RockStep Capital's $34 million acquisition of the Outlet Collection at Riverwalk in New Orleans will lead to a three-year renovation plan to update the property. The June 2022 deal has won a CoStar Impact Award for sale/acquisition of the year.
The Outlet Collection at Riverwalk, built in 1983 and renovated in 2014, offers shops, restaurants and events in the heart of Downtown New Orleans. The new owner plans a three-year revitalization project of the property's Spanish Plaza, creating outward-facing restaurant opportunities with patio dining, increasing cultural events and upgrading the iconic fountain.
Prior to the pandemic, the Outlet Collection at Riverwalk was 99% leased and occupied with a waiting list of future tenants. RockStep has secured multiple new tenants and is confident it will be 100% leased with high-end national brands before 2025.
About the project: The Outlet Collection at Riverwalk, located at 500 Port of New Orleans Place, features more than 75 shops and restaurants. Prior to the pandemic, the 264,000-square-foot property was 99% occupied by tenants.
What the judges said: "This is a huge asset that is important to New Orleans. Rockstep Capital's model of incorporating local investors will insure their success by having stakeholders engaged. This investment into the area is a vote of confidence in the city, downtown and the viability of brick-and-mortar retail. The re-energizing of this asset will add to the already vibrant city of New Orleans," said Will Adams, a broker at Property One.
They made it happen: Andy Weiner, president of RockStep Capital; Dmitry Lyamichev, managing director of acquisitions at RockStep Capital; and Timothy Kolterman, chief investment officer and partner at RockStep Capital