Real Estate - Selected Acquisitions
- Northpark Corporate Center
- Covington, Louisiana
- In 1995, Stewart Capital and its partners acquired three buildings with approximately 150,000 square feet of office space in the Northpark Business Center, including the former headquarters of Graham Resources, a nearly vacant seven story Class A structure. Stewart Capital turned around the investment by making key capital improvements and installing a new management team. Now, aggregate occupancy at Northpark is consistently greater than 90%.
- 1615 Poydras Street
- New Orleans, Louisiana
- In 2004, Stewart Capital and a partner acquired this 508,000 square foot Class A building located at the head of the Poydras Corridor in Downtown New Orleans, across the street from the Louisiana Superdome. As one of the best outfitted office towers in the New Orleans market, 1615 Poydras has been the long time home of Freeport McMoRan, along with numerous other companies. Since acquiring the building, we have increased occupancy and diversified the tenant base through an aggressive leasing campaign and are seeing occupancy rates well in excess of the market average.
- Oakridge Place/Clearview Palms Shopping Centers
- Metairie, Louisiana
- In 1994, Stewart Capital and a partner acquired these two premier shopping centers in suburban New Orleans with a combined 115,000 square feet. Before our acquisition, the properties had shrinking occupancy and declining rental rates. After the acquisition, Stewart Capital made necessary capital improvements and installed a new management team. Both properties are consistently full with strong rental rates. In 2004 we sold Clearview Palms to a REIT investor and continue to retain Oakridge Place.
- The Interchange Building
- Dallas, Texas
- In 1994, Stewart Capital purchased this eight-story, 126,000 square foot class A office building situated in the burgeoning commercial area of central Dallas at the intersection of LBJ Freeway and Greenville Ave. After two years of ownership, Stewart Capital increased occupancy in the building and sold it in 1996 for a significant gain. Two years later, we sold a small parcel we retained in the first sale to a nationally known hotel developer.
