Chase Properties, a Beachwood, Ohio-based owner and operator of shopping centers, announces the acquisition of Prien Lake Shopping Center in Lake Charles, Louisiana. Prien Lake is an approximately 135,000 square foot shopping center that is anchored by Marshalls, Ross Dress for Less and Bed Bath & Beyond. To accommodate the seller’s desire for a year-end close, Chase Properties closed on the transaction within 44 days of reaching agreement on basic deal terms. CBRE brokered the sale.
Prien Lake Shopping Center benefits from being positioned in the heart of the Lake Charles retail corridor and draws shoppers from a wide trade area that spans over 30 miles.
Prien Lake Shopping Center is Chase Properties’ second acquisition in Louisiana, as the company continues to expand by acquiring high quality shopping centers in secondary and tertiary markets. According to Andy Kline, Chase Properties’ Co-CEO, “Prien Lake is an outstanding addition to our portfolio. We’re excited to own in Lake Charles, with its strong economy, growing employment base and large trade area. Prien Lake is a terrific example of our strategy of buying high quality shopping centers located in stable, regional markets such as Lake Charles. The acquisition was a great way to wrap up a successful 2018 during which we acquired over $100 million of retail and multifamily properties.”