Covington, La. — Stirling Properties and JCH Development have closed on land acquisition and development financing for Magnolia Marketplace, a 106,000-sq.-ft. shopping center in New Orleans at the intersection of South Claiborne Avenue and Toledano Street. First NBC Bank of New Orleans provided financing for the project.
Stirling and JCH previously announced the 6,000-sq.-ft. initial phase of the problem. Capital One Bank is currently open in that building. T-Mobile and a proposed national sandwich shop are slated to open in early 2014.
When the project opens in the spring of 2015, the tenant list will include Ross Dress For Less, T.J.Maxx, Michaels, PetSmart, Shoe Carnival, Ulta Beauty and Raising Cane’s. The project is 100% pre-leased. The developers expect to break ground in January.
Stirling’s recent projects in New Orleans include Mid-City Market, a 108,000 square-foot Winn-Dixie anchored shopping center located at North Carrollton Avenue and Bienville Street, as well as the full renovation of the former American Legion building located on Magazine Street into a new 13,000-sq.-ft. Walgreens Marquee Store. Since 2011, Stirling has invested over $120 million in the City New Orleans.