Development

Retail Development Experience Earned the Hard Way.

20 Years  |  26 States  |  250+ Parcels

Over two decades, we’ve identified and delivered projects across 26 states to retailers, overcoming obstacles to deliver new stores through every cycle and complexity. We now leverage that experience into larger investment opportunities such as multi-parcel pad developments, redeveloping shopping centers, and providing capital to select retail developers. Our development expertise adds a unique advantage that we are able to couple with our underwriting and financial expertise to build a strong pipeline of retail investments balanced by appropriate oversight and risk mitigation.

Multi-parcel retail development

Escala – San Antonio, texas

N3 is developing a 22-acre multi-parcel retail development situated on San Antonio’s rapidly growing west side. Positioned near SeaWorld and the Hyatt Hill Country Resort, Escala is within 3 miles of 95,000 high-income residents and 100,000 employees, making it a prime location for a high-traffic retail hub.
The site design includes both free-standing and shop space opportunities for national and upscale local restaurants and retailers.
Purchased through a bank’s REO program, the site is situated on a high-traffic freeway. The challenging typography adds complexity as well as opportunity for creative development solutions to the project.

Explore more information on Escala’s property page.

Shopping Center Redevelopment

Our roots in construction and leasing expertise make us uniquely suited to redevelop shopping centers, generating above-market returns. One example is Algiers Plaza, a 223,000 SF grocer/power center on the West Bank of New Orleans. We invested alongside a valued partner, PMAT, to transform this center and expand its square footage by bringing in several junior anchors, such as Ross, TJ Maxx, and Petco, to complement Winn-Dixie and several shop tenants. In 2015, N3 acquired PMAT’s interest and completed the transformation by repositioning the center to both tenants and consumers. We also partially demolished a large strip center to create two parcels: one for a free-standing Chick-fil-A and the remaining portion, which was renovated and reskinned for T-Mobile and LA Nails.

Algier Plaza’s Comprehensive Repositioning

  • Restructured the Equity and Debt

  • Created a Property Website and Search Engine Optimization

  • Launched Social and Digital Marketing Campaigns

  • Redesigned a Secondary Major Entrance

  • Negotiated Bankruptcy Amendment with Winn Dixie

  • Brought Chick-fil-A to the Center

  • Brought a Major Hospital’s Urgent Care to the Center

  • Balanced Tenant Mix by Bringing National and Local Tenants to the Center

Algiers Plaza - Winn Dixie and jr anchorsFree-standing Winn-Dixie 2012
Algiers Plaza two tenant strip & Chick-fil-AAlgiers Plaza 45,000 SF vacant strip

capital for developers

El Paseo Marketplace – Fresno, california
N3 occasionally partners with or provides capital for other established retail developers, generally on power centers, grocery-anchored centers, and shadow or unanchored shopping centers. N3 partnered with Rich Development and Gryphon Capital to provide $26M equity on Marketplace at El Paseo, a 650,000 SF super-regional center anchored by Target, Regal Cinemas, Ross, Burlington, Olive Garden, Tesla stations, and more in Fresno, CA. We’ve also provided capital to PMAT Development, Halferty Development, and Elevation Development for several of their retail projects.

Explore more properties from N3 portfolio on our property page.