Chase Properties Expands Louisiana Retail Footprint
- Jan 08, 2019
Chase Properties has acquired Prien Lake Shopping Center, a 135,000-square-foot shopping center in Lake Charles, La. CBRE brokered the transaction, which saw Chase Properties agreeing to close on the deal within 44 days of reaching agreement on basic deal terms.
“Prien Lake is well located with a terrific roster of high-credit tenants that perform exceptionally well,” Andy Kline, Chase Properties’ co-CEO, told Commercial Property Executive. “We believe in the Lake Charles market, which is the fastest growing MSA in Louisiana with strong employment growth.”
Located at 1702-1776 W. Prien Lake Road, the enclosed, regional shopping mall was built in 1972. Today, it’s anchored by Marshalls, Ross Dress for Less and Bed Bath & Beyond.
The area directly surrounding the property has seen tremendous growth over the past several years, with the development of two major casino hotels, the continued growth of the Port of Lake Charles—which is home to the nation’s sixth largest refinery—and new residential, retail and hotel development.
The center draws shoppers from a wide trade area that spans more than 30 miles, serving more than 200,000 people. The property, which was named after one of the lakes in the city of Lake Charles, is highly visible from Interstate 210.
“We have been focused on acquiring high-quality retail centers in secondary and tertiary markets that we believe will be stable for years to come,” Kline said. “We believe this property is a terrific example of this strategy, with its high-quality tenant mix, strong location and large trade area. For many of the retailers in the shopping center, their next closest store is 55-60 miles away.”
According to the International Council of Shopping Centers’ Envision 2020 Report, shopping centers are starting to play a larger role in the cultural life of their surrounding communities, and contrary to popular belief, most millennials (82 percent) prefer to shop in stores. In many areas of the country, customer counts are going up.
With the addition to its portfolio, Chase Properties completed more than $100 million in retail and multifamily acquisitions in 2018. This deal marked the second purchase for the company in Louisiana, as it continues its growth strategy by acquiring high-quality shopping centers in secondary and tertiary markets. Currently, it owns shopping centers in 17 states.
In May, a joint venture between Chase Properties and DRA Advisors acquired Primrose Marketplace, a 367,748-square-foot open-air shopping center in Springfield, Mo.
Image courtesy of Chase Properties