Canal Place Shopping Mall Sold To Madison Avenue Firm

NEW ORLEANS – The Shops at Canal Place, home to Ann Taylor, Armani Collezioni, Banana Republic, BCBGMAXAZRIA, Brooks Brothers, J. Crew, Michael Kors, Saks Fifth Avenue, The Theatres at Canal Place and Tiffany & Co., was sold Wednesday to New York-based real estate firm O’Connor Capital Partners.

         According to The Advocate’s Richard Thompson, New Orleans-based Berger Company and Ogden Development sold the 260,000-square-foot shopping center located inside the 32-story Canal Place complex near the foot of Canal Street.

         Thompson reports the terms of the deal were not released, and previous owner Brandon Berger wouldn’t reveal a purchase price due to a nondisclosure agreement.

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         Thompson reports the deal does not include property located outside the high-end shopping mall like the Westin New Orleans Canal Place hotel, the office tower or the parking garage.

         New owners O’Connor Capital Partners told Thompson they are planning to make capital improvements to the shopping mall property.

         O’Connor Capital Partners is a privately owned, independent real estate investment, development and management firm headquartered on Madison Avenue in New York City with an additional Mexico City office.

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         O’Connor Capital Partners reps said they strive to be the preferred real estate investment firm providing institutional investors access to multiple format retail properties and residential development and redevelopment. They said within North America, their retail capacity is vertically integrated, utilizing their strong relationships and experience to create high performing investment opportunities.

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