ATLANTA, Dec. 16, 2024 - JLL Capital Markets announced today that it has secured the $27 million sale of Pinnacle Nord du Lac, a 215,058-square-foot retail center in Covington, Louisiana.
JLL worked on behalf of the seller in procuring the buyer, RCG Ventures.
Nord du Lac is strategically located in the "North Shore" of New Orleans, one of the MSA's most affluent communities. Built in 2010 on approximately 46.81 acres, the center is 96% occupied and ranks among the top 10% most visited shopping centers in Louisiana. Situated directly adjacent to I-12 which see an average of 55,000 vehicles per day, ensuring super-regional connectivity. Average household income in the area is at an impressive $140,000, supporting a vast tenancy predominated by high-performing national retailers.
New Orleans, celebrated as the "Crescent City" or the "Big Easy," is renowned as the #1 Best Family Getaway and the Most Visited Destination globally. Known for its vibrant culture, exquisite cuisine, temperate climate and world-famous festivals, the city is a premier U.S. destination and driving significant population growth as part of the sunbelt movement.
The center benefits from a newly constructed Costco and Floor & Décor next door to the center, along with other national retailers such Hobby Lobby, Academy Sports & Outdoors and Petco which anchor the property and benefit from excellent visibility and accessibility.
JLL Capital Market's Investment and Sales Advisory team representing the seller was led by Senior Managing Directors Jim Hamilton and Ryan West, Managing Director Brad Buchanan and Vice President Andrew Michols.
"Pinnacle Nord du Lac provides an exceptional investment opportunity with its premier location and superior tenant lineup," said Hamilton. "We are delighted to have facilitated the sale of this significant asset."
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL's newsroom.
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Jones Lang LaSalle Inc. published this content on December 16, 2024, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on December 16, 2024 at 21:41:09.324.
