Also, Xerox Center in Kenner and the 3501 N. Causeway Building in Metairie are actively on the market and will sell in 1998. MetLife and Equitable will determine if we set yet another new record in 1998. Both Met Life and Equitable sold off all of their holdings in the New Orleans market over the past two years and it is just a matter of time until they sell the balance of their local portfolios. As long as interest rates stay low and Wall Street doesn't lose its affection for REIT stock, the buying frenzy will continue. Compared to Dallas, Houston, Atlanta, Orlando and other southeastern cities, properties in New Orleans remain a good value.
Rents are on the rise throughout the market.
CBD rents are also rising primarily due to the upward pressure from the high prices being paid for those buildings. This 594,000 square foot regional mall is anchored by Dillards and J.C. Penney, along with a United Artists 14 screen movie theater. Met Life sold this center to Zamias Services of Johnstown, Pennsylvania, as part for a package of centers they sold in late 1997. The second largest sale in the metro area was handled by SRSA Commercial Real Estate. SRSA represented both sides of that transaction.