Stirling and JCH acquire land for New Orleans center
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.
Transwestern brokers two East Bay leases
Walnut Creek, Calif. — Transwestern has brokered leases on behalf of two retail tenants: 9Round Fitness & Kickboxing and Buon Vino Manufacturing.
9Round Fitness has taken a 1,300-sq.-ft. lease for five years in the Diablo Plaza in San Ramon, Calif. Buon Vino signed a 1,635-sq.-ft. lease for three years at 1545 Locust St. in downtown Walnut Creek, Calif.
Transwestern represented both tenants in the transactions and the landlord at 1545 Locust St. Cornish and Carey Commercial Newmark Knight Frank represented Diablo Plaza and its parent company, Regency Centers.
Metro PCS expands to Tucson
Tucson, Ariz. — Metrocom-DBC doing business as Metro PCS is expanding with a new 1,380-sq.-ft. store in Tucson’s Northgate Plaza. The prepaid wireless service provider has 14 stores in California and two in Phoenix. Metro PCS is planning four new stores in Tucson. T-Mobile owns Metro PCS.
Commercial Retail Advisors represented the landlord, TNP SRT Portfolio I, in the transaction. The tenant was self-represented.