There were a few hiccups to overcome in this 10-year NNN-lease deal with Target. Stirling Properties had to obtain tenant approvals to allow Target into the Premier Centre neighborhood center and the company had to build additional square footage to the former Stein Mart end cap unit, which involved expanding into the neighboring space that housed a Rack Room Shoes outlet store. As a result, Rack Room Shoes will be moving into a larger space in the center, the vacant 19,106-s.f. former Forever 21 unit. The developer also worked very closely with the city of Mandeville to obtain certain variances to include parking. Target is expected to open by mid- to late 2022.
Tenant: Target
Location: Mandeville, La.
Square Footage: 57,730 s.f.
Property Type: Grocery-Anchored Neighborhood Center
Developer: Stirling Properties
Value: ~$25/s.f.
Initial term: 10 Years
Target has another store less than 10 miles away, in the city of Covington. That store does tremendous business, so the new Mandeville location is expected to draw from that customer base. It was logical for Target to open a unit in this new location to more easily accommodate the customers in the Mandeville region.
The Premier Centre houses other high-traffic brands, including Whole Foods Market, Chili’s Grill & Bar, T.J. Maxx, Bed Bath & Beyond, Barnes & Noble, J. Jill, Old Navy and Banana Republic. The town of Mandeville is about 35 miles north of New Orleans, and this shopping center is located at the busy intersection of U.S. Highway 190 and North Causeway Boulevard. In its primary trade area, the neighborhood center has an average household income of $120,161 and a population of 51,128.
Property Representation: Stirling Properties, 109 Northpark Blvd., Suite 300, Covington, LA 70433.
Donna Smith, EVP/Asset Manager, (985) 246-3758. dsmith@stirlingprop.com;
Rhonda Sharkawy, Retail Development & Leasing
Advisor, (504) 620-8145. rsharkawy@stirlingprop.com
