NEW ORLEANS, LA – Commercial real estate development and management firm the Howard Hughes Corp. has sold a 264,000-square-foot, urban outlet center in New Orleans, LA to Rockstep Riverwalk LLC for $34 million.
The asset, The Outlet Collection at Riverwalk, represented HCC's last remaining non-core asset located outside of the company's core communities.
The transaction nearly completes the firm's strategy to focus on the growth of its core assets, which include large-scale master-planned communities.
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With the sale, HCC's non-core asset dispositions now total $578 million in net proceeds. The firm continues to reinvest these net proceeds back into new developments and it additionally utilizes the proceeds to repurchase shares as part of its stock buyback program.
NAI Robert Lynn president of capital markets Tom Salanty represented the Howard Hughes Corp. in the transaction.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
