Corporate Realty is pleased to announce that it has represented the seller, Victoria Land & Development, an LLC controlled by Joe Jaeger, in the sale of the Market Street Power Plant property at 1600 South Peters Street. The purchaser of the property is a local entity led by Brian Gibbs.
Corporate Realty’s team of Michael J. Siegel, SIOR; Hayden W. Wren, CCIM, SIOR; Scott Graf, CCIM; and William Sadler represented the owner in this transaction.
“This unique asset is ideal for someone like Brian Gibbs. Brian has the vision and expertise, not to mention commitment, to turn this property into an exceptional commercial development. We look forward to seeing this transformation occur,” Siegel said.
The iconic twin smoke-stacked power plant was built in the early 1900s and provided power to the residents of New Orleans until 1973. It began as one building and expanded over the decades. Today the property consists of seven interconnected buildings with a gross building area of almost 163,000 sf on more than seven acres of land. The property immediately abuts the 47-acre development site owned by the New Orleans Ernest N. Morial Convention Center.
“The Market Street Power Plant is truly a one-of-a-kind real estate asset,” said Wren. “It has spectacular views of the Mississippi River and the building itself has exceptional architectural lines. We are excited that Brian and his team will be involved in orchestrating its development.”
To learn how Corporate Realty can assist you with your commercial real estate needs, please contact email@example.com and 504.581.5005.