CARENCRO, LA. — Stirling Properties has brokered the sale of a 16.1-acre lot of land located at 3810 N.E. Evangeline Thruway in Carencro near the intersection of I-10 and I-49. The buyer, Wal-Mart Real Estate Business Trust, has begun to build a new 182,000-square-foot Walmart Supercenter at the site. The new store, which is set to open in early 2017, is expected to create 300 jobs. Seth Citron and Ryan Pecot of Stirling Properties brokered the land deal.
COVINGTON, LA. — Dallas-based Cypress Equities has acquired Covington Nord du Lac shopping center, a 460,000-square-foot regional retail power center located in Covington, roughly 40 miles north of New Orleans. The center comprises 214,000 square feet of existing space, 83,000 square feet of partially built improvements and 162,000 square feet of planned development space. Tenants including Hobby Lobby, Academy Sports + Outdoors, Petco and Kohl’s anchor the center. Kyle Stonis, Scott Tiernan and Pierce Mayson of SRS Real Estate Partners represented Cypress Equities in the transaction.
LAKE CHARLES, LA. — Fast-casual Newk’s Eatery opened its 100th restaurant in Lake Charles on April 4. The restaurant is the first Newk’s franchise location for Southeast Restaurant Group, a New Orleans-based veteran operator of franchise and independent restaurants, and the third restaurant nationwide to feature Newk’s “Generation 2” restaurant design. The Jackson, Miss.-based brand’s newest restaurant marks the halfway point in its aggressive growth plan to open 200 units by 2019. The restaurant is one of 15 units planned by Southeast Restaurant Group for the southwest Louisiana and southeast Texas region over the next seven years. The group’s development agreement complements the brand’s ongoing expansion efforts along the Gulf Coast and is Newk’s largest build-out commitment to date.
COVINGTON, LA. — Doster Construction has broken ground on Springs at River Chase, an apartment community located in Covington, situated across Lake Pontchartrain from New Orleans. The property will feature floor plans ranging from studio to three-bedroom, and community amenities will include a clubhouse, resort-style pool, 24-hour fitness center, dog park, attached and detached garages, car care center and a pet spa. The project team includes developer Continental Properties and architect of record Phillips Partnership. Doster has completed more than 1,000 units of multifamily housing in the last year, including Springs at Fremaux in Slidell, La.
GRETNA, LA. — Dougherty Mortgage LLC has closed a $29 million HUD 223(f) loan for the refinancing of Calypso Bay Apartments, a 280-unit multifamily community in Gretna, situated across the Mississippi River from New Orleans. The property offers one-, two- and three-bedroom units and features a swimming pool, fitness center, billiards room and a business center. Dougherty’s Dallas office arranged the 40-year HUD 223(f) loan on behalf of the borrower, Calypso Bay LLC.
LAFAYETTE, LA. — Stirling Properties and CBL & Associates Properties Inc. have opened Ambassador Town Center in Lafayette. The co-developers hosted a formal ribbon cutting ceremony attended by Lafayette City-Parish president Joel Robideaux, former City-Parish president Joey Durel, LEDA president and CEO Gregg Gothreaux and other Lafayette area community leaders. Ambassador Town Center is a roughly 60-acre retail project anchored by Costco Wholesale and Dick’s Sporting Goods/Field & Stream. Situated at Ambassador Caffery Parkway and Kaliste Saloom Road, the 430,000-square-foot property is 97 percent leased to tenants such as Avalon Salon & Spa, BJ’s Restaurant & Brewhouse, Blaze Pizza, Chuy’s Mexican Restaurant, Costco Gasoline, Dickey’s Barbecue Pit, Five Below, Freddy’s Frozen Custard & Steakburgers, Marshalls/HomeGoods, Nordstrom Rack, Off Broadway Shoes, Panda Express, Panera Bread, PetSmart, Phone Zone, Professor Bob Beans, Red Robin, Subway, Tao Japanese Cuisine, World of Beer and Verizon Wireless. Ambassador Town Center is expected to generate roughly 1,700 permanent jobs and nearly $9 million annually in estimated sales tax collection.
SLIDELL, LA. — SRSA Commercial Real Estate has arranged a 34,000-square-foot lease for Sportsman’s Warehouse in Slidell, making it the first Louisiana location for the outdoor retailer. The store will join the tenant roster at the Shops at Rouses, a shopping center located on Kensington Boulevard that’s home to existing retailers such as Rouses and Petco. Kirsten Early and Collin Homes of SRSA Commercial represented Sportsman’s Warehouse, which currently has 66 locations open and operating. Larry Haik of Dale Stram & Associates LLC represented the landlord.
NEW ORLEANS — O’Connor Capital Partners, a New York-based real estate investment and management firm, has acquired The Shops at Canal Place, a 260,000-square-foot shopping center located at the foot of Canal Street and the Mississippi River in New Orleans. O’Connor Capital purchased the property from an affiliate of two New Orleans-based companies, The Berger Co. and Ogden Development, for an undisclosed price. The Shops at Canal Place was 96 percent leased at the time of sale to tenants such as Saks Fifth Avenue, Tiffany’s, Armani Collezioni, L’Occitane, Michael Kors, lululemon athletica, Anthropologie, Brooks Brothers, J. Crew and Banana Republic. The shopping center also features the nine-screen Theatres at Canal Place, Chef Adolfo Garcia’s Gusto Cafe and Bar and a 1,600-space parking garage, which the seller will retain. Peter Bergner and Kate Gilbert of O’Connor Capital Partners’ Palm Beach office will be responsible for leasing the property.
SLIDELL, LA. — Stirling Properties and CBL & Associates Properties Inc. have added four new retailers to Phase II of Fremaux Town Center, a regional shopping and entertainment destination totaling more than 630,000 square feet in Slidell, a suburb of New Orleans. The project is located on more than 80 acres at the southwest corner of I-10 and Fremaux Avenue. The new tenants joining Fremaux this spring include Books-A-Million (7,500 square feet), Allure Nail Spa (1,944 square feet), LensCrafters (3,830 square feet) and 5 Below (8,024 square feet). Additionally, Springs at Fremaux Town Center, a 296-unit apartment complex, is expected to deliver in March. Other previously announced tenants joining this year include Pier 1 Imports, Capital One, Aveda, Goodyear and Chico’s. Tesla Motors has also completed installing eight charging stations at the development. Existing tenants of Phase II include Red Robin, Zales, Francesca’s, Off Broadway Shoe Warehouse, Victoria’s Secret, Buckle, Charlotte Russe, LOFT, Bath & Body Works, Journeys, Claire’s and Which Wich.
There is a popular song from the HBO show Treme written and performed by Steve Earle titled “This City Won’t Wash Away”. Ten years ago the wind and water of Hurricane Katrina threatened to destroy almost a third of the multifamily market in metro New Orleans. After a decade of rebuilding, the multifamily market has emerged as one of the most dynamic and resilient markets in the country. For 10 straight years this world-class city has seen strong demand, increasing rents and stable occupancy. New Orleans is not only unique in its food, music and culture, but also its geography. The Crescent City is situated on the bend of the Mississippi River with Lake Pontchartrain to its north and wetlands to the east and west. The ability to increase inventory in Metro New Orleans is seriously impaired by a lack of land, as well as historic and demographic factors. Over the past 14 years the multifamily inventory in metro New Orleans has only increased by 10,500 units, an average of only 750 units per year. Included in that number is the rebuilding of existing inventory damaged by Hurricane Katrina. Fifty percent of the increase of inventory has been in downtown …