Stirling Properties and JCH Development Complete Acquisition for Land to Develop Shopping Center in New Orleans

December 23, 2013

Development, Magnolia Marketplace, New Orleans Southshore, Press Releases

Stirling Properties and JCH Development are pleased to announce the closing of the land acquisition and development financing for Magnolia Marketplace, a 106,000 square-foot shopping center located in New Orleans, LA at the intersection of South Claiborne Avenue and Toledano Street. First NBC Bank of New Orleans provided financing for the project.

“This project required a true partnership and we are excited to be a part of providing new jobs and economic opportunities to the residents, neighborhood, DBE businesses and the City of New Orleans. We are truly grateful for the support and collaboration on this project with the Mayor’s office, the City Council, and the Community, without which this project would not have been possible”, stated Townsend Underhill, Senior Vice President of Development for Stirling Properties.

“We are proud to bring a dynamic new retail development to an underserved portion of Central City. This development will bring a formerly vacant and blighted piece of property in the City of New Orleans back to commerce”, stated Tara Hernandez, President of JCH Development.

Stirling and JCH previously announced the 6,000 square foot initial phase of the Magnolia Marketplace development located at the intersection of South Claiborne Avenue and Fourth Street. Capital One Bank is currently open in that building. T-Mobile and a proposed national sandwich shop are slated to open in early 2014.

Tenants scheduled to open in spring 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. The Developers expect to break ground on the project this coming 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 square foot 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.

For more information, contact Townsend Underhill at tunderhill@stirlingprop.com or 985-898-2022, or for leasing information contact Rhonda Sharkawy at rsharkawy@stirlingprop.comor 504-523-4481.

featured, JCH Development, Magnolia Marketplace, new orleans, retail development, Stirling Properties

About Stirling Properties

Stirling Properties is one of the most diversified full-service commercial real estate companies in the country. Regionally focused and nationally acclaimed, we utilize a comprehensive set of resources and rely on a team of trusted experts in Brokerage Services, Development and Redevelopment, Acquisitions and Investments, and Property and Asset Management over a wide array of property types to deliver long-term value to our clients across the Gulf South. Through 40 resilient years, we've stayed true to our roots and remained adaptive in our own backyard. We live where we work and we believe that there is no substitute for understanding our local markets – from real estate trends, to economies and jobs, to the intangibles. With branch offices throughout the Gulf South, we can meet any real estate challenge. We've worked with a diverse range of clients and are positioned to put that experience and knowledge to work for you!