RCG Ventures Continues Buying Spree
RCG Ventures has acquired Pinnacle Nord du Lac, a 215,058-square-foot retail center in Covington, La., for $27 million. Cypress Equities sold the property after eight years of ownership, according to CommercialEdge data. JLL represented the former owner and procured the buyer.
The transaction came on the heels of another RCG purchase. A few days ago, the firm paid nearly $26 million for a 167,000-square-foot shopping center in Troy, Mich.
Completed in 2010 on a 47-acre site, Pinnacle Nord du Lac was 96 percent leased at the time of sale. The tenant roster includes Hobby Lobby, Academy Sports & Outdoors and Petco.
A year after purchasing the property, Cypress Equities began a 94,500-square-foot expansion project, adding three more buildings on its west side. The shopping center serves a community with average household incomes of $140,000.
Pinnacle Nord du Lac is at 6102 Pinnacle Parkway, just off Interstate 12, in an area transited by 55,000 cars daily. Across the street, a newly constructed Costco and a Kohl’s shadow-anchor the property. Downtown New Orleans is some 40 miles south.
Senior Managing Directors Jim Hamilton and Ryan West, together with Managing Director Bran Buchanan and Vice President Andrew Michols, led the JLL Capital Markets Investment and Sales Advisory team that arranged the deal.
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