The largest supermarket in South Mississippi has a new owner.
CBL Properties announced on Monday that he sold the Promenade D’Iberville.
The press release did not disclose who bought the supermarket and there is no link to the new site or Facebook page.
The purchase price was $ 83.1 million. USD.
The CBL Properties, headquarters in Chattanooga, opened the Promenade in 2009, and brought many stores to the lunch of Mississippi four years after the Hurricane “Katrina” closed many favorite shopping options.
The first target of the first target southern Mississippi, 621,000 square feet “Entertainment Center” are stores such as Dick’s Sporting Goods, Kohl’s, Best Buy, Petsmart and Old Navy, and restaurants such as Buffalo Wild Wings and Olive Garde.
After the sale, the former red lobster restaurant from national restaurant chains, which expressed interest in the city planning and development department, may be guaranteed by a new tenant.
Bobby Weaver, the city manager of D. Iberville, said the red lobster and some other restaurants had to be repeated. It is not known whether those parcels are part of the new property.
Red Omar D’Iberville, 2024. Monday, May 13, after the restaurant was closed. With the sale of the promenade, a new restaurant could fill the space.
“The promotion of the promenade was completed by an attractive 8.5% upper limit rate, providing a significant value of the CBL portfolio in the open-air, which is not recognized on the market,” said Stephen Lebovitz, CEO of CBL.
CBL owns and owns 87 real estate 20 states, including supermarkets, outlet centers and open -air.
The promenade d’Iberville has just been sold, with many main stores and restaurants in the country.
After the hurricane, the Katrina promenade has grown into a retail power plant after Hurricane Katrina and has brought flow, new roads, several new car trading representatives and more development into a city that now has the third largest sales tax revenue in the southern Mississipa after Gulfport and Biloxi.
D’Iberville Mayor Rusty Quave, on the right, smiles when 2008 July 15 D’Iberville roasts an innovative promenade. It is joined by Geoff Smith, Cbl & Associates Properties, left, and Steve Tingle, Steve Tingle, Steve Senior Vice President CBL, Center. Now, 17 years later, the mall was sold.
Innovative promenade appeared in 2008. In July After the CBL & Associates Properties and Forum Development Group purchased 72 ares from the Atlantic from 10 and 110 junctions from the Atlantic.
“We believe that the promenade will help revitalize the area and create a much needed retail mall and service area for D’Iberville community,” said Stephen Lebovitz, president of CBL & Associates Properties.
The forecasts were given 1,000 jobs and more than 185 million. USD annual retail sales.
This photo of the case continues in the Target Promenade D’Iberville. The shopping center was opened in 2009. And was sold.
The tenants have not yet been identified for up to time, but Geoffrey Smith, Vice President of Cbl & Associates Properties, and he said the community will not be disappointed. The promenade will be enshrined in many of our most popular shopping and eating places. “
Creators and D’Iberville city began to build a five -lane road to connect the promenade to the Sangani Boulevard supermarkets.
However, traffic increased much faster than roads could be operated, and traffic was stuck every weekend and holidays.
D’Iberville has expanded more than $ 18 million in funding for tax increase or TIF bonds for promenades. They were refunded for the tax revenue received for the project to help the developer pay for infrastructure and new roads, including Promenade Parkway, which winds through the mall.
The Mississippi Transport Department spent about $ 120 million to add new exit and entrance ramps from cross -border, and the mayor Rusty Quave said the MDOT wanted the city to cut $ 30 million to improve the roads on d’Iberville.
Traffic easier when new exiting was built, 2013 The completed “flying” bridge connected the promenade with Sangani supermarkets. A different diamond junction was completed by the second entrance to the supermarket.
There were Walmart and Sangani stores in the city, which were catalyst for retail growth after Katrina, and Weaver said the promenade “helped us a great economic vitality.” The city has been paying tax routing from more than $ 10.5 million every year in the last three or four years. USD states.
2009 The opening of the promenade came when the country took place in the recession, but did not seem to reduce it in shops and restaurants.
By 2010, the first Black Friday for the new Kohl Promenade, 3 p.m. The opening, before most other stores, paid off large, with long lines at the box office. People camped all night at the Best Buy Promenade, and lines wrapped around the building to the target before the door opened at 4 hours.
2011 Some store floors began to appear at the promenade and large parking lots in BlackTop stores.
Several measuring devices were attached to the rear building of the Dick sports goods at the back wall of the D’Iberville shopping center after 2011. The problems resolved were detected.
CBL refused comments, but then D’Iberville’s city manager Michael Janus said the company had a great appearance with city officials about the problem they did not.
“There is a rumor that the promenade has sank and there is no truth,” he said. “That’s the exact opposite. It comes.”
Problems were found to be the result of Louisiana companies providing filling material, which caused the soil to rise and flat. Claims were filed in order to collect part of the damages.
Construction continued on the east side of the promenade to add Ashley home furniture, burlington and other stores.
“The promenade seems to be full of tenants, and if someone moves out, they have something to lock,” Weaver said.
