California company buys The Esplanade mall in Kenner
KENNER, La. (AP) — A suburban New Orleans mall is one of three being sold to a California company.
Pacific Retail Capital Partners says it, along with an unnamed partner, has purchased the Esplanade Mall in Kenner, plus malls in Mississippi and New York. Pacific Retail values the three malls at more than $200 million. Pacific Retail had earlier assumed management at The Esplanade, which has more than 900,000 square feet but has struggled to retain tenants.
Acting Kenner Mayor Michael Sigur has said Pacific Retail provided assurances it would aid development of a 265-unit, high-end apartment complex next to The Esplanade that has been on hold because Simon delayed granting access to mall's ring road.
The purchase gives Pacific Retail 11 properties.
At June 30, Simon owned or co-owned 207 shopping centers nationwide.
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Posted on Tue, September 20, 2016
by Associated Press