NEW ORLEANS – National real estate investment firm RockStep Capital recently completed the acquisition of The Outlet Collection at Riverwalk from Howard Hughes Corporation. Based in Houston, RockStep said it plans to add high-end retailers, expand dining options, and continue the development of the adjacent Spanish Plaza. First opened in 1986, the Riverwalk runs along the Mississippi River from the New Orleans Ernest N. Morial Convention Center to Spanish Plaza.
RockStep said it has secured local investors who are committed to the “revitalization of this iconic riverfront development in New Orleans.”
“Drawing upon our experience and strategies managing a portfolio of 22 malls and shopping centers, we’re excited to make our mark on New Orleans and breathe new life into the Riverwalk,” says RockStep Capital President Andy Weiner in a press release. “We have an incredible team of local partners to help us make the necessary improvements to ensure the mall remains the premier outlet shopping destination in downtown New Orleans.”
The mall’s 75 retailers include Coach, Kate Spade, Polo Ralph Lauren and Nordstrom Rack
Prior to the pandemic, the Riverwalk was 99% leased and had a waiting list of tenants, according to RockStep, which anticipates the property being 100% leased within 24 months. A revitalized Spanish Plaza is a key part of the plan.
“With the Four Seasons now open and plans to have an unimpeded walkway connecting Spanish Plaza to the Aquarium now in development, there is a huge opportunity for the space,” said Weiner. “We envision turning Spanish Plaza into a hub of entertainment and events for all to enjoy.”
RockStep said it has developed and acquired more than nine million square feet of shopping centers in 11 states over the past 25 years. This number includes three centers in Louisiana.
CREF Source, a Texas-based commercial real estate finance company, arranged the acquisition and redevelopment financing of the purchase with help from b1Bank, M C Bank and Liberty Bank.
