Stirling Acquires Beck Partners; Expands Eastern Division
Stirling is pleased to announce that it has acquired Beck Partners, one of Northwest Florida’s leading commercial real estate firms and manager of the most commercial square footage in Northwest Florida. With the acquisition, Stirling’s Pensacola office expands and adds a Tallahassee, Florida office.
Stirling’s acquisition of Beck Partners adds 30 commercial real estate professionals, over 1.5 million SF of managed commercial properties, and active brokerage in the State of Georgia.
Stirling CEO, Townsend Underhill, is enthusiastic about the acquisition. “The Beck Team is the strongest commercial real estate team in Northwest Florida. It has been a remarkably rewarding experience getting to know the Beck Team and learning about their outstanding business and culture. Beck’s lines of business and expertise align well with Stirling’s and complement our geography as we continue to grow our presence in the Gulf South. We are excited to have Justin, Stacy, Brice, and the entire organization join the Stirling Family.
Founded in 1981 by Gregg Beck, Beck Partners grew to be one of the most trusted commercial real estate firms on the Gulf Coast. Beck Partners earned local and national recognition from CoStar’s PowerBroker lists, multiple NAIOP of Northwest Florida’s Deal of the Year awards, including Justin Beck, CEO, on InWeekly’s PowerList, and more.
Justin Beck, CEO of Beck Partners, will remain with the Pensacola team as Vice President of the Florida Region, as well as Stacy Taylor, as Regional Vice President who will serve as the Pensacola/ Tallahassee Market Leader, and Brice Pelfrey as Regional Vice President of Asset Management . “We are thrilled to continue our work serving our clients along the Gulf Coast with Stirling,” says Justin Beck. “Our alignment of culture and values makes this merger exciting. Stirling’s depth of resources will provide more opportunities and better outcomes for our teams and clients.”
With this acquisition Stirling will be able to enhance its services to existing clients as well as our new Beck clients. Stirling is poised for tremendous growth throughout the region. Beck is a full service Commercial Real Estate firm specializing in Office, Industrial, Retail, Healthcare and Multi-family properties. Beck’s service offering includes Asset Management, Property Management, Commercial Leasing, Commercial Investment Sales, Development, and Commercial Advisory Services with a focus on markets in the Florida Panhandle, and Southern Alabama.
Beck Partners’ office, located at 125 W. Romana Street, Suite 800 in Downtown Pensacola will take on the Stirling brand with the acquisition. Its telephone number will remain (850) 477-7044. Any properties previously marketed and managed under the Beck Partners brand will transition to Stirling.
Stirling Properties and PMAT Companies Announce the Acquisition of Crossroads Center in Gulfport, MS
PMAT-Stirling Crossroads, LLC, led by Stirling Properties and PMAT Companies, successfully completed its acquisition of Crossroads Center, a 554,720-square-foot open-air retail center in Gulfport, MS.
Located at 15082 Crossroads Parkway in Gulfport, Crossroads Center sits at the intersection of Interstate 10 and US-49 and features over 50 national, regional, and local tenants, including anchors Academy Sports, Belk, Cinemark, Barnes & Noble, T.J.Maxx, Ross Dress For Less, Burkes Outlet, Michaels, PetSmart, Five Below, ULTA Beauty, Shoe Carnival, Party City, and Old Navy. The center is 92% occupied and contains several outparcels, including TGI Fridays, Chuck E. Cheese, Navy Federal Credit Union/Mattress Firm, and Longhorn Steakhouse.
b1BANK served as the lender for the deal. Stirling Properties will assume daily management responsibilities and leasing of the center moving forward. Rhonda Sharkawy, senior retail leasing and development advisor with Stirling Properties, is the leasing agent on the property.
“Stirling Properties and PMAT Companies have an existing relationship, as Stirling Properties serves as PMAT’s lead strategic partner for property management of their portfolio, so there is existing synergy between our two companies and their operations,” said Donna Smith, Executive Vice President with Stirling Properties. “We are excited to enter into this joint venture with PMAT Companies on the acquisition of Crossroads Center, which will grow and strengthen both our portfolios as well as our working relationship.”
“We are excited to acquire another fundamentally sound asset with well-performing tenants in a market that maintains pent-up prospective tenant demand but is in a geography frequently overlooked by many institutional players. PMAT is already leveraging our national presence and relationships in conjunction with Stirling’s local expertise to source significant interest from new tenants as well as numerous opportunities to work with the well-performing existing tenants to create mutual long-term value,” said Kevin Kush, President of PMAT. “Crossroads Center is the largest power center servicing the Gulfport region, and it benefits from a prominent location providing accessibility to thousands of people daily. Simply put, this is good dirt. We remain extremely active in the capital markets across our geographic footprint and remain open to additional JVs and direct purchases of middle-market assets typically in the $10-50 million deal size.”
To present acquisition or joint venture opportunities, contact Kevin Kush at kevin@pmat.com.
For more information on Crossroads Center, contact Donna Smith at dsmith@stirlingprop.com / (985) 898-2022. For leasing information, contact Rhonda Sharkawy at rsharkawy@stirlingprop.com / (504) 620-8145.
Stirling Properties Acquires 140,000-Square-Foot Pepsi Distribution Center in Livingston, LA
Marks company’s 1st large-scale industrial acquisition.
Stirling Properties announces the acquisition of a 140,000-square-foot Pepsi Distribution Center located in Livingston, Louisiana. The sale closed on August 19th. This marks Stirling Properties’ first large-scale industrial acquisition. The company will also assume asset management duties of the property immediately.
Built in 2016, the industrial property sits on 15 acres and is strategically located along the I-12 corridor. The facility is fully occupied by PepsiCo., Inc. and serves as a logistics hub for PepsiCo brands, including Gatorade, Dasani, Frito-Lay, Starbucks, Mountain Dew and other related brands for the Greater Baton Rouge Area, Greater New Orleans Area and the Northshore regions of Southeast Louisiana.
Townsend Underhill, President of Development for Stirling Properties, will serve as the Asset Manager for the property. Beezie Landry, Justin Langlois, and Chad Rigby, with Stirling Investment Advisors (SIA), a division of Stirling Properties, handled the sales transaction. Stirling Investment Advisors specialize in investment sales of retail, multifamily, office, healthcare, and industrial properties, across the Gulf South market.
Stirling Properties Acquires Open-Air Retail Center in Pace, Florida
Stirling Properties commercial real estate company announces the acquisition of Santa Rosa Commons retail center in Pace, Florida. The sale closed on Wednesday, September 11th at a purchase price of $26 million. This marks the first acquisition for the company in the state of Florida. Stirling Properties will also assume leasing and management duties of the property effective immediately.
Built in 2008, Santa Rosa Commons is located on US Highway 90 in Pace, a part of the Pensacola MSA. The 138,850-square-foot open-air shopping center is 96.5% occupied and anchored by Publix, T.J.Maxx and PetSmart. Shadow-anchors include Target and The Home Depot. Other tenants in the center are Maurices, Shoe Carnival, Anytime Fitness, Sally Beauty, GNC, GameStop, Wasabi House Restaurant, Dr. Vape It, The Joint and Cuts By Us. The purchase also encompassed three single tenant outparcels housing Chili’s, Regions Bank and AT&T.
“We are thrilled to add Santa Rosa Commons to our growing portfolio of commercial properties across the Gulf South region. This is momentous for Stirling Properties because it marks our first acquisition in the Florida Panhandle and really puts skin in the game for us in this thriving market. We are optimistic in the continued success of the Pensacola metro area and look forward to future growth opportunities,” said Donna Smith, Senior Vice President of Asset Management & New Business with Stirling Properties.
“Stirling Properties’ proven track record in acquisitions, along with our in-depth understanding of market dynamics and the positioning of assets allow us to identify unique investment opportunities such as Santa Rosa Commons,” said Beezie Landry, Vice President of Investment Advisors with Stirling Properties. “This is a stable, grocery-anchored retail center that sits on a high-traffic thoroughfare, situated in a dense retail node with excellent visibility. The property is well leased with a great mix of national, regional and local tenants—and we are confident that it will perform well for years to come.”
Stirling Properties has acquired and/or developed more than $2.3 billion in commercial real estate across the Gulf South region totaling nearly 28 million square feet, including retail, office, industrial, healthcare, residential and mixed-use properties.
For more information on Stirling Properties’ investment services, contact Beezie Landry at (985) 246-3781 or blandry@stirlingprop.com. For information on asset management, contact Donna Smith at (985) 246-3758 or dsmith@stirlingprop.com.
Stirling Properties Acquires $59.7M Rehab Hospital In Joint Venture With Ochsner
Stirling Properties, in a joint venture partnership with Ochsner Clinic Foundation, has closed on the acquisition of the new Ochsner rehabilitation hospital located at 2614 Jefferson Highway in Jefferson, Louisiana.
This new addition to Ochsner’s Main Campus West is a five-story, 129,875-square-foot medical building. It will house three separate high-demand healthcare components, including Long Term Acute Care, Inpatient Rehabilitation, and a Skilled Nursing Facility. Ochsner will be the primary operator in the new building, along with Select Medical and LHC Group.
Construction started on the development in early 2017, and building and site work is now complete. The facility plans to open by the 2nd quarter of 2018.
The total project cost was $59,775,000. IBERIABANK provided the debt financing.
This acquisition further solidifies Stirling Properties’ commitment to growth in the Gulf South region and our diversification into the healthcare real estate sector. We have recently partnered with some of our region’s top medical providers on a diverse range of projects.
Our company’s ability to provide a full continuum of services, including development & redevelopment, commercial brokerage, acquisition & investment, and asset management services uniquely positions us in the rapidly expanding healthcare industry. We will continue to grow our portfolio and garner a wealth of experience with a wide array of healthcare properties, designs, and uses.
To learn more about Stirling Properties’ Healthcare Real Estate Portfolio, click here or visit stirlingprop.com.
Stirling Properties to Develop Medical Facility in LaPlace
Site Work Commences On New Home to Ochsner Medical Complex
Stirling Properties is pleased to announce the acquisition of 11.93 acres of land in St. John the Baptist Parish for development of a new medical facility and additional commercial development. The site is located at the northwest corner of W. Airline Highway and N. Sugar Ridge Road 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 on approximately 3.5 acres of land. Ochsner Medical Complex-River Parishes is relocating from Rue de Santé to this new facility at 1900 W. Airline Highway. Site work commenced the second week of July and completion is slated for the second quarter of 2017.
Ochsner is southeast Louisiana’s largest nonprofit, academic, multispecialty healthcare delivery system, encompassing numerous owned, managed and affiliated hospitals and neighborhood health centers across the region, and is consistently ranked among the top healthcare providers. Ochsner is also one of the largest employers in the area and a major economic contributor to the Gulf South region.
“Health care is a major growth sector, creating demand for medical facilities, office space and retail support,” said Townsend Underhill, Senior Vice President of Development for Stirling Properties. “Freestanding clinics and targeted medical service facilities are the future of health care and commercial real estate—this new development in LaPlace will not only bring services closer to our communities, but also create new jobs and economic opportunities.”
The adjoining +/- 8.4 acres of the LaPlace facility are currently available for additional commercial development. The property is zoned commercial and is open to compatible use expansion, e.g. office, hospitality, retail, medical, etc.
Stirling Properties has been at the forefront of commercial real estate investment and development in Southeast Louisiana and the Gulf South region, and is committed to bringing quality development and top-notch tenants into local neighborhoods. Since 2010, Stirling Properties has developed more than 3.7 million square feet totaling $465 million, almost exclusively in Louisiana.
For sales and leasing information, contact Beezie Landry at (985) 246-3781 or blandry@stirlingprop.com.
