Kirschman Realty Celebrates 10 Years!
Kirschman Realty, LLC is proudly celebrating its 10th anniversary this year. Since first opening its doors in the spring of 2006, the company has enjoyed great success. We have continued our longstanding relationship with the finest national tenants such as Bed Bath & Beyond, Burlington Stores, Books-A-Million and Whole Foods, and we have expanded representation to Academy Sports, The Home Depot, Jo-Ann Fabrics and Shoe Carnival. We brought Whole Foods to the Northshore market and to Broad Street in New Orleans, Fleurty Girl to the Metairie market and Starbucks to Canal Street in downtown Nola.
Kirschman Realty continues to have a firm commitment to New Orleans and the Gulf Coast post-Katrina, as we have fostered clients’ relationships with the surrounding community. We have also added a licensed agent, Stephanie Caruso, to our office. We look forward to another healthy decade in our Mid-City offices!
Lake Charles News
As gas prices collapsed at the start of the year, South African energy giant Sasol delayed an investment decision on the start of a $14 billion gas-to-liquid plant in Lake Charles. It has been deemed the most expensive industrial investment in Louisiana history. Sasol is working on a plan to conserve cash to carry the company through sagging gas prices. Regardless, plans are surging ahead for grocery-anchored developments in and around Lake Charles and Sulphur, as well as a portion of a 150-acre tract on Prien Lake Rd. off Nelson.
New Orleans News
With the opening of Magnolia Marketplace in February and the opening of South Market District in the CBD on the near horizon, the city had quite a successful opening quarter of 2015. University Medical Center at New Orleans, the replacement for pre-Katrina’s Charity Hospital, is set to open August 1 in Mid-Cityt . The hospital, along with the Veterans Affairs Hospital opening nearby in 2016, will result in thousands of jobs and will hopefully establish New Orleans as a center of excellence in medical research. Meanwhile in suburb Metairie, shop space valuations along main retail artery Veterans Blvd. have surged recently from $40 to $48 per square foot.
2014 Year End Review
Kirschman Realty, LLC enjoyed another prosperous year! The following are a few highlights:
2014 Market Update notes
In Birmingham, the Riverchase Galleria just opened the first Von Maur in Alabama after a completed renovation in late 2013. The $70 million renovation included upgrades to parking decks, some infrastructure and interior upgrades and developers are currently working on re-tenanting the mall. Swarovski and Sephora have entered the market in the Galleria as well. Birmingham is leading the trend toward making centers more palatable. Many will have a power center component, a live component, hotel and some office to cater to every type of shopper.
There is much opportunity in South Alabama market, which is quickly growing. Mobile is showing signs of steady recovery from the recession. A Whole Foods Market redevelopment at Pinebrook is under construction at Airport Blvd. Publix opened its first Mobile store on Hillcrest road in 2013 and also included 29,000 square feet of additional retail space and Louisiana-based Rouse’s has purchased a number of former Bruno’s locations. McGowin Park, possibly the first example of an ‘improvement district’ in the nation, allows developers to issue bonds to finance public infrastructure, usually in exchange for tax incentives. McGowin Park will include 600,000-square-feet of retail space anchored by a 140,000-square-foot Costco store. The city of Mobile will return 1.4 cents of its five-cent sales tax collection and the county will return three-tenths cents of its one-cent sales tax collection on revenues that are projected to be as high as $200 million per year.
Magnolia Marketplace in Central City looks to revitalize inner city. To be called a regional center and is 100% pre-leased. Retailers are said to be paying up to 25% more in rent than elsewhere because they’re eager to get up and running. It has 6 junior anchors: Ulta, TJ Maxx, Petsmart, Michael’s, Shoe Carnival. There has been an influx of young, educated consumers in the last 5 years. Another development under construction in Nola is South Market District, a 4 block mixed-use development in the CBD helping to further revitalize downtown. It will have charging stations for electric cars and an open rooftop for entertainment.
Petrochemical expansion in Lake Charles, including the substantial Sasol facility, is generating unprecedented retail growth in the area. Lake Charles is the fastest growing MSA in the state. There are several sites being discussed in and around Lake Charles and Sulphur for grocery-anchored developments, as well as a portion of a 150-acre tract on Prien Lake Rd. off Nelson.
THIRD QUARTER UPDATE
Kirschman Realty, LLC continued into the 3rd quarter with steady activity. Noted quarter transactions:
Tune in for more exciting deals to be announced in coming months!
SECOND QUARTER 2013 UPDATE
Leasing activity is continuing to expand throughout the markets as we are continuing to explore opportunities for our retail clients, noting that we are proud to announce our representatioon of Academy Sports + Outdoor. Recently announced transactions in which Kirschman Realty has participated include:
Kirschman Realty has a number of dynamic prospects in the pipeline, so stay tuned!
FIRST QUARTER 2013 UPDATE
The flurry of activity that we saw in 2012 has continued into the first quarter of 2013 with the culmination of several recently announced transactions in which Kirschman Realty has participated.
Kirschman Realty looks forward to consummating a number of exciting transactions in the pipeline. Stay tuned!
Kirschman Realty, LLCenjoys prosperous 2012; another forecast for 2013