Magnolia Marketplace breaks ground in New Orleans
Covington, La. — JCH Development and Stirling Properties have broken ground on Magnolia Marketplace, a 106,000-sq.-ft. shopping center in New Orleans, at the intersection of South Claiborne Avenue and Toledano Street.
Mayor Mitch Landrieu, elected officials and other dignitaries attended the groundbreaking ceremony on January 16. “We are proud to bring a dynamic new retail development to an underserved portion of Central City,” Tara Hernandez, president of JCH Development told the assembled crowd. “This development will bring a formerly vacant and blighted piece of property in the City of New Orleans back to commerce.”
Tenants scheduled to open in the spring of 2015 are Ross Dress For Less, T.J.Maxx, Michaels, PetSmart, Shoe Carnival, Ulta Beauty and Raising Cane’s. The project is 100% pre-leased.
A previously announced 6,000-sq.-ft. initial phase of Magnolia Marketplace is located at the intersection of South Claiborne Avenue and Fourth Street. Capital One Bank is currently open in that building. T-Mobile and Subway plan to open in early 2014.
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 Properties has invested over $120 million in the City New Orleans.
JCH Development’s most recent project is the conversion of the former Blue Plate manufacturing facility into the Blue Plate Artist Lofts, 72 residential lofts, on South Jefferson Davis Pkwy.
Tucson’s River Center trades for $24.8 million
Tucson, Ariz. — Lee & Associates Arizona has negotiated the $24.8 million sale of the River Center, a 117,563-sq.-ft. shopping center anchored by Whole Foods and Petco. Located on East River Road in the Catalina Foothills of northeastern Tucson, the center posted a cap rate of 5.5%.
Lee & Associates Arizona represented the buyer, Global Retail Investors LLC, a subsidiary of First Washington Realty of Bethesda, Md., and the seller, River Center Canada.
River Center was constructed in 1986 and remodeled in 1997 and 2013.
CPRT names new chief operations officer
Baton Rouge, La. — Commercial Property Realty Trust, a REIT that manages and develops property holdings of the Baton Rouge Area Foundation has named Gerard “Stick” Thibodeaux VP and COO.
Thibodeaux will oversee the leasing and property management of Acadian Village Shopping Center in Baton Rouge, La., and the retail components of two traditional neighborhood developments — American in Zachary, La., and 5401 North in Raleigh, N.C.
He will also handle the commercial leasing of the newly announced IBM Complex and Water Campus in Baton Rouge as well as CPRT’s other properties throughout the southeastern U.S.
Thibodeaux comes to CPRT from his post as senior VP of sales and leasing for Kahn Development Company.