HOUSTON, June 17, 2022 /PRNewswire/ -- RockStep Capital, a national retail investment firm, recently acquired The Outlet Collection at Riverwalk New Orleans. A prime downtown retail development opportunity, The Outlet Collection at Riverwalk serves as a premier destination for local residents and visitors in the historic city of New Orleans.
Featuring 75+ shops and restaurants, plus the iconic Spanish Plaza, The Outlet Collection at Riverwalk conveniently combines shopping, dining, events and entertainment. RockStep is bringing its unique approach to revitalizing Spanish Plaza by creating outward-facing restaurant opportunities with patio dining, increasing cultural events and upgrading the iconic fountain.
"Spanish Plaza is the focal point of downtown New Orleans at the river end of both Canal and Poydras Streets," noted RockStep Capital President Andy Weiner. "Our three-year plan will re-energize Spanish Plaza into one of the most active and exciting event venues in 'The Big Easy.'"
The Outlet Collection at Riverwalk New Orleans has been a vibrant retail center in the heart of downtown New Orleans for many years. Prior to the pandemic, the property was 99% leased and occupied with a waiting list of tenants. Over the past two years, available space has become available, but RockStep has already secured multiple new tenants for The Outlet Collection at Riverwalk and is confident the property will be 100% leased with high-end national brands within 24 months. Outlet Collection Riverwalk will once again assume its position as the premier shopping destination for tourists and locals alike.
"Leveraging our innovative revitalization strategies, our team has hit the ground running and has already landed several national luxury tenants for the Outlet Collection Riverwalk property which signals the beginning of the property's return to its glory days," Weiner said.
Utilizing its proven strategy, RockStep has secured local investors for The Outlet Collection at Riverwalk project. By doing so, the project's backing is stronger because the local investors are committed to the future of New Orleans and the project. The local investor approach is part of why RockStep has developed and acquired more than nine million square feet of shopping centers in 11 states over the past 25 years. The company already owns and operates three shopping centers in Louisiana, and The Outlet Collection at Riverwalk New Orleans is RockStep Capital's first premier mall acquisition in Louisiana.
CREF Source arranged the acquisition and redevelopment financing for RockStep Capital's purchase of The Outlet Collection at Riverwalk New Orleans through a consortium of three New Orleans area banks that include b1Bank as the lead bank and M C Bank and Liberty Bank as participating banks.
RockStep Capital's hallmark strategies of innovative retail revitalization and development will drive the exciting improvements at The Outlet Collection at Riverwalk New Orleans. Additionally, future development at the property that will truly transform downtown New Orleans is being planned.
To learn more about RockStep Capital and to receive insights on retail revitalization strategies and company investments, please visit https://rockstep.com/ and follow the company on LinkedIn at https://www.linkedin.com/company/rockstep-capital/.
About RockStep Capital
For the past 25 years, RockStep Capital has been a privately held, full-service, vertically integrated real estate investment firm that owns and manages enclosed malls, open-air shopping centers and institutional third-party retail assets. Utilizing innovative revitalization strategies coupled with efficient property management operating procedures, RockStep focuses on value retail assets in major metropolitan areas as well as secondary and tertiary markets. We acquire and develop underperforming assets into relevant and vibrant community-centric retail properties, thus creating market-leading returns for our investors. www.rockstep.com
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SOURCE RockStep Capital