BEACHWOOD, Ohio — Chase Properties Ltd., a Beachwood, Ohio-based owner and operator of shopping centers, announces the acquisition of Magnolia Square in Houma, Louisiana. Magnolia Square is an approximately 242,000 square foot shopping center that is anchored by Ross Dress for Less, Michaels, and PetSmart. The property is shadow-anchored by Target. HFF brokered the sale.
The property is located in the heart of Houma’s retail corridor, consisting of retailers such as Super Walmart, Home Depot, Kohl’s and Lowe’s.
Magnolia Square is Chase Properties’ first property in Louisiana, as the company continues to expand geographically by acquiring high quality shopping centers in secondary and tertiary markets. According to Andy Kline, Chase Properties’ Co-CEO, “We are very excited to establish ourselves in Louisiana through the acquisition of an outstanding shopping center. We continue to be an active acquirer in markets such as Houma, which for many of our retailers is their only location within a 40-60-mile radius.”
Chase Properties Ltd is a full-service owner and operator of shopping centers located in 17 States throughout the Midwest, Southern and Eastern U.S. The company was founded in 1973. Currently, Chase Properties owns and manages 30 shopping centers comprised of approximately 7 million square feet. Additional information can be found at www.chaseprop.com.