Stirling Properties’ Beth Cristina Elected as President of Louisiana Realtors
Stirling Properties is pleased to announce that Beth Cristina, Senior Broker Associate in our New Orleans office, has been elected to serve as President of Louisiana Realtors.
Louisiana Realtors represents its membership on important real estate-related issues to state and federal government, while providing legal assistance, professional development opportunities, discounts, and other unique services for its membership of over 10,000 realtors statewide.
Beth was installed alongside 7 Louisiana Realtors officers and 11 local board presidents. In addition to her many duties and responsibilities as President of Louisiana Realtors, she will also serve as a director of the National Association of Realtors (NAR) during her term.
Beth has previously served as Secretary Treasurer, Director at Large, Vice Chair of the Strategic Planning Committee, Vice President of Region 4. She was also recently recognized for outstanding commercial achievement as a National Commercial Award recipient by the Commercial Real Estate Division of NAR and received the 2010 Realtor of the Year award from Louisiana Realtors.
Stirling Properties’ Beezie Landry Closes on Sale of Three Investment Properties
Stirling Properties’ Beezie Landry, Senior Sales and Leasing Executive, closed on the sale of three investment properties recently totaling over $15 million. In each of these transactions, Mr. Landry represented the Seller.
CVS
9006 Greenwell Springs Rd, Baton Rouge, LA– 13,824 SF
Patrick Luther & Matthew Mousavi of Faris Lee Investments assisted in the sale.
Buyer: Private New York based investor in a 1031 exchange.
Seller: Private Louisiana based investor
Price: $4.75 million
CVS has approximately nine years remaining in the lease as well as an option to extend the lease for up to another 20 years.
Park Plaza
3005 – 3147 Highway 14 (Gerstner Memorial Drive), Lake Charles, LA– 172,949 SF
Anchor: Conn’s
Buyer: Private Houston based investor
Seller: Weingarten Realty Investors
Price: $6 million
Value add opportunity with 40% vacancy
Woodmere Crossing
1540 Eastern Boulevard, Montgomery, AL– 42,257 SF
Co-listed with Jeff Barnes of Stirling Properties Mobile, Alabama office, as well as in connection with Auction.com.
Tenants: Petco, Books-A-Million, Jason’s Deli, and Sally Beauty Supply
Buyer: BV Belk Properties based in North Carolina
Seller: Woodmere Crossing was a lender owned property
Price: $4.4 million
Investment Sales is a linchpin to our brokerage division. Whether it’s achieving goals of a buyer or seller, Stirling can meet your needs. Our professionals are versed in asset acquisitions and dispositions of income-producing, distressed, vacant and REO properties. From institutional to private investors, we assist in finding and securing assets that have opportunities for added value and improved performance as well as assets with stabilized risk-adjusted returns.
For more information regarding Investment Sales contact Beezie Landry blandry@stirlingprop.com or 985-898-2022.
Stirling Properties Welcomes Angela McArthur to its Mobile, AL Team
Stirling Properties is pleased to announce the addition of Angela McArthur to the Commercial Brokerage Division as Sales and Leasing Executive. Mrs. McArthur will work from the company’s Mobile, Alabama office located at 1110 Montlimar Drive, Suite 830.
Mrs. McArthur brings with her over 25 years of experience in Commercial Real Estate. Prior to joining Stirling Properties, Angela was with Prudential Cooper & Company in Mobile, Alabama. Through the years, she has represented a wide range of local, regional and national clients and has developed an expertise in the areas of retail site selection and acquisition, sales and leasing, property management, buyer/tenant representation and corporate leasing services.
Angela can be reached at 251-342-7229 or via email at amcarthur@stirlingprop.com.
Stirling Properties’ Beezie Landry Closes on Sale of Five Investment Properties in September
Stirling Properties’ Beezie Landry, Senior Sales and Leasing Executive, closed on the sale of five investment properties in September totaling over $38 million. In each of these transactions, Mr. Landry represented the Seller.
Two single tenant Rouses Markets
2851 Belle Chasse Highway, Gretna, LA– 57,644 SF
Buyer: Rouses Market
Seller: Private New York based investor
50 Park Place, Covington, LA – 57,206 SF
Buyer: Rouse / Kingsmill, L.L.C.
Seller: Private New York based investor
Westwood Village
Southwest Corner of West Congress Street and Bertrand Drive, Lafayette, LA– 138,034 SF
Co-Listed with Charles Cornay, Senior Sales Executive for Stirling Properties
Multi-tenant grocery anchored shopping center
Anchor Tenants: Rouses Market, CVS, and Stage
Buyer: Private Lafayette based investor completing a 1031 exchange
Seller: Weingarten Realty Investors
Single Tenant Walgreens
2001 Carol Sue Avenue, Gretna, LA– 17,238 SF
Developed and sold by Stirling Properties
Brand new 25 year deal
Sold at a cap rate of 5.55%
Executed contract to closing was only 26 days
Buyer: Realty Income Corporation
Seller: Private Investor Group led by Stirling Properties
Winn Dixie
804 West Oak Street, Amite, LA– 49,771 SF
Winn Dixie recently renewed lease for 10 years
Executed contract to closing was only 22 days
Buyer: American Realty Capital Properties
Seller: Southland-Amite WD (a Chicago based investor)
“Year to date Beezie has closed on approximately $60 million in Investment Sales representing both Buyers and Sellers,” stated Chris Abadie, Vice President and Manager of Commercial Brokerage at Stirling Properties. “The clients he has represented have been publicly traded REITs as well as private investor groups on deals that include single tenant, ground leases and multi-tenant grocery anchored shopping centers.”
Investment sales is a linchpin to our brokerage division. Whether it’s achieving the goals of a buyer or seller, Stirling can meet your needs. Our professionals are versed in asset dispositions whether the property is income-producing, distressed, vacant or REO. From institutional investors to private investors, we help buyers find and secure assets that have opportunities for added value and improved performance, or assets with stabilized risk-adjusted returns.
For more information regarding Investment Sales, contact Beezie Landry blandry@stirlingprop.com or 985-898-2022.
Property Management, Information Technology and the New Paradigm
Used to be that technology was an afterthought, if it was a thought at all, when it came to property management. No one thought twice about putting file servers, telephone systems, sharing the office Wi-Fi with the public and having each management office a self-contained island unto itself. We’re long past the days, when we could put a desktop at a managed property office and simply forget that the computer was there until the computer died or a user complained. While the most important element of property management is still the right property manager, with the advent of Internet-connected building automation, Voice Over IP (VOIP), cloud offerings, server virtualization, software as a service (SaaS), desktop as a service (DaaS) and the well-publicized complete lack of security on the Internet, it’s time to pay attention to how property management offices are utilizing technology, how the offices are secured and how we are maintaining the infrastructure.
Here at Stirling we’ve taken over a lot of management contracts in the last few years and the thing that strikes us from the IT-perspective is how little attention has been paid to the automation and the office systems. Even from the large, national property service companies, we’ve seen file servers and desktops systems at managed properties that are past end-of-life such that the manufacturers are no longer providing security updates. We’ve seen automation systems, directly connected to the Internet with no firewall and still running default system credentials, leaving not only that system, but the entire office vulnerable to attack. Accounting or Point of Sale Systems on the same network as the HVAC or Automation Systems without network segmentation or firewalls is simply asking for trouble.
While other industries have been quick to embrace technology, it sometimes seems that Commercial Real Estate as an Industry has gotten a half-step or two behind where we need to be in maintaining our technology. Overhauling systems doesn’t necessarily have to be a large expense. In a lot of cases, the savings from removing the maintenance costs associated with outdated systems will go a long way towards modernizing and securing your infrastructure. Just as everyone knows and can do the calculation on a commercial real estate’s return on investment, there’s also a return or a savings with Information Technology deployed and maintained correctly.
- Still have an outdated DSL connection to the Internet? Fiber has proliferated in the last couple of years. Look at dedicated bandwidth with a Next Generation Firewall.
- Sharing your Internet with the public? Stop! Or at the very least, make sure your management office network is segmented to protect your critical systems.
- Same with automation. If your HVAC, access card or automation systems are connected to the Internet, change the default credentials and segment away from your office computers.
- Are your servers on the same network as your Wi-Fi? Segment and firewall the network so if your Wi-Fi gets hacked, they don’t have a clear path to the rest of your equipment.
- Still running Windows Server 2000 or 2003? Server 2000 was retired on July 13, 2010 and Server 2003 is ending on July 14, 2015 which means no security patches and a huge vulnerability for you. It’s time to ditch the server and connect to your back office virtually.
- Still have a Windows XP computer or a POS with embedded Windows XP? XP’s end of life was April 8, 2014, leaving your systems vulnerable. It’s time to upgrade your systems or virtualize your desktops.
- Still have an analog telephone system with roll over lines? With dedicated bandwidth and quality of service, you can take advantage of Voice Over IP – sometimes at a substantial savings to what you’re paying for your system now.
- Do you have separate banking computer that you use only for banking? Absolutely no general Internet surfing? Might want to consider dedicating a computer to banking.
- Are you setup with Positive Pay with your bank? This is an important first step.
- Still using an old POP service for email? It’s time to switch to an Exchange-style email system. Setup with your management company or contract online for hosted Exchange or Zimbra email.
Contracting with a property services firm that has a dedicated technology staff makes your life easier and allows you to take advantage of the economies of scale inherent in that relationship, but if you have the time and the wherewithal to work through the vulnerabilities, you can go a long way to securing your systems and leveraging technology for the value it will bring to your property.