President’s Message: A Wild Ride
In my last President’s Message, I talked about how much had been accomplished in 2013 and how the year ended with a flurry of activity. Well, the first quarter of 2014 has been wild in many ways also (including the weather)!
This year began with the groundbreaking of Magnolia Marketplace in New Orleans, a 100,000+ square-foot shopping center we are developing with JCH Development that will bring new retailers to an underserved portion of Central City. And just days later, we announced the contract for Perkins Rowe, a high-profile, mixed-use property with 364,648 square feet of retail and 126,000 square feet of Class A office space, plus upscale apartments and condominiums. The contract to provide leasing, sales and property and construction management services represents the single largest such contract in Stirling’s history.
Additionally, we celebrated 2 Grand Openings during the 1st Quarter. The first was for Phase I of Fremaux Town Center in Slidell, a regional shopping center anchored by Kohl’s, Dick’s Sporting Goods, Best Buy & T.J.Maxx that we are developing in partnership with CBL & Associates Properties, Inc. A new, full-service Walgreens also grand opened in Terrytown on the Westbank of New Orleans, which was followed a few weeks later by our announcement that we will be developing a full-service Walgreens in Metairie at the intersection of Veterans & Power Boulevards.
As our business continues to boom, so too does the Gulf South Region. I have had the opportunity to share the positive news about our markets numerous times during the last quarter. It is something I truly get very passionate about doing.
In February, I was invited to give the ACREcon Keynote Presentation at the annual conference hosted by the Alabama Center for Real Estate (ACREcon) in Birmingham with over 500 in attendance. In early March, Jimmy Maurin, Townsend Underhill and I were asked to give a presentation on the New Orleans market and economy at the Annual Spring meeting of the Urban Land Institute (ULI) Foundation Governor’s Board in New Orleans. One of the reasons I love giving these presentations is because the reaction by the audience afterward is always amazement at what is happening down here in the Gulf Coast – The Third Coast.
And despite the fact that spring is here, there is no time for rest. We are currently preparing for ICSC ReCon in Las Vegas. And stay tuned for some new announcements in the near future – it’s going to be a wild ride.
Stirling Properties’ Commercial Agents among Top Producers at Annual CID Awards Ceremony
Stirling Properties’ commercial agents were honored during the New Orleans Metropolitan Association of Realtors Commercial Investment Division’s 21st annual awards banquet held Friday, April 4, 2014 at the Southern Yacht Club.
Leading the way was Rhonda Sharkawy, who received the F. Poche Waguespack Award for having the highest volume of sales and leases in the marketplace for the year. This is her fourth consecutive year to receive this honor and one of only a handful of women to achieve it since it was created back in 1964. Rhonda’s volume totaled more than $45 million as well as winning the award for most commercial transactions, with 83 in total for 2013.
In addition to celebrating the top producers and transactions of 2013, the awards ceremony also recognized commercial agents who passed the $2 million mark in sales. Also recognized was Gaines Seaman who received the Overall Top Office Producer Award with more than $14 million in volume and Joe Gardner who had the Top Dollar Retail Lease with a volume of over $5 million.
Stirling Properties to Develop Full-Service Walgreens Drugstore in Metairie, Louisiana
Stirling Properties is pleased to announce the development of a new full-service Walgreens drugstore in Metairie, Louisiana. The proposed Walgreens will be located at the intersection of Veterans Boulevard and Power Boulevard in the Barlon Plaza Shopping Center. The new store will be a ground-up relocation of the existing Walgreens that is currently within the center.
“This project is a culmination of many months of hard work and a strong partnership between Walgreens, the landowners, Stirling Properties, and Jefferson Parish. This is the way successful development projects should work”, Peter Aamodt, Vice President of Development for Stirling Properties.
The larger 14,000 square foot store will have a drive thru window, a full service pharmacy, and will serve as a catalyst for future development to help revitalize an aging shopping center and retail corridor. Construction on the Metairie store is slated to begin in July and open in the first quarter of 2015. Stirling is providing pre-development services, including lease negotiation, permitting, financing, design, as well as construction and project management.
As a preferred developer for the Walgreens Company in the Gulf South, Stirling Properties has had a long-standing relationship with the retailer. Stirling recently developed and opened new Walgreens stores on Magazine Street in New Orleans, Terry Parkway in Gretna, and Pass Road in Gulfport, Mississippi.
For more information, contact Peter Aamodt, Vice President of Development for Stirling Properties, at paamodt@stirlingprop.com or by calling (504) 523-4481.
Forbes: New Orleans #1 for “Brainpower” in the USA
Another ranking was recently announced that reinforces the growing trend of New Orleans being one of the leading places for young people to locate. It is one of the most exciting transformations I have ever seen and one of the most encouraging signs for our future.
Forbes has ranked Greater New Orleans tied for first in America for growth in college grads from 2007 – 2012, earning the title #1 “Brainpower City” in the USA. The New Orleans metro gained 44,000 grads from 2007 to 2012, a 20.3% increase, nearly double the national average of 10.9%. The author of the article, Joel Kotkin, explains that Greater New Orleans is the leader of a broader national trend: “Unable to afford to settle long-term in traditional “brain centers,” educated people are increasingly looking for places that have strong economies but also many of the cultural and natural amenities associated with the traditional meccas for the educated.”
The Top 10 “Brainpower Cities” in the USA are:
1. New Orleans metro
1. San Antonio (tie)
3. Austin
4. Nashville
5. Louisville
6. Houston
7. Denver
8. Salt Lake City
9. Jacksonville
10. Raleigh
You can read the entire article here.
Stirling Properties Celebrates Team Members at Annual Stirling Honors Event
On Thursday, March 27, Stirling Properties hosted the company’s annual Stirling Honors meeting and recognition luncheon at Rosy’s Jazz Hall in New Orleans. Stirling Honors is a day to honor the hard work and dedication of the entire Stirling Team and to award Commercial Production Awards and Service Awards. Keynote Speaker Scott Aiges, Director of Programs, Marketing & Communications of the New Orleans Jazz and Heritage Foundation, spoke about the Foundation’s mission and all of the programs offered in the areas of education, economic development and cultural enrichment. The day’s events also included performances by students and faculty from The Don Jamison Heritage School of Music, the New Orleans Jazz and Heritage Foundation’s principal music education program. Stirling Properties was pleased to present Mr. Aiges with a donation to the New Orleans Jazz and Heritage Foundation to help in their efforts to support New Orleans’ education, economy and culture. Commercial Award recipients received recognition for Bronze, Silver, Gold, Platinum, Diamond and Ruby production levels based on individual Adjusted Gross Commission numbers for 2013. Included in the awards were special recognitions given to Rhonda Sharkawy, Senior Retail Leasing and Development Executive in the New Orleans office, for the Most Transactions and Top Agent. Also recognized was Seth Citron, Sales and Leasing Executive in the Lafayette office, for having the highest production level improvement over the previous year.
- Ruby Award 2013: Rhonda Sharkawy – New Orleans Office
- Diamond Award 2013: Gaines Seaman – Metairie Office Ryan Pecot – Lafayette Office Charles Cornay – Lafayette Office
- Platinum Award 2013: Seth Citron – Lafayette Office
- Gold Award 2013: Beezie Landry – Covington Office Scott Macdonald – Baton Rouge Office Will Barrois – Mobile, Alabama Office Keitha Marcotte – Shreveport Office
- Silver Award 2013: Roger Bajon – Covington Office Joe Gardner – New Orleans Office Dottie Tarleton – Baton Rouge Office Mike Immel – Lafayette Office Rick Skelding – New Orleans Office Lee de la Houssaye – Covington Office
- Bronze Award 2013: John Arthurs – New Orleans Office Ryan Murphy – Covington Office
Also recognized were employees who achieved special anniversaries with the company. Service Awards were given to 5, 10, 15, 20 and 25 year milestones.
- 25 Years Lewis Stirling – New Orleans Office
- 20 Years Paul Mastio – Covington Office
- 15 Years Joe Goudeau III – Baton Rouge Office Barbara Meaux – Lafayette Office
- 10 Years Cyndie Quave – Covington Office Gerry Catanese – Covington Office Peggy Sayler – Covington Office Gena Randall – Covington Office
- 5 Years Joe Gardner – New Orleans Office Doug Ferguson – Covington Office Cheri Pareti – New Orleans Office Tricia Autin – Westpark Storage Office Tammy Cox – Westpark Storage Office Marie Crawford – Covington Office
Stirling Properties Completes Acquisition of Ansley Place Apartments in Houma, LA
Stirling Communities II, LLC, an entity of investors led by Stirling Properties, successfully completed their acquisition of Ansley Place Apartments. Ansley Place is a 246-unit “Class-A”, luxury garden-style apartment community located at 100 Ansley Place Court in Houma, Louisiana. Completed in 2008, the Property encompasses thirteen (13) two- and three-story apartment buildings, one (1) single-story leasing office, and four (4) single-story garage buildings on 21 acres of land. The deal closed on April 1, and involved the assumption of an existing HUD 223(f) loan on the property.
“We believe the frenzied activity at Port Fourchon resulting from the return of Gulf exploration, significant expansion projects currently underway at several key service firms in the Houma area, the fully booked pipelines at the shipyards of Edison Chouest and Bollinger, and the various coastal restoration projects either underway or planned, will lead to a substantial increase in the population and employment base of the Houma area over the next five years. With its excellent location, superior floor plans, and premier status in the market, Ansley Place offers our investors a high quality asset located directly in the path of Houma’s growing economy. ,” said Justin Landry, head of Multi-Family Asset Management for Stirling Properties.
“Multi-family is an asset class that Stirling Properties has grown very bullish on in recent years based upon the demographic and economic trends in the nation,” stated Marty Mayer, President and CEO of Stirling Properties. “With the addition of Ansley Place Stirling Investors’ portfolio has grown to more than1,000 units, a significant milestone considering three years ago they did not own a single unit.”
BH Management Services, based in Des Moines, Iowa, runs the day to day activities of the property as is the case with all of Stirling’s 1,042 units.
For more information about Stirling Properties Acquisition Team and its objectives contact Jeff Marshall at (985) 246-3765 or jmarshall@stirlingprop.com.
