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December 16, 2013

Stirling Properties Announces New Tenants, Expansions at Metro NOLA Developments

By Eliza Theiss, Associate Editor

Joint venture partners Stirling Properties and CBL & Associates Properties Inc. have announced four new tenants for Phase I of Fremaux Town Center in Slidell. Verizon Wireless, Mattress Direct, LA Nails Spa and Anna’s Linens will be joining Kohl’s, Dick’s Sporting Goods, Best Buy, T.J. Maxx and Michaels at the 350,000-square-foot Phase I. According to a press release, construction on the Fremaux’s first phase is on schedule, with the retail hub expected to open in March 2014.

The joint venture recently sold 1.13 acres at the Fremaux site to Panera Bread’s owners at a rate of $19 per square foot.  Panera’s Fremaux location is expected to open in April 2013.

As previously reported by Commercial Property Executive, the Fremaux Town Center is being developed by national retail REIT CBL & Associates Properties and Covington, La.-based Stirling Properties in a 65/35 joint venture. The 80-acre development along I-10 will consist of a 330,000-square-foot first phase opening in March 2014 and a 320,000-square-foot Phase II set for a spring 2015 opening.

Stirling Properties also announced a 9,000-square-foot expansion for the River Chase Shopping Center. The expansion, which has already broken ground, will consist of a two-tenant building, set to open in summer 2014. Tenants include regional luxury spa and salon services operator Bellagio Salon Spa and national specialty retailer Men’s Warehouse, which will expand to 5,000 square feet from its current 1,400-square-foot footprint at River Chase.

Located in Covington, River Chase Shopping Center is a multi-phase mixed-use development on a 253-acre site.  Initially known as Stirling Covington, Phase I opened in 2004 as a shopping center anchored by Target, Belk Department Store and Regal Cinemas. It has now become a master-planned mixed-use development featuring retail, entertainment and a 240-unit multifamily development. Further retail expansion is expected, as well as a 96-key Holiday Inn Express set for a February 2014 opening. In addition, 600,000 square feet of Class A office space is in the works, with a 157,400-square-foot office building expected for a spring 2014 delivery.

Image credits: River-Chase.com

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