Construction Nearing Completion for Redevelopment at Hammond Square
Former Sears and Rite Aid stores transformed into multi-tenant retail space.
Stirling Properties commercial real estate company is nearing completion on the redevelopment project at Hammond Square shopping center in Hammond, Louisiana. Demolition of the former Sears and Rite Aid buildings was completed earlier this year to make way for the $15 million multi-tenant retail redevelopment project.
This summer, the company announced that Michaels, HomeGoods, Five Below and PetSmart would be constructed on the former Sears parcel. Walk On’s Bistreaux & Bar has also recently announced its intention to join the tenant lineup with a projected opening in late summer of 2020. Constructions of the new space is underway and expected to be completed in the first quarter of 2020, with the retail tenants anticipated to open in the second quarter of 2020. Hammond Square is also developing a two-tenant outparcel building in front of the former Rite Aid that will be occupied by Five Guys and Chipotle. This building is also expected to be completed in the summer of 2020.
Rhonda Sharkawy, Senior Retail Leasing & Development Advisor with Stirling Properties, handled the lease transactions on behalf of the landlord.
“Stirling Properties is excited to welcome these first-class retailers to Hammond Square. They are all new to the Hammond market, and we are confident they will be extremely well-received by the surrounding Tangipahoa community. They complement our existing tenant mix perfectly—even further positioning Hammond Square as a leading shopping destination in the region. We look forward to adding even more great retailers to the center soon,” said Grady Brame, Executive Vice President with Stirling Properties.
Hammond Square is Tangipahoa Parish’s premier shopping destination, located on approximately 100 acres at the northwest corner of Interstate 12 and US Highway 51 Business (SW Railroad Avenue) in Hammond, Louisiana. It is the 2nd largest open-air center in Louisiana encompassing over 902,000-square-feet of more than 40 national and local retailers, shops and restaurants, including Dillard’s, Target, The Home Depot, JCPenney, Academy Sports+Outdoors, Best Buy, T.J.Maxx, ULTA Beauty, Books-A-Million and AMC Theatres. Stirling Properties redeveloped Hammond Square and currently manages and leases the center.
For more information on Hammond Square, visit www.hammondsquare.com or facebook.com/hammondsquare. For leasing and sales information, contact Rhonda Sharkawy at (504) 620-8145 or rsharkawy@stirlingprop.com.
Why is it important to have Buyer/Tenant Representation?
Your business is growing, and you need more space. Maybe you’re planning to expand into a new market. Perhaps you’re an investor looking to build your portfolio. Regardless of the scenario, if you’re considering buying or leasing commercial real estate, you will be faced with the same challenges: Finding the right location, negotiating a fair deal, and creating opportunity for future growth.
A listing or landlord broker has a fiduciary duty to their client (landlord/seller). Their job is filling available space as quickly and as profitably as possible. Due to that relationship, the buyer/tenant may not be fairly represented without their own broker, someone whose focus is on getting them the best deal and the best property for their needs. This three-part series will explain why it is in the best interest of a buyer/tenant to hire a broker to represent them in a transaction.
The best part is that the buyer/tenant can get fair representation with little to no cost!
Part 1: Buyer/Tenant Representation Broker
Real estate is a complicated business with many industry-specific terms, legal details and marketing intricacies, making it difficult for someone not actively involved with it to know where to begin. Hiring a tenant representation broker will give you the best opportunity to find the perfect space with fair lease terms.
1. The Call
You call the number on the “For Lease or Sale” sign, but you never get a callback. Landlords and sellers are busy people and often hire a listing broker. Both are more accustomed to working with other brokers.
Hiring a buyer/tenant rep can help solve this problem in two ways:
- A buyer/tenant rep has the backing and reputation of the brokerage firm they work for, which gives them more authority when making calls.
- The buyer/tenant rep likely has a professional relationship with the listing broker.
2. Not all properties are listed in one place
Looking through listings online can be difficult if the information is outdated or incomplete. A tenant rep has numerous resources to solve these issues and find the best option for you.
Commercial real estate brokers have access to the most accurate listing databases for the market. With the professional relationship tenant reps have with other brokers, it allows them to easily get updated information on available properties. Tenant reps also know of opportunities that are not yet on the market but will be available soon.
3. Finding the ideal space or investment
It is imperative to assess your needs when beginning the selection process. Buyer/tenant reps will ask you the necessary questions to analyze and determine your exact needs. Tenant reps can provide valuable insight into what your space requirements are and what amenities would benefit your business the most.
Questions to consider for tenants:
- Is your company growing? What is your projected growth?
- How does your office utilize space? Private offices, open floor plan, collaborative space?
A few questions for investors:
- In what product type do you want to invest in?
- Are you looking for a value-add opportunity or a stabilized asset?
- What type of return do you anticipate?
For tenants, deciding where your business should be located is one of the most crucial decisions you will make during the search process. A tenant rep has the experience and market knowledge to help answer questions you may have about different locations and market areas.
A few factors with location needs:
- Can the office be found easily? Is it easily accessible from major thoroughfares?
- What is the commute time for employees?
4. The Negotiation
The landlord or seller can quote you any rate or terms, and you have no way of knowing if that is the market standard beforehand. The buyer/tenant rep adds value to the negotiation process by knowing what economic and non-economic factors are common in the market. They will also walk you through the process and explain various items to you.
5. Should you even lease?
Sometimes leasing space may not be the best option for you. Purchasing a building may pay off in the long run, or coworking space can give you the flexibility of not being in a long-term lease. Depending on the market conditions and your company needs, purchasing real estate can be more cost-effective than leasing it. A tenant rep can help you define your needs and decide if purchasing or leasing is the best option for you.
Often, tenant reps uncover needs that business owners didn’t even realize, helping to ensure that a property is truly a perfect fit for the client.
Most importantly, your focus needs to be on running your business. A tenant representation broker takes the weight of the real estate process off your shoulders. Time is money; hiring a tenant rep broker can help you spend that time focusing on your business.
Look for Part 2: Why Signing a Buyer/Tenant Representation Agreement is Important
For questions about your commercial real estate or brokerage representation, contact Foster Murphy at fmurphy@stirlingprop.com or (225) 329-0282.
President’s Message: My Not So Perfect (20/20) Vision
The new year is underway, and we’ve all heard by now 2020 referred to as the year of perfect vision. Wouldn’t it be great if things were crystal clear for us in the commercial real estate industry—if all the unknowns in our business suddenly came into perfect clarity this year? If only it were that simple.
Having 20/20 vision does not necessarily mean you have perfect vision. 20/20 vision only indicates the sharpness or clarity of sight from a specific distance (20 feet). In our business, the real trick is not seeing what’s right in front of you, but further down the road. Author Jonathan Swift (most famously known for his work of Gulliver’s Travels) once said, “Vision is the art of seeing what’s invisible to others.”
It’s not about having 20/20 vision; it’s more about having insight, foresight, an intuitive understanding of what’s yet to come. Perfect vision is seeing what’s not there yet. And, that innate ability allows you to proactively adapt or change course before reality arrives.
That’s been our strategy here at Stirling Properties over the past year and will continue to be going into the new year. Of course, we can’t predict the future or foresee precisely what’s going to happen, but we can continually adapt and move toward a shared vision that maybe others can’t see yet.
For Stirling Properties, 2019 was another year of significant change and new ventures that we have never experienced before, including the expansion of our team, our portfolio, diversity of services and product offerings.
In 2019:
- We celebrated another record year in commercial brokerage, with nearly half a billion dollars in commercial volume (30% increase from last year) and almost 800 transactions.
- Earlier this year, we acquired the former SVN | Graham, Langlois & Legendre commercial real estate firm in Baton Rouge, Louisiana, and expanded our brokerage team in the Gulf South market by 30%. We subsequently merged and relocated our Baton Rouge offices to a new, larger space in United Plaza Office Park.
- We made our first acquisition in the state of Florida with Santa Rosa Commons, a 138,850-square-foot Publix-anchored shopping center in Pace, Florida.
- We completed the development of our first ground-up industrial project, Dana Inc. Service & Assembly Center, located in Fremaux Park in Slidell, Louisiana. We also celebrated tremendous growth of the surrounding Fremaux Town Center with the additions of Walk-On’s Bistreaux & Bar, Old Navy, Springhill Suites by Marriott, Waypoint multifamily community and Home 2 Suites.
- We demolished the former Sears and Rite Aid buildings at Hammond Square shopping center to make way for a new multi-tenant retail redevelopment project in Hammond, Louisiana. Michaels, HomeGoods, Five Below, PetSmart, Walk-On’s Bistreaux & Bar and Five Guys will occupy the space and are expected to open this summer.
- We celebrated the grand re-opening of Cornerview Plaza in Gonzales, Louisiana. Stirling Properties redeveloped and retenanted the 124,000-square-foot retail center, welcoming Marshalls, ULTA Beauty, Ross Dress for Less and Five Below to the tenant roster.
- We were part of an impressive team selected for the high-profile redevelopment of Southtown, an 18-acre mixed-use project in Birmingham, Alabama. Stirling Properties will handle the retail component of the development.
- We continued to grow our healthcare real estate services significantly. Last year, we partnered with Ochsner and LSU Health Shreveport on the renovation of St. Mary Medical Center, the former 860,000-square-foot former Christus Schumpert hospital in Shreveport, Louisiana, to include state-of-the-art patient care through multiple clinics, operating rooms, laboratory and diagnostic imaging services.
We celebrated many accomplishments in 2019—some things that were different from anything we have ever done before—but all these seeds were planted well before we could see them happening.
I would like to explicitly note the ‘WE’ starting each of those sentences. None of this would be possible without our remarkable, talented team. Our team is changing as well—last year, we added more than 40 people! Over half of our team has joined within the previous five years! This allows us a multitude of diversity, expert insight and adaptability.
Hindsight is 20/20, but foresight is best. Before we completely close the book on the past year, let’s take a moment to reflect on where we’ve been and how far we’ve come. Our vision for the future is to see past what’s right in front of us and focus our sights on what’s yet to come.
So Happy New Year, and here’s to hoping for semi-clear 2020 vision. May we have sight of what’s invisible to others and clarity of what’s around the corner, over the horizon, beyond the fog…you get the idea.
Stirling Properties Adds Two Advisors to Commercial Real Estate Team
Rankin Bihm recently joined the Stirling Properties team as an Advisor, working dually from the company’s Lafayette and Lake Charles offices. He is primarily focused on the sales and leasing of retail properties, with representation of both tenants and landlords. His specific geographical expertise is on the Southwest Louisiana market area.
Prior to joining Stirling Properties, Bihm served as a Multimedia Consultant, where he advised business clients on digital marketing and promotional strategies. He has a strong understanding of market research and analyzing competitor data, which translates to the real estate market, where he helps his clients to effectively locate and market properties. He also has extensive experience in the hospitality and service industry, where he honed superior customer service and relationship-building skills.
Bihm is a graduate of the University of Louisiana-Lafayette with a Bachelor of Science degree in Business Administration and was a member of the National Society of Leadership and Success. He is currently enrolled in the University of Louisiana-Lafayette MBA program.
Rankin is a volunteer with St. Joseph Parish Vacation Bible School and Keep Lafayette Clean. He is an avid reader and enjoys listening to podcasts—and all things sports.
Blaise Brown also joins the Stirling Properties’ commercial real estate team as an Advisor, working from the company’s New Orleans office. With a geographic focus on New Orleans East and St. Bernard Parish, he specializes in the sales and leasing of retail and industrial properties and raw land.
Brown is a member of the New Orleans Metropolitan Association of Realtors (NOMAR), the Commercial Investment Division of NOMAR (CID), International Council of Shopping Centers (ICSC), and Retail Brokers Network (RBN).
Born and raised in NOLA, Blaise is a graduate of St. Augustine High School and currently resides in New Orleans East. He holds a bachelor’s degree in Justice and Peace Studies from Georgetown University in Washington, D.C., where he played football and was named the Team Captain his Senior year.
While in Washington, Blaise served as a Sursum Corda educational tutor, helping to implicate new techniques of reading for children in the poverty-stricken neighborhoods. He helped to create opportunities and practices of learning between tutors and tutees while acting as a mediator between Georgetown students and Sursum Corda children.
President’s Message: Happy NOW
In this fast-paced, chaotic world we live in, we are frequently bombarded with constant communication and digital noise. We have so much clutter and stuff thrown at us daily that it’s easy to get caught up in the clamor of it all, particularly the negativity and vicious dialogue that plagues our social streams.
Sometimes it causes us to lose sight of the positive things, the important stuff, all the things for which we should be grateful. Often, it takes a setback or unfortunate incident to bring our perspective back into its proper place. You know the saying: you don’t realize how good you have it until it’s gone.
Too often, we spend so much time dwelling on the past or worrying about the future that we don’t appreciate what we have. But, truthfully, we only have now! Even when you look back on the past or plan for the future, you’re still doing it in the NOW. The only thing we can truly control is right here, right now.
So, there is no better time than now to pause and express my gratitude and thanks. I’m grateful for our Stirling Properties team, our clients, investors and friends, all the people who are critical to our success and have made our progress possible, and more importantly, for all your generosity, kindness and caring. I want to personally say THANK YOU; it’s not something we do enough of these days.
As I count my blessings this Thanksgiving Day, know that you are among them.
I wish you and your families a very Happy Thanksgiving and holiday season—and especially a very happy NOW!
Marty
Putting For A Purpose
Stirling Properties’ Annual Stirling Invitational Golf Tournament Raises $25,000 for local charities!
Stirling Properties hosted its 19th Annual Stirling Invitational Golf Tournament on Monday, November 11th at University Club Plantation in Baton Rouge, Louisiana. This year’s tournament successfully raised more than $25,000 for local charities!
Although the original tournament date was unfortunately rescheduled due to inclement weather, more than 100 golfers participated and brought their A game, enjoying a variety of friendly competition in addition to 18 holes of scramble golf tournament play.
Congratulations to the 1st Place Low Net winners, Bryan Hobnett, Callen Hotard, Justin Langlois, Chip Lavigne and Hunt Vaughn. The Low Gross winning team included Barrett Dick, Brett Hymel, Shawn Folks and Dex Shill.
The Longest Drive award went to Jason Williams, and Closest to the Pin prizes were presented to Justin Glenn, Wheeler Graf, Dan Smith and Rhett Hymel. Additional awards were given for 2nd and 3rd Low Gross and Low Net. A special shout out to the Highest Gross scoring team, Steve Legendre, Chad Calongne, Mitch Rotolo, Mitch Rotolo Jr.
All the putting was for a purpose though, with local nonprofit organizations benefiting from the tournament proceeds. Ochsner Foundation received $10,000 from the proceeds, and the remaining profits will be distributed to various local charitable causes.
Representatives from Ochsner Foundation were on hand to receive a check for their contributions. Grady Brame, Executive Vice President with Stirling Properties, presented a check to Jason Ruggles, Assistant Vice President of Corporate Real Estate with Ochsner Health System, 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 to TAF for the LSU Golf Team.
“Despite having to reschedule the tournament—from our original date in October—due to some pretty nasty weather, the Stirling Invitational Golf Tournament was still a huge success. 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. We hope to see you next year!” said Brame.
The Stirling Invitational Golf Tournament has contributed more than $264,000 to numerous organizations over the past 19 years.
Thank you to all our friends and supporters who participated and contributed to the Stirling Invitational Golf Tournament. This event would not be possible without you.
#StirlingProud
Thank you to Big Easy Parking Lot Maintenance, Cosmich Simmons & Brown PLLC, Gulf South Electric, River Parish Disposal, AOS, Business First Bank, Chris’ Paving, Coastal Environmental Services, Connelly Construction Group, Cost Segregation Services, Covington Electric Services Inc., Geiger Heating & Air, ITS Fire Alarm Security LLC, Jefferson Sprinkler, Larry Loyd Construction Co., Moran Construction Consultants LLC, PMAT Real Estate Investments, Premier Service Team LLC, Premium Parking, Professional Maintenance Services, Southeastern Waterproofing, Southern Farm Bureau Life Insurance Company, Upchurch Services, CMC, Moradel Cleaning Services Inc., Angelos Landscaping, B&G Lawn Maintenance LLC, Cook Moore & Associates, CSRS Inc., Dale’s Paving Inc., NcNeer Electrical Contracting Inc., Unit Design Inc., CertaPro Painters of Lafayette, Delta Flooring, Dixie Office Products, Floor Trader, Huseman & Associates LLC, Mele Printing, ACA Mechanical/Industrial LLC, T.L. Construction LLC, Grass Unlimited, Acadiana Lighting & Signs, CJ Ladner Insurance Agency Inc., Multitech Office Machines and Sign Lite.
