and a new 10yr lease with Burlington Coat Factory was executed in 2022. Burlington plans to perform tenant improvements in Q1 of 2023 with plans to open in Q2 or Q3 of 2023.

This single-tenant net leased asset is located on Veterans Memorial Blvd, New Orleans’ highest trafficked surface street, boasting high traffic counts of 100k vehicles per day. Co-tenancy with Rouses Market and a former K-Mart allows for cross parking/access. The property is supported by strong and stable retail and business presence along Veterans including two malls (Lakeside and Clearview) and other high-end retailers such as Whole Foods, Trader Joes, Total Wine, etc. Tenants in the Veterans Memorial corridor achieve some of the highest store sales in the Gulf South.

Burlington was founded in 1972 and went public in 2013. The discount retailer is headquartered in Burlington, New Jersey. The chain has over 840 stores (2021) in 45 states and Puerto Rico and is the 3rd largest discount retailer nationwide behind TJ Maxx and Ross Stores. They are a Fortune 500 company with over $21B in Market Cap and have seen over 600% stock growth in the last five years. Their store sales are up 33% compared to their pre-covid levels (Feb. 2020). The company continues to see steady revenue growth, over 9% in each of its last 3 years.