2017 Office Market Survey: Mobile CBD & West Mobile, AL
Stirling Properties is pleased to present the 2017 year-end Mobile Office Market Survey. This report, compiled by Jack Conger and Jill Meeks, Sales & Leasing Executives in our Mobile office, is intended to track average rental rates, occupancy rates, and average absorption rates for West Mobile and the downtown Central Business District (CBD) on office buildings greater than 20,000 square feet. It was created to be a resource for agents, as well as tenants, landlords, developers, lenders, fellow brokers and anyone else looking for information about the Mobile office market.
All information provided in this report would not be possible without the cooperation of our staff and colleagues and we would like to thank all of those who contributed.
Here’s an excerpt from the Mobile Office Market Survey:
The last two quarters of 2017 saw an increase in investment activity in the area with many notable transactions, redevelopments and sales.
In leasing news, Armbrecht Jackson, LLP has subleased a portion of the Regions Bank space at RSA Battle House Tower and will be vacating the top two floors of Riverview Plaza. The CBD occupancy rates had a slight increase from 68.3% to 70.2%, average rental rate of $17.28, and an absorption rate of .25%.
There were also many exciting economic announcements for Mobile, such as the partnership of Airbus and Bombardier that could bring a second aircraft assembly line to the market, and the decision of steelmaker SSAB Americas to move the headquarters of its American division from Chicago to Mobile. Rest assured, there are more to follow in the coming months and years!
Please click here to view and download the PDF of the Mobile Office Market Survey.
Stirling Properties Highlights Leading Ladies In Commercial Real Estate!
Last month, several Team Stirling Properties members were acknowledged and awarded for their successes and contributions to the Gulf South commercial real estate industry.
Melissa Warren, CCIM, Sales & Leasing Executive, was selected by the New Orleans Metropolitan Association of REALTORS® (NOMAR) Commercial Investment Division (CID) as a member of its governing Board of Directors. Warren is one of only three women to hold this post. She will assume the position on January 1, 2018, and serve for a two-year term.
Warren has provided commercial real estate advisory services for more than 16 years, with a focus on industrial, office, and retail sales and leasing, as well as tenant and landlord representation. She was awarded the Top Producer Ruby Award by the Gulf Coast Association of Realtors (GCAR) for completing the largest number of commercial transactions on the Mississippi Gulf Coast, and inducted into the Top Producer Round Table for lifetime achievement. She is a graduate of Mississippi State University and holds a Bachelor of Arts degree. She is a member of the National Association of Realtors (NAR), NOMAR CID, CCIM Institute, Louisiana Chapter of CCIM, and ICSC (International Council of Shopping Centers).
Carly Plotkin, Sales & Leasing Executive, was awarded a $1,500 NOMAR CID Education Scholarship. The scholarships are designed to help individual CID members increase their knowledge and education in the fields of commercial and industrial real estate. The scholarship may be applied to courses from many different providers (i.e., CCIM, SIOR, IREM, LR, UNO, etc). She is one of only three recipients awarded this year.
Plotkin joined Stirling Properties in 2016. Her primary focus is on tenant and landlord representation, as well as a strong interest in the retail and hospitality market. She has worked with national, regional, and local clients in both marketing and leasing capacities. She was the recipient of the 2017 “Rising Star Award” at the NOMAR CID Annual Achievement Awards ceremony. She is an active member of ICSC and holds the position of Next Generation State Chair for Louisiana. She is also a member of the Retail Brokers Network (RBN), and serves as RBN’s NextGen Southeast Committee Chair. Plotkin is a graduate of Tulane University with a bachelor’s degree in Consumer Behavior/Marketing and Management.
Rhonda Sharkawy, Senior Retail Leasing & Development Executive, was recognized in New Orleans CREW (Commercial Real Estate Women) Network’s member spotlight for the month of November. New Orleans CREW Network is the premier commercial real estate association in the Greater New Orleans Metropolitan Area for women from all disciplines of commercial real estate.
Sharkawy joined Stirling Properties in 1998, and has commercial experience working with new retail developments, redevelopments, and leasing of existing shopping centers. In addition, she represents over a dozen national retailers throughout Louisiana. She is a graduate of Loyola University in New Orleans with a bachelor’s degree, and a master’s degree in Land & Real Estate Development. She also completed coursework for a master’s degree in Construction Science from Texas A&M University. Sharkawy is active in ICSC and serves on Loyola University’s Board of Trustees. She has been inducted into the National Association of REALTORS® Commercial Hall of Fame for having the highest volume of transactions in the marketplace for at least 5 years. She is one of only three inductees in the Hall of Fame, and the only woman to achieve this distinguished honor.
These women are truly leaders in the commercial real estate industry and are serving as trailblazers for others in the business. A recent study commissioned by CREW Network tracks 10 years of progress for women in a traditionally male-dominated industry. The report found that women in commercial real estate are more satisfied with their career progression than they were a decade ago, a substantial leap for the industry. Successes included more women filling senior vice president, managing director, and partner positions—even women starting their own real estate companies. Women in commercial real estate have achieved equal or close-to-equal standing as men in many aspects. (Read the full report HERE.)
While there is still much work to do, progress is happening. We are proud of our Stirling Properties’ team and all the women who are making a difference in commercial real estate!
#StirlingProud
National Association of REALTORS® Selects Bradley Cook For Research Committee
Stirling Properties’ Sales and Leasing Executive, Bradley Cook, has been selected by the National Association of REALTORS® (NAR) as a Member at Large on its Research Committee. He will assume the position on December 1st of this year and serve through November 30th of 2018.
The NAR Research Committee focuses on market conditions in the real estate industry as well as developments in the general economy. It identifies topics on which research and information are needed in order to improve the productivity and profitability of REALTOR® firms, state associations, and local boards, and determines how that data can best be utilized.
The committee holds multiple meetings throughout the year and garners national and regional market data from its respective members to determine industry activity, trends, or topics that need to be the focus for legislative and/or lobbying efforts.
The goals of the 2018 Research Committee include the completion of an in-depth review of current major research reports and advise on needed changes or adjustments; identify new trends/issues related to the real estate industry and provide research support; and explore and develop improved methods of dissemination of, and ease the access to, research for members and stakeholders.
“I am excited to gain the insight that this committee will provide,” said Cook. “The opportunity to receive national and regional industry data, and to help the committee make critical decisions on the proper path forward for our industry is a tremendous responsibility.”
Cook is a member of Stirling Properties’ Commercial Brokerage Division and works from the company’s Northshore office located in Covington, Louisiana. His primary focus includes industrial, urban core, and land development as well as tenant representation in the retail and office markets. He has worked with numerous landlord and tenant clients from multiple industries including fitness, film, a micro-brewery start-up in the Baton Rouge market, and is the lead broker for Louisiana’s premier future industrial mega-site development.
He is a member of both the East and West St. Tammany Chambers of Commerce, the Louisiana CCIM Chapter, the Commercial Investment Division of the New Orleans Metropolitan Association of Realtors, and the National Association of REALTORS®. Cook holds a commercial real estate license in Missouri, Kansas, and Louisiana and is a CCIM candidate.
The National Association of Realtors is America’s largest trade association, representing over 1.2 million members, including NAR’s institutes, societies, and councils, involved in all aspects of the residential and commercial real estate industries. Membership is composed of residential and commercial realtors who are brokers, salespeople, property managers, appraisers, counselors, and others engaged in the real estate industry.
Bradley Cook can be reached at (985) 246-3720 or bcook@stirlingprop.com.
Walmart Grocery Pickup Location Coming to Metairie, Louisiana
Stirling Properties commercial real estate company is pleased to announce a recent lease to Walmart for a new standalone grocery pickup location in Metairie, Louisiana. The highly visible property is located at 615 Veterans Memorial Boulevard, between Aris and Focis Streets, in the former Whitney Bank location.
Photo courtesy of Walmart
Walmart will be renovating the existing building to include a roughly 4,000-square-foot, 2-story distribution facility. Work is expected to commence within the month, with an anticipated opening by the end of 2017.
The new-to-market grocery concept allows customers to order products online and pick them up at a selected location, usually a Walmart store. According to the retailer, more than 30,000 items—including produce, meat, seafood, dairy, bakery items, as well as health and beauty products–can be ordered online and picked up for free at designated sites.
The new facility on Veterans Memorial Boulevard will mark the first standalone grocery pickup location in the greater New Orleans region, allowing shoppers the convenience of a drive-thru site without ever having to exit their vehicles or visit a Walmart store. This facility also adds an additional grocery pickup location for consumers aside from the existing Walmart store located at 8912 Veterans Memorial Boulevard in Metairie.
Walmart is working to enhance its curbside pickup services in an effort to provide the same low prices as in stores, along with convenience to save customers time and money. Walmart is rapidly expanding grocery pickup locations, bringing the number to more than 1,000 sites nationwide.
Joe Gardner, CCIM, and Carly Plotkin, Sales & Leasing Executives with Stirling Properties handled the lease transaction on behalf of the landlord.
“Stirling Properties is excited to bring this new-to-market concept to the greater New Orleans region, while putting this high-profile property back into commerce,” said Gardner. “Consumer shopping behaviors are changing—they want choices and they demand convenience. Walmart is on the front lines in the push to provide omnichannel options for grocery shopping, and we hope this is just the first of more pickup locations to come to our area.”
What’s Happening at Fremaux Town Center?
Stirling Properties and CBL Properties are pleased to announce and welcome new tenants to Fremaux Town Center in Slidell, Louisiana.
Click to view larger image
Pizza Platoon has leased 2,500 square feet of restaurant space as part of a new building suite that was recently constructed on the east side of Levis Lane, across from LensCrafters. Build out is underway for the space and the eatery plans to open in the summer of 2018. Kay Jewelers occupies the additional 2,000 square feet and opened this past Wednesday.
Previously announced, Rock N Roll Sushi will celebrate its grand opening soon. European Wax Center is now open.
Ruth Garrett Way, a new road that connects Town Center Parkway and Bill Garrett Road (I-10 Service Road), opened for public access late this summer. This new infrastructure will provide access and utilities to open up another 50+ acres for development including the upcoming Springhill Suites.
Springhill Suites by Marriott is still on track to begin construction early next year and plans to open in the fourth quarter of 2018. The four-story hotel will have 88 rooms and will be located on the south side of the shopping center at the corner of Ruth Garrett Way and Bill Garrett Road.
Fremaux Town Center, anchored by Dillard’s, Dick’s Sporting Goods, Kohl’s, and Best Buy, is a roughly 350-acre regional mixed-use development located at the southwest corner of Interstate 10 and Fremaux Avenue in Slidell, Louisiana. The center includes approximately 635,000 square feet of retail and restaurant options, as well as Springs at Fremaux Town Center’s 296 luxury residential apartment units, and Springhill Suites by Marriott soon under construction. Additional phases are coming soon with added residential, retail, and office park.
Tenants include Albasha Greek & Lebanese Restaurant, Allure Spa, Aveda, Bath & Body Works, Bellagio Nail Spa, Best Buy, BJ’s Restaurant & Brewhouse, Books-A-Million, Buckle, Capital One, Carter’s, Charlotte Russe, Cheddar’s, Chico’s, Chipotle Mexican Grill, Claire’s, Dentists of Slidell, Dick’s Sporting Goods, Dillard’s, dressbarn, European Wax Center, Five Below, Five Guys Burgers & Fries, Forever 21 Red, Francesca’s, GNC, Goodyear, Great American Cookie Company, Journeys, Kay Jewelers, Kirkland’s, Kohl’s, LA Fitness, Lane Bryant, LensCrafters, LOFT, Longhorn Steakhouse, Luxe 83, Marble Slab, Massage Envy, Mattress Direct, Michaels, Off Broadway Shoe Warehouse, Panera Bread, Payless Shoes, PetSmart, Pier 1 Imports, Pizza Platoon (coming 2018), Rack Room Shoes, Red Robin, Rock N Roll Sushi, rue21, Smoothie King, Sports Clips, Springhill Suites by Marriott (coming 2018), Starbucks, Tesla (charging stations), T.J.Maxx, Torrid, Ulta Beauty, Verizon Wireless, Versona, Victoria’s Secret, Which Wich and Zales.
Fremaux Town Center is currently 97% leased, and jointly owned by affiliates of CBL Properties and Stirling Properties. Stirling and CBL manage and lease the property.
For leasing information, contact Ryan Pécot at 337.572.0246 / rpecot@stirlingprop.com or Tim Gilmore at 423.490.8358 / Tim.Gilmore@cblproperties.com
Golf Fore! Good 2017
Local charities score during Stirling Properties’ Annual Stirling Invitational Golf Tournament
Stirling Properties hosted its 17th Annual Stirling Invitational Golf Tournament on Monday, October 9th at University Club Plantation in Baton Rouge, Louisiana. 114 golfers participated in the scramble event and were treated to a great day of food, fun and fellowship—along with a little friendly competition—all for a good cause.
Congratulations to the 1st Place Low Net winners, Jerry Berggren, Keith Bischoff, Jared Giovingo and Steve Lousteau. The Low Gross winning team included Rick Perry, Scott Brame, Sr., Scott Brame and Jimmy Maurin. The Longest Drive award went to Blake Bailey, and Closest to the Pin prizes were presented to Keith Rotolo, David Wascom and Kasey Dorr. Additional awards were given for 2nd, 3rd and 4th Low Gross and Low Net as well as Highest Gross Score (you know who you are).
Grady Brame, Stirling Properties Executive Vice President, and Todd Stevens, Mary Bird Perkins Cancer Center President and CEO
But the real winners were the local nonprofit organizations that benefited from the proceeds. This year’s tournament successfully raised more than $25,000 for local charities! In support of Breast Cancer Awareness month, Mary Bird Perkins Cancer Center Foundation received $10,000 from the proceeds. The remaining profits were distributed to various local charitable causes.
Representatives from Mary Bird Perkins Cancer Center Foundation were on hand to receive a check for their contributions. Grady Brame, Executive Vice President with Stirling Properties, presented a check to Todd Stevens, President and CEO of Mary Bird Perkins Cancer Center during an awards celebration and cocktail reception following the tournament. Rick Perry, President and CEO of Tiger Athletic Foundation, was also presented with a $1,000 check in honor of the LSU Golf Team.
“Despite a challenging weekend due to Hurricane Nate threatening the Gulf Coast, the 17th Annual Stirling Invitational Golf Tournament proceeded as planned and was a huge success,” said Brame. “We were once again able to raise funds for local nonprofit organizations that are doing such great work right here in our communities. We are grateful for the generosity of our tournament sponsors and thank everyone who came out to support us. See you next year!”
The Stirling Invitational Golf Tournament has contributed more than $214,000 to numerous organizations over the past 17 years, with Mary Bird Perkins Cancer Center Foundation being the majority beneficiary of proceeds. Since 2004, $127,000 has been donated to the center in support of its cancer research and care-giving efforts.
Thank you to all of our friends and supporters who participated and contributed to the Stirling Invitational Golf Tournament. This event would not be possible without you.
#StirlingProud
Additional sponsors include Netchex, Newmark Knight Frank, Metairie Bank, Real Estate Tax Group, Big Easy Parking Lot Maintenance, Gulf South Electric, Dixie Office Products, Geiger Heating & Air, Jones Fussell LLP, PMAT Real Estate Investments LLC, Premier Service Team, Premium Parking, River Parish Disposal, Ryan Gootee General Contractors, SCS Electric Inc., Southeastern Waterproofing, Trimark, CMC (Calcasieu Mechanical Contractors), Angelos Landscaping, Champion Security, Cook Moore & Associates (Cornerstone), Cost Segregation Services Inc. (CSSI), Huseman, Jeffrey Lipp Parking Lot Services, Precision Concrete Cutting of Louisiana, Professional Mechanical, Resource Bank, Southeastern Contracting, Unit Design, Thermal Products, Grass Unlimited, and Sign Lite. A huge shout out to Fidelity Bank for sponsoring lunch.
