REEF I Completes Sale of Property in New Orleans, LA

CN CRAG Neville LLC, a 357,000 square foot multi-tenant warehouse strategically located in the Elmwood Industrial Park outside New Orleans, has been sold to a private local buyer. Terms were not disclosed.

“This was an excellent outcome for our investment thesis, which called for an increase in economic activity in New Orleans following Hurricane Katrina,” indicated Stephen Pandos. “We are very pleased with the result and believe that the building can continue to be a catalyst for job growth in Elmwood for the future.”

The Elmwood Industrial Park is the largest industrial park in the region and has excellent proximity to the riverfront, the interstates and bridges. CN CRAG Neville LLC is home to five tenants, all with extensive local business interests.

Cushman & Wakefield and Bridgewater Properties LLC assisted in the closing.

For more information about this transaction, please contact Rachel Amodio at +1 (704) 285-7744.

Columbus Nova MB (“CNMB”), with offices in Charlotte and New York, manages portfolios of real estate assets for a variety of investors in a separate account program. In addition, CNMB’s Advisory Group serves middle-market businesses by providing buy and sell-side, capital formation and restructuring services on a fee basis. Finally, CNMB manages the Baikal Program, which makes investments in growing businesses and in private equity funds.