- Cypress Equities completes the acquisition of retail center in Covington, La. — Covington Nord du Lac
Dallas, TX, 2016-Aug-29 — /EPR Retail News/ — Cypress Equities announced today (August 16, 2016) that it has closed on the acquisition of Covington Nord du Lac, a retail center in Covington, La. The project is comprised of 214,000 square feet of existing space (96% leased), 83,000 square feet of partially-built improvements, and an additional 162,000 square feet of planned development space, totaling approximately 460,000 square feet.
Covington Nord du Lac will be a premier regional retail center situated at the intersection of I-12 and Highway 21 in Covington, LA, one of the most affluent submarkets of New Orleans. Currently, the property is anchored by national tenants such as Hobby Lobby, Academy Sports, Petco and Kohl’s (separately owned).
“Considerable interest in this project has already been displayed by prospective tenants, due to the desirable location, and high traffic counts from Interstate 12 and Highway 21,” said Chris Maguire, chief executive officer for Cypress Equities. “Our development plans for Covington Nord du Lac will further enhance the project’s appeal to future stores and restaurants.”
The SRS Real Estate Partners’ Atlanta office facilitated the acquisition of Covington Nord du Lac, on behalf of Cypress. The lead broker was Scott Tiernan, along with Kyle Stonis, and Pierce Mayson.
Cypress’ plans for the property include a leasing program focused on active apparel and fashion, in addition to local and regional restaurants. Together with Cypress’ in-house leasing team, Retail Specialists of New Orleans, led by John Moss, has been retained as the leasing agent for Covington Nord du Lac.
About Cypress Equities
Cypress Equities* (Cypress) was founded in 1995 and has since established a national reputation synonymous with the premier development, operation and management of destination-class retail and mixed-use properties throughout the U.S. Historically, Cypress has developed and acquired more than 18 million square feet and currently is developing and managing a portfolio of more than 13 million square feet of space, primarily focused on retail and mixed-use properties. Today, there are seven Cypress Equities offices throughout the U.S., including Dallas (headquarters), Chicago, New York, San Francisco, Atlanta, Phoenix and Fort Lauderdale. Visit www.cypressequities.com for more information.
Tel: +1 (214) 561 8800
Source: Cypress Equities