Press Release
Industrial Realty Group Hires CBRE to Lease 1.3M SF at NASA Development Site in New Orleans
November 8, 2021
HOUSTON – Nov. 8, 2021 – Industrial Realty Group, LLC (IRG) has hired CBRE to lease 1.3 million sq. ft. of industrial and office space planned for the development of Propel Park at NASA’s Michoud Assembly Facility (MAF) in New Orleans. IRG, one of the country’s largest owners of commercial and industrial properties, has signed a long-term ground lease for a 50-acre development parcel within MAF, one of the largest production facilities in the nation. Negotiations for the lead tenant to occupy the first building are well underway.
CBRE’s Bill Boyer and Property One’s Leon Audibert are marketing and leasing the development on behalf of IRG.
“We’re excited to lock arms with an aggressive, New-Orleans based leasing team,” said Peter Goffstein, Senior Vice President of IRG. “The project has already received numerous inquiries. IRG is developing a dynamic project that will meet the city’s market demand.”
Propel Park is expected to include up to 1.3 million sq. ft. of buildings developed in phases at the MAF site located at 13800 Old Gentilly Rd near Interstate 510 and U.S. Highway 90. The target users include light assembly, manufacturing, distribution, and office space. MAF is inherently secure with a 19 ½ foot levy and substantial onsite pumps, as well as access to a deep-water port.
“This development will provide a unique industrial opportunity within New Orleans city limits that is ideal for last mile distribution close to population centers,” said Boyers. “As e-commerce continues to drive unprecedented demand for warehouse and logistics space, Propel Park will provide a Class A distribution product that does not currently exist in the market.”
The first phase of development will be a, 250,000 sq. ft. warehouse building. The development is planned to accommodate build to suit sites configurable for a variety of users, in addition to spec buildings.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.