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Shopping center sells for $23m.

Globe National Funding Corp. of Hackensack, New Jersey, and Wallenstein/Grubb & Ellis of Dallas. Texas, recently negotiated the $23 million sale of the Pavilion at Esplanade - a 260,000-square-foot shopping center located in the New Orleans suburb of Kenner, Louisiana.

According to Michael S. Sherman, president and CEO of Globe National Funding Corp. who represented the purchaser. "The center boasts a 99 percent occupancy rate and high-profile anchor tenants including Wal-Mart, A&P, Walgreen Drugs, an eight screen United Artists theater, Sound Warehouse and Cloth World."

According to David Wallenstein, president of Wallenstein/Grubb & Ellis who represented the seller, the Pavilion at Esplanade features a lively Caribbean architectural style, complete with vibrant pastel colors, and it is situated on a 25-acre site across the street from one of the state's largest shopping malls - the one million square foot Esplanade Mall.

The two-year-old center was purchased by a Boston-based real estate investment company and will continue to be managed by the seller. The Darryl Berger Investment Corp. The transaction involved a 100 percent equity purchase and included cash above existing financing.
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Title Annotation:Review and Forecast, Section II; Kenner, Louisiana shopping center, Pavilion at Esplanade
Publication:Real Estate Weekly
Date:Jun 24, 1992
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