Dorsey Development Acquires 3 Retail Shopping Centers

//Dorsey Development Acquires 3 Retail Shopping Centers

 

 

METAIRIE, Louisiana – (April 27, 2023) Dorsey Development is pleased to announce the disposition of one of its USA Self Storage facilities in New Orleans, Louisiana and its reinvestment into three retail shopping centers. The sale comes as self -storage facilities across the country have experienced record-breaking demand due to lifestyle changes resulting from the pandemic.

The first shopping center acquired was Covington Plaza located at 401 U.S. Highway 190 north, located at the intersection of U.S. Hwy 190 north and Interstate 12 in Covington, Louisiana. The shopping center comprises 85,513 square feet and contains Planet Fitness, Office Depot, and Second & Charles (a second-hand book, video game, and hobby store). As a value-add opportunity, Dorsey is currently investigating creating an outparcel within the parking lot which would take advantage of terrific visibility and access from U.S. Hwy 190 north.

The second shopping center acquired was Theodore Dawes Plaza, located in the town of Theodore just east of Mobile, Alabama located in a heavy traffic corridor just south of U.S. Hwy 98.  This grocery-anchored shopping center contains several national tenants, including Rouses Grocery, Dollar Tree, Allstate Insurance, and Metro PCS. The center also contains various local tenants, including two restaurants, a laundry facility, a nail salon, and a hardware store. Dorsey is continuing its redevelopment plans which includes re-tenanting vacancies and other improvements to the property.

Lastly, Dorsey acquired the Southgate Shopping Center located at 401 North Navy Boulevard in Pensacola, Florida.  This is a popular stop for vacationers traveling across the Gulf Coast on their way to popular beach attractions in Florida and home to Pensacola Naval Air Station.  The shopping center’s tenant mix includes Cato, Harbor Freight, Beal’s, Big Lots, Pop Shelf, Hibbett Sporting Goods, Little Caesars, Rent-A-Center, and a Verizon store.  Chick-Fil-A occupies an outparcel on North Navy Boulevard

 

About Dorsey Development

Dorsey Development has developed over 2.5 million square feet of retail space – including over 300+ STNL BTS for Dollar General Corporation, 17 Shopping Center Developments and 15 QSRs for national tenants such as: Burger King, Starbucks, Freddy’s, and Church’s Chicken.

Dorsey is vertically integrated real estate company that can provide a turnkey solution for tenants that are expanding.

Contact Dorsey Development at the web site www.dorseydevelopment.com or email us at paul@dorseydevelopment.com

2023-04-26T19:00:32+00:00 April 26th, 2023|Development|