President’s Message: The Year of Possibility!
Last year, around this time, I wrote a message about being prepared during times of uncertainty. Little did I know then how prophetic those words would really be during 2016. And now, as we cautiously welcome 2017, we face even greater uncertainty in our industry—and the country as a whole. So, being prepared is even more critical today than it was a year ago.
As we look back on 2016, we have faced many challenges. We’ve weathered an unstable economy, low oil prices, and community unrest. We lost a beloved Stirling Properties employee. We experienced unprecedented flooding in our region that killed 13 people and destroyed tens of thousands of homes and businesses. Several of our own retail centers and multi-family properties in Southeast Louisiana were significantly damaged. But, through it all, we have persevered.
Amidst all of the trials, Stirling Properties has made significant progress during the last year as we continue to grow and build on the comprehensive services and value that we bring to our clients and communities across the Gulf South region.
In 2016:
- We, along with partners CBL & Associates Properties, Inc., celebrated the grand opening of Ambassador Town Center, a 430,000-square-foot retail center in Lafayette, Louisiana. It was 100% leased within 6 months of development! Anchor tenants include Costco Wholesale, Dick’s Sporting Goods/Field & Stream, and Nordstrom Rack.
- We completed the development of Stirling Bossier—the last of 6 planned phases—in Shreveport. The 682,000-square-foot hybrid retail center is now 100% leased. Anchor tenants include Academy Sports + Outdoors, Target, Bed Bath & Beyond, Best Buy and ULTA Beauty.
- We broke ground on the new Offices at River Chase in Covington and announced the 1st tenant, Duplantis Design Group, PC. We also announced that Walk-On’s Bistreaux & Bar will be joining the River Chase mixed-use development later this year.
- We welcomed Whole Foods Market to Premier Centre in Mandeville, Louisiana, marking the 1st Northshore location for the popular upscale grocer. Whole Foods Market, along with Forever 21 Red, re-tenanted the space occupied by the former Albertson’s grocery store.
- We announced the development of a new mixed-use medical facility in LaPlace, Louisiana. Phase I of this development includes a lease to Ochsner Clinic Foundation for a roughly 20,000-square-foot freestanding emergency room and diagnostic center that is scheduled to open in the summer of 2017. This is just the beginning of our planned diversification strategy into healthcare.
- After many years of discussion, we announced The Home Depot is joining the tenant line-up at Hammond Square. This is the first location for The Home Depot in Tangipahoa Parish. Construction commenced late last year and the store plans to open by late 2017.
- We transformed the 1st floor of the Pan American Life Center in New Orleans and secured retail options such as Starbucks and Tsunami. We also welcomed Morris Bart Attorneys At Law to the center.
- We relocated our New Orleans office to the Pan American Life Center. This move is more representative of Stirling Properties’ future than just a new office. It demonstrates our unwavering commitment to the city, the region, and to the future, as we continue to build our brand.
In difficult circumstances, preparation and leadership are vital to an organization. Over the past year, I have witnessed first-hand how well our Stirling Properties team can come together to respond to crisis and uncertainty. What we have successfully overcome—and achieved!—this year, gives me the utmost confidence in our leaders and employees moving forward.
The financial market, unemployment, tax reform, a new Presidential administration—you name it—there’s still much uncertainty in the year ahead. There’s a lot of unknowns and “what if’s.” But as the saying goes, “When nothing is sure, anything is possible.”
With that in mind, Stirling Properties is embracing the unknown, thinking towards possibilities. We have a lot of exciting things in the pipeline for 2017. We’ve laid out some lofty goals for the year ahead. We will continue to diversify our services, explore new areas of growth, and expand our client base.
Who knows what obstacles we may face, but I know we have the right team in place to succeed. As we embark upon the unknown, I am more confident than ever that we are prepared to take advantage of any, and all, opportunities that may come our way.
So, let’s celebrate a year of uncertainty and infinite possibility!
Stirling Properties Welcomes The Home Depot to Hammond Square
Stirling Properties commercial real estate company is pleased to announce that The Home Depot is coming to Hammond, Louisiana, as part of the Hammond Square redevelopment. This will mark the first Tangipahoa Parish location for the long-awaited home improvement retailer.
The Home Depot closed on the acquisition of 9.65 acres of property located on the corner of West Minnesota Park Road and South Magnolia Street on the north side of the shopping center. Construction on the site is anticipated to commence by the end of the year. The store will occupy roughly 106,000 square feet of space with an adjoining 28,000-square-foot garden center, and is expected to open in 2017.
“We are excited that The Home Depot has chosen Hammond,” said City of Hammond Mayor Pete Panepinto. “The Home Depot brings more jobs and consumer choices that are critical to Hammond’s continued growth.”
The Home Depot is the world’s largest home improvement retailer with nearly 400,000 associates and more than 2,200 stores in the US, Canada and Mexico. The Home Depot at Hammond Square will offer a one-stop shop for do-it-yourselfers and professional contractors, with more than 35,000 products in store and 1 million products online.
“Stirling Properties is thrilled to welcome The Home Depot to Hammond Square and to the Hammond retail market,” said Grady Brame, Executive Vice President at Stirling Properties. “The Home Depot was one of the first retailers we targeted when we decided to redevelop the mall back in 2006. This addition has been a long time coming and we are happy to see it finally come to fruition.”
Hammond Square is Tangipahoa Parish’s premier shopping destination, located on approximately 100 acres at the northwest corner of Interstate 12 and US Highway 51 Business (SW Railroad Avenue) in Hammond, Louisiana. Anchored by Dillard’s, Target, Sears, JCPenney, Academy Sports+Outdoors, and AMC Theatres, the 850,000-square-foot shopping center offers a dynamic mix of national and local retailers, shops and restaurants. Stirling Properties developed Hammond Square and currently manages and leases the center.
Tenants include Academy Sports+Outdoors, Albasha Greek & Lebanese Restaurant, AMC Theatres, Bellagio Salon & Spa, Best Buy, Books-A-Million, Bra la Vie (coming spring 2017), Cato, Charming Charlie, Claire’s, Dillard’s, East of Italy, Foot Locker, GNC, Great American Cookies, Hibbett Sports, JCPenney, Justice, Kay Jewelers, Maurices, Menchie’s Frozen Yogurt, Nagoya Sushi & Japanese Steakhouse, Norris & Co. Salon, Obsession, Popcorn Bistro, Rite Aid, rue21, Sears, Shane’s Rib Shack, Shoe Dept. Encore, Sport Clips, Target, The Children’s Place, The Home Depot (coming 2017), T.J.Maxx, ULTA Beauty, Which Wich Superior Sandwiches and Zales. Outparcels tenants include Chase, Olive Garden, Raising Cane’s, Santa Fe Cattle Co., Smoothie King and Verizon.
For sales and leasing information at Hammond Square, contact Rhonda Sharkawy at rsharkawy@stirlingprop.com or (504) 620-8145.
Debunking E-Commerce Myths
We’ve recently heard of fake news stories, hoaxes, and fabricated plots that have permeated headlines lately—and, unfortunately, the negative consequences that some have caused.
One such fictitious headline that’s running rampant is “the death of the shopping mall” and countless more tales of online sales putting brick-and-mortar stores out of business. But the reality is that the in-store vs. online struggle is not quite the battle that you probably think it is. In fact, physical stores continue to dominate retail sales.
So with the proliferation of fake news stories, here are a few facts to debunk these e-commerce myths and demonstrate the strength of the shopping center industry.
In-store retail sales accounts for $4.2 trillion or 90.7% of the market. A common perception is that online giants, such as Amazon, dwarf brick-and-mortar competition, but the reality is that Amazon is still a small percentage of the overall market. Online-only retailers represent merely about 3.5% of all U.S. retail sales.
Research also shows that 78% of consumers prefer to shop in-store, and spend significantly more per month in a physical store than online. We’re also seeing that omni-channel retailing is actually an enhancement to brick-and-mortar stores. E-commerce and other technological advances are improving the brick-and-mortar shopping experience and boosting sales at physical stores. 93.4% of all retail sales owe all or part of sales to a brick-and-mortar presence.
These are all encouraging statistics that confirm the shopping center industry is thriving, and the rise of technology and e-commerce is not going to change that. But we do need to change our thought process. Industry professionals and supporters need to advocate for our shopping centers and educate the consumer. According to one of my industry colleagues, “The consumer needs to be told that bricks and mortar is here to stay because if you keep telling the consumer it’s dead, the consumer will think it’s dead and start shopping online.”
Our friends at ICSC (International Council of Shopping Centers) have recently drafted several editorial pieces that have appeared in national news publications such as The Wall Street Journal. We are grateful for the leadership of Tom McGee and his team to help this business create our own sources of credible information, and to educate consumers on how vital the shopping center industry is, to both them and our entire country. Read the full articles “A Talk With Tom McGee” and “E-Commerce and Physical Stores Are Friends with a Common Purpose.”
-Marty
‘Tis the Season For Giving
For the 5th year, Stirling Properties has participated in the Volunteers of America Christmas Wish project. Employees and agents donated Christmas gifts, food baskets and other essential items to local families across our Gulf South region.
Volunteers of America helps more than 2 million people every year in over 400 communities. The annual Christmas Wish Project helps bring joy and holiday cheer to families and individuals who might not have a Christmas at all. Through Volunteers of America, participating families submit three “wish list” gift items for each individual. Stirling Properties and employees were able to fill every single wish! In all, close to 30 families and more than 49 children, adults and seniors received Christmas gifts. Additionally, each family received a food basket with tasty treats for the holiday season.
Stirling Properties’ Stewardship Committee organized the company-wide event by partnering with Volunteers of America in Greater New Orleans, Greater Baton Rouge, Northwest Louisiana and the Southeast to serve the New Orleans Northshore and Southshore, Baton Rouge, Lafayette, Shreveport-Bossier City and Mobile communities.
In addition to donating to the Christmas Wish Project, Stirling Properties hosted the second annual Northpark Christmas Bazaar, Bake Sale and Raffle on Friday, November 18th. Local vendors, as well as employees of the Northpark office complex sold crafts, jewelry, ornaments, books, beauty products and many other great gift items.
The Bake Sale and Raffle raised nearly $2,000, which was donated in full to Volunteers of America’s Greater New Orleans’ Christmas Family Program!
Participating in this project is always a great reminder of the true spirit of the Holiday Season – giving and generosity. Stirling Properties is committed to supporting the communities where we live and work, and we will continue to support local nonprofits, community groups and charitable organizations throughout the year and beyond.
Thank you to all of the vendors, donors and shoppers who made this project a huge success. You are all on Santa’s nice list! We hope to see you next year.
For more information about Stirling’s Stewardship Committee, please visit our website or contact us by email at stewardship@stirlingprop.com.
Jill Meeks Appointed as President of Mobile Commercial Investment Real Estate Club
Stirling Properties’ Senior Sales and Leasing Executive, Jill Meeks, has been appointed as President of the Mobile Commercial Investment Real Estate Club. She assumed duties in early December and will serve in the position for one year.
The Mobile Commercial Investment Real Estate Club is a networking group for industry professionals to exchange ideas, insight and data on marketing information regarding commercial and investment property among its members. Club goals include promoting professionalism, co-operation and education in commercial, investment and exchange transactions.
As club president, Meeks’ responsibilities will include running the weekly meetings and arranging for speakers to attend and present educational opportunities for the members. Meetings occur every Thursday at 7:00 am at the Mobile Area Association of Realtors.
“The Mobile Commercial Investment Real Estate Club provides tremendous resources for both beginning and experienced real estate professionals, and it’s a great tool to network and meet others in the industry,” said Meeks. “As president of the club, I hope to be able to generate more interest and participation by arranging for various speakers from the community to attend our meetings that will be beneficial to members.”
Meeks has been active in the commercial real estate industry for more than 27 years. Her focus areas include office and retail leasing, commercial sales, and landlord and tenant representation. She is responsible for overseeing the property management of over 400,000 square feet of retail and office space in Mobile and Baldwin Counties.
Jill Meeks works out of Stirling Properties’ Mobile Office located at One St. Louis Centre, 1 St. Louis Street, Suite 4100 in Mobile. For club membership and information, Meeks can be reached at (251) 375-2499 or jmeeks@stirlingprop.com.
Retail Brokers Network (RBN) Names Chris Abadie As New President Elect
Stirling Properties’ Vice President and Manager of Commercial Brokerage, Chris Abadie, has been named 2017 President Elect of the Retail Brokers Network (RBN). He will assume the position on January 1, 2017.
The Retail Brokers Network (RBN), one of the nation’s largest retail real estate networking groups, announced the formation of the new Executive Committee to help facilitate RBN’s ongoing operations. The announcement was made following the organization’s mid-year meeting in Charleston, South Carolina.
The Executive Committee will be responsible for overseeing the Tenant, Restaurant and Investment Sales Councils as well as the Regional Directors, marketing RBN to customers and new member offices, implementing systems to increase activity within the network, financial management, and planning RBN’s participation in ICSC RECon.
“I am honored to serve as President Elect of the Retail Brokers Network,” said Abadie. “I am confident that my experience and professional knowledge give me the skill set to help position RBN as a valuable tool for its members and clients, and help them succeed in all their real estate needs and goals.”
Abadie has more than 16 years of experience in commercial real estate. Previously a Retail and Investment Sales Broker, his current focus at Stirling Properties includes directing sales efforts, new business development, recruitment and training of new agents. Abadie holds the designations of Certified Retail Property Executive (CRX), Certified Leasing Specialist (CLS), and Certified Commercial Investment Member (CCIM).
He is an active affiliate in the International Council of Shopping Centers (ICSC), the Louisiana CCIM Chapter, and the Commercial Investment Division of the New Orleans Metropolitan Association of Realtors (CIDNOMAR). Abadie is also an active member of RBN, serving as a member of the National Executive Committee, as well as representing Stirling Properties on the Tenant, Investment Sales, and Southeast Region Councils. Upon serving as President Elect next year, Abadie is slated to assume the role of President in 2018.
According to Debbie Currier, President of RBN, “The RBN network represents over 600 retail specialists across the US that help individuals and companies meet their real estate goals locally and nationally and our newly formed Executive Committee will provide the leadership structure that will help make RBN even more successful as we continue to grow.” She added, “I’m thrilled to welcome the Executive Committee members and I’m eager to work with them to accomplish our goals for 2017.”
Members of the new Executive Committee are former Regional or Council Directors that have an in-depth knowledge of the organization. The members of the 2017 committee are:
President – Debbie Currier
Currier Properties – Charlotte, North Carolina
President Elect – Chris Abadie
Stirling Properties – Covington, Louisiana
VP Operations – Tom Bruss
Commercial Property Associates – Milwaukee, Wisconsin
VP Marketing & Communications – Brad Umansky
Progressive Real Estate Partners – Rancho Cucamonga, California
VP Finance – Bryan Holt
Southpace Properties – Birmingham, Alabama
Secretary – Rob Samtman
Equity Retail Brokers – Plymouth Meeting, Philadelphia
Immediate Past President – Chuck Lanyard
The Goldstein Group – Paramus, New Jersey
