Cypress Equities acquired Covington Nord du Lac, a retail center in Covington, LA, a 214,000-square-foot (96% leased) center located at the intersection of I-12 and Highway 21 in Covington, LA. The purchase price was not disclosed.
In addition to the existing center, formerly known as Colonial Pinnacle Nord du Lac, the project includes 83,000 square feet of partially-built improvements, and 162,000 square feet of planned space for a full development potential of 460,000 square feet.
Cypress plans to pursue a leasing program for the property focused on active apparel and fashion, in addition to local and regional restaurants.
Colonial Properties Trust built the center in 2010. Cure retail anchors include Hobby Lobby, Academy Sports, Petco and Kohl’s (which is separately owned).
The SRS Real Estate Partners’ Atlanta office facilitated the acquisition on behalf of Cypress. The lead broker was Scott Tiernan, along with Kyle Stonis and Pierce Mayson. Cypress will use its in-house leasing team, along with Retail Specialists of New Orleans led by John Moss, to lease available space in the center.