Stirling Properties Closes Loan On Fremaux Town Center In Slidell, Louisiana
Largest Loan in Company History
Stirling Properties commercial real estate company, on behalf of Fremaux Town Center SPE, LLC, is pleased to announce the closing of a $73 million non-recourse loan on Fremaux Town Center in Slidell, Louisiana. This amount marks the largest loan ever closed by Stirling Properties in its 41-year history.
Wells Fargo served as the lender on the 10-year loan. Proceeds from the loan were used to retire two existing construction loans with an aggregate balance of $73.0 million. Earlier this year, Stirling Properties also closed on a $33 million loan with Wells Fargo on the acquisition of Turtle Creek Crossing in Hattiesburg, Mississippi.
“Wells Fargo continues to be a great resource and financial partner for us, helping us to secure more than $100 million in 2016. Together, with CBL, we are fortunate to have such great partners,” said Townsend Underhill, Stirling Properties Senior Vice President of Development. “Stirling Properties is very pleased to close this loan on Fremaux Town Center, and the clear message it sends about the strength of our markets on South Louisiana.”
“Wells Fargo’s Real Estate Capital Markets group is very happy to close this new 10-year “hybrid” loan with this important relationship. It’s a big win for us when we can both innovate and help our customers succeed,” said Gordon Nicol, Managing Director at Wells Fargo Bank, N.A.
Fremaux Town Center is a roughly 635,000-square-foot regional open-air power and lifestyle shopping center located on more than 80 acres at the southwest corner of Interstate 10 and Fremaux Avenue in Slidell, Louisiana, near the city of New Orleans. Anchor tenants include Dillard’s, Kohl’s, Dick’s Sporting Goods, LA Fitness, and Best Buy. Junior anchor tenants include T.J. Maxx, Michaels, PetSmart, Ulta Beauty, Off Broadway Shoe Warehouse, and Forever 21 Red. More than 60 retailers and restaurants occupy the center. Fremaux Town Center is currently 95% leased, and jointly owned by affiliates of CBL & Associates Properties, Inc. and Stirling Properties, LLC.
For more information, visit cbl.com.
Stirling Properties Awarded Management Contract For Pine Tree Plaza In Picayune and Handsboro Square In Gulfport, Mississippi
Pine Tree Plaza
Stirling Properties commercial real estate company was recently awarded the management contract for Pine Tree Plaza in Picayune, Mississippi. Stirling Properties handles leasing opportunities for the center and will now take on daily management.
Pine Tree Plaza is a 99,080-square-foot single-story, multi-tenant, neighborhood shopping center located at the southwest corner of Memorial Boulevard and Elm Street in Pearl River County. The property is well located, approximately 60 miles northwest of Gulfport Airport, 75 miles northwest of Biloxi, and 45 miles northeast of New Orleans, and serves all of Pearl River County, as well as portions of Hancock County, St. Tammany Parish and Washington Parish.
The center is currently 100% leased with a great mix of established local and national retailers. One retail space will be available soon. Tenants include Dirt Cheap, Fred’s Super Dollar, Aaron’s, Subway, Studio Nails, Factory Connection, Tower Loans, Little Caesars, Central Financial Services, Jackson Hewitt, Curves, Golden Dragon Buffet, Burger King, and Popeyes.
Handsboro Square
Stirling Properties was also awarded the management contract for Handsboro Square in Gulfport, Mississippi. Stirling Properties handles leasing opportunities for the center and will now take on daily management.
Handsboro Square, anchored by Rouses Food Market, is a 156,544-square-foot community strip shopping center located at 1307-1355 East Pass Road in Gulfport, Mississippi. The center is well maintained with a great anchor offering ample parking and high visibility.
The retail center is currently 44% occupied and retail space is available. Tenants include Rouses Food Market, Rent-A-Center, Panda House, Wing Stop and Golden Nails Spa. Plans are underway to actively seek new tenants to further develop a variety of retail and restaurant options.
“Stirling Properties is thrilled to add these properties to our growing management portfolio, and we look forward to providing the Picayune, Gulfport and surrounding areas with great shopping and dining opportunities,’ said Charles Barclay, Stirling Properties Assistant Asset Manager.
Stirling Properties has been at the forefront of commercial real estate management, investment and development in Mississippi and the Gulf South region, and is committed to bringing quality development and retailers to the area.
Stirling Properties currently manages more than 17 million square feet of property, with close to 100 million square feet of property and land for sale or lease, almost exclusively in Louisiana. Other Stirling Properties management and development projects in Mississippi include, Commodore Plaza Shopping Center (Gulfport), Turtle Creek Shopping Center (Hattiesburg), Westland Plaza (Jackson) and Crossgates Shopping Center (Pearl), just to name a few.
For leasing or sales information for Pine Tree Plaza, contact Rhonda Sharkawy at (504) 620-8145 or rsharkawy@stirlingprop.com. For asset management information, contact Charles Barclay at (985) 898-2022 or cbarclay@stirlingprop.com.
For leasing or sales information for Handsboro Square, contact Justin Toomey at (251) 342-7229 or jbtoomey@stirlingprop.com. For asset management information, contact Charles Barclay at (985) 898-2022 or cbarclay@stirlingprop.com.
Stirling Properties And CBL & Associates Properties, Inc. Announce New Tenants At Ambassador Town Center In Lafayette, Louisiana
Stirling Properties and CBL & Associates Properties, Inc. welcome new tenants and announce updates to Ambassador Town Center in Lafayette.[vimeo 169295392 w=640 h=360] Ambassador Town Center Aerial Footage.
Half Shell Oyster House will occupy 5,850 square feet of restaurant space, and is the newest addition to the eatery line-up. This will mark the ninth location for the popular seafood restaurant, and the first in Louisiana. Half Shell Oyster House is expected to open in November of 2016.
Newly leased, Just 4 Him Men’s Haircut Lounge—catering to the grooming needs of busy men who want quality service in a comfortable environment—will occupy 1,267 square feet, and is expected to open in September of 2016.
Subway celebrated its grand opening at Ambassador Town Center on Saturday. Freddy’s Frozen Custard & Steakburgers and Panda Express opened their doors last month. Additional tenants are still on track to open later this year, including Professor Bob Beans (June 2016), Verizon Wireless (June 2016), Phone Zone (July 2016), Red Robin (July 2016), Avalon Nails & Spa (July 2016), Tao Asian Cuisine (July 2016), Just 4 Him Men’s Haircut Lounge (September 2016), World of Beer (October 2016), and Half Shell Oyster House (November 2016).
“Ambassador Town Center has continued to thrive since opening earlier this year,” said Michael Lebovitz, Executive Vice President, Development and Administration for CBL & Associates Properties, Inc. “We’re excited to further enhance the customer experience, adding new stores and eateries to the broad range of options already available.”
“Since inception, Ambassador Town Center and its tenants have experienced tremendous success. Restaurants like Chuy’s reported the best opening sales in company history. The City of Lafayette and surrounding communities are supporting and frequenting these retailers, and we are eagerly looking forward to future developments and additions to the center,” said Ryan Pécot, Stirling Properties Senior Retail Leasing and Development Executive.
Stirling Properties and CBL & Associates Properties, Inc. formed a joint venture to develop the center, and currently manage and lease it. With close to 10 decades of retail experience between them, both companies have extensive commercial real estate knowledge, with acclaimed reputations locally, as well as nationally.
Stirling Properties has been at the forefront of commercial real estate investment and development in Lafayette and surrounding areas of South Louisiana, and is committed to bringing quality development and top-notch retailers to the area. Stirling Properties has developed more than 3.7 million square feet totaling $465 million since 2010, almost exclusively in Louisiana. Other Stirling Properties developments in Lafayette include Ambassador Row, Ambassador Row Courtyards, Stirling Lafayette and Village at Southpark, just to name a few.
Ambassador Town Center is a roughly 60-acre retail project anchored by Costco Wholesale and Dick’s Sporting Goods/Field & Stream, consisting of more than 430,000 square feet. Located at the southeast corner of Lafayette’s ‘main-at-main’ intersection, Ambassador Caffery Parkway & Kaliste Saloom Road, the development also includes Avalon Salon & Spa, BJ’s Restaurant & Brewhouse, Blaze Pizza, Chuy’s Mexican Restaurant, Costco Gasoline, Dickey’s Barbecue Pit, Five Below, Freddy’s Frozen Custard & Steakburgers, Half Shell Oyster House, Just 4 Him Men’s Haircut Lounge, Marshalls/HomeGoods, Nordstrom Rack, Off Broadway Shoes, Panda Express, Panera Bread, PetSmart, Phone Zone, Professor Bob Beans, Red Robin, Subway, Tao Japanese Cuisine, World of Beer, Verizon, and more supporting shops and restaurants to come. The center is currently 98% leased and most of the retailers committed are either first-time locations within Lafayette or Louisiana, or both. With its completion, Ambassador Town Center is a premier regional shopping and entertainment destination, as well as a vital economic contributor to the area.
For more information, please visit stirlingprop.com or cblproperties.com.
For leasing information, contact Ryan Pécot at 337.572.0246 or rpecot@stirlingprop.com or Tim Gilmore at 423.490.8358 or Tim.Gilmore@cblproperties.com. For information on Ambassador Town Center, please visit ambassadortowncenter.com.
Starbucks Open At Pan American Life Center In New Orleans
Stirling Properties commercial real estate company welcomes Starbucks to the Pan American Life Center located at 601 Poydras Street in New Orleans’ Central Business District. A soft opening will be held today, and the coffee franchise will be officially brewing for the weekend.
Stirling Properties acquired the Pan American Life Center in 2010 as part of its expanding portfolio in the New Orleans market. A plan to convert the first floor to retail and restaurant space with more exterior exposure commenced late last year, and the build-out work was completed back in March.
Other tenants on track to join Starbucks on the ground level include Tsunami Sushi (opening late-summer of 2016) and Morris Bart concierge service. Additional retail space is available for lease.
For leasing information, please contact Rhonda Sharkawy, Stirling Properties Senior Retail Leasing and Development Executive, at rsharkawy@stirlingprop.com or (504) 620-8145. For office information, contact Gaines Seaman, Stirling Properties Sales and Leasing Executive, at gseaman@stirlingprop.com or (985) 620-8187.
Stirling Bossier Shopping Center 100% Leased and Occupied
Stirling Properties commercial real estate company is bringing quality development and retailers to Shreveport/Bossier City. Stirling Bossier Shopping Center Tract K2—the last of six planned phases—is now 100% leased and all tenants are open.
Going up on the last parcel of undeveloped land, Michaels, Kirkland’s, Massage Envy and Versona opened earlier this year to large crowds. Motherhood Maternity completed occupancy in the final remaining space last month. They join more than 40 other businesses that call the shopping center home, including anchor tenants Target, Sam’s Club, Belk and Academy Sports + Outdoors.
Stirling Bossier Shopping Center, located at the northeast corner of Interstate 220 and Airline Drive in Bossier City, Louisiana, is a 682,200-square-foot hybrid retail center that offers a great variety of national tenants and dining options. Bossier City’s residential growth, income growth, and tremendous traffic growth over the last 10 years has made the Shreveport/Bossier City MSA worthy of a two store market to many national retailers. Stirling Properties began development of the retail center in 2006, and currently holds the leasing and management contract.
Tenants Include Academy Sports + Outdoors, America’s Best Contacts & Eyeglasses, AT&T, Avocado California Roll & Sushi, Baskin-Robbins, Bed Bath & Beyond, Belk, Best Buy, Catherines, Capital One, Chick-fil-A, Dickey’s Barbecue Pit, FedEx Office, GlamRus, GNC, Justice, Kirkland’s, Lane Bryant/Cacique, Massage Envy, Mattress Firm, Maurices, Michaels, Men’s Wearhouse, Motherhood Maternity, Old Navy, Olive Garden, Papa Murphy’s Pizza, PetSmart, Progressive Bank, Ross Dress For Less, Sam’s Club, Santa Fe Cattle Co., Serenity Spas, Shoe Carnival, Smoothie King, Sun Tan City, Target, The Joint, ULTA Beauty, Versona, and Wonder Cuts.
“We are thrilled to see Stirling Bossier completed as our Investors envisioned and bring such a unique customer experience to the Shreveport/Bossier City area. This development showcases a number of exciting retail and restaurant options,” says Donna Taylor, Stirling Properties Senior Vice President-Asset Management & New Business. “Not only do the retail stores offer a variety for consumers, but they provide more job opportunities and economic growth for the area.”
Stirling Properties has been at the forefront of commercial real estate in Shreveport/Bossier City and surrounding areas of North Louisiana. Stirling Properties has developed more than 3.7 million square feet totaling $465 million since 2010, almost exclusively in Louisiana. Other Stirling Properties development, management and leasing projects in Shreveport/Bossier City include, Eastgate Shopping Center, Fern Marketplace Phase I & II, and Old River Marketplace, just to name a few.
Stirling Properties is located at 425 Ashley Ridge Blvd., Suite 116 in Shreveport, Louisiana.
For leasing information, contact Rhonda Sharkawy at (504) 620-8145 or rsharkawy@stirlingprop.com. For asset management information, contact Donna Taylor at (985) 898-2022 or dtaylor@stirlingprop.com.
Stirling Properties Welcomes Northshore’s 1st Whole Foods Market
Stirling Properties Delivers Quality Development &
Retailers to St. Tammany Parish
Welcomes Northshore’s 1st Whole Foods Market
Stirling Properties commercial real estate company welcomes the Northshore’s first Whole Foods Market to Premier Centre, a Stirling Properties development. A formal grand opening ceremony and bread breaking was held today with Honorable Pat Brister, St. Tammany Parish President; Honorable Don Villere, Mandeville Mayor; Rick Findlay, Whole Foods Market Global executive coordinator of grocery; Nona Griesman, Whole Foods Market Southwest Region executive vice president of operations; and Marty Mayer, Stirling Properties President & CEO.
Mandeville Mayor Villere, St. Tammany Parish President Brister, WFM Store Team Leader Damen Williams, Stirling Properties President & CEO Marty Mayer
Stirling Properties continues to deliver quality development and retailers to St. Tammany Parish and South Louisiana. Mandeville’s highly anticipated Whole Foods Market will offer customers a large selection of natural and organic products with features tailored to the local Louisiana community. The high-end grocer is a welcome addition to Premier Centre and will be a regional draw for the City of Mandeville, and a foodie destination for the Northshore community. The store will employ approximately 100-120 team members.
“The Mandeville community and Premier Centre tenants have long awaited the opening of Whole Foods Market, and Stirling Properties is proud to be a part of the celebration! Over a year of cooperative efforts—by the City, Whole Foods Market, the Landlord and Stirling Properties—is finally coming to fruition,” said Donna Taylor, Stirling Properties Sr. Vice President, Asset Management & New Business. “New businesses, such as Whole Foods Market, are such important contributors to our economic growth and quality of life here on the Northshore.”
Rick Findlay, Donna Taylor, Nona Griesman, Marty Mayer
Stirling Properties was instrumental in bringing large-scale retailers—such as Whole Foods Market and Forever 21 Red—to the area, and has been at the forefront of commercial real estate investment, management and development in St. Tammany Parish and surrounding areas of South Louisiana. Premier Centre continues to be a leading regional shopping and restaurant destination, as well as a vital economic contributor to the area.
“We are confident in the future and prosperity of the Northshore. Premier Centre is positioned in an excellent location that is experiencing tremendous growth and attracting new retailers. St. Tammany Parish continues to be one of our most important areas for commercial real estate growth and economic opportunities, and Stirling Properties is proud to call the area home to our Corporate Office,” said Marty Mayer, Stirling Properties President & CEO.
Whole Foods Market has completed the re-tenanting of the former Albertson’s grocery and will occupy 40,000 of the 60,000 square feet. The popular retailer Forever 21 Red occupied the balance of the space next door late last year, and already is a top producer in the chain.
Other tenants, Rack Room Shoes and TJ Maxx recently remodeled their stores, even further solidifying Premier Centre as a top retail destination for the area and marks a re-celebration for the center, just in time for summer festivities followed by Back to School shopping.
Premier Centre is approximately 273,000 square feet and is located at the corner of US Hwy 190 & N. Causeway Blvd. in Mandeville on the Northshore of Lake Pontchartrain in St. Tammany Parish, Louisiana. This center is ideally situated in the heart of the community, an area that has seen incredible growth and higher than average incomes. Premier Centre has maintained 100% occupancy since opening and the sales per square foot are well above average for the national tenants in the center. Stirling Properties developed Phase I of Premier Centre in 1999, and Phase II in 2000, and currently holds the managing and leasing contract.
Tenants include Whole Foods Market, Forever 21 Red, Stein Mart, Bed Bath & Beyond, T.J.Maxx, Barnes & Noble, Old Navy, Gap/Gap Kids, Rack Room Shoes, Banana Republic, American Eagle Outfitters, Hallmark, LOFT, Victoria’s Secret, Aéropostale, Buckle, Apricot Lane, H.W. Rosenblum, Earthsavers, Bath & Body Works, Motherhood Maternity, Chase, Chili’s Grill & Bar, Romano’s Macaroni Grill, la Madeleine and Pinkberry. Tesla electric car charging stations are also available in the parking lot.
Stirling Properties has developed more than 3.7 million square feet totaling $465 million since 2010, almost exclusively in Louisiana. Other Stirling Properties developments in St. Tammany Parish include Fremaux Town Center (Slidell), Stirling Slidell, The Crossing (Slidell), River Chase (Covington) and Northpark Corporate Center (Covington), just to name a few.
For leasing information, contact Rhonda Sharkawy at (504) 620-8145 or rsharkawy@stirlingprop.com.
