Stirling Properties Announces Recent Activity In South Alabama
Alabama’s 1st plaza development & new area tenants
Stirling Properties is excited to announce recent activity in the South Alabama areas of Daphne, Gulf Shores, Mobile and Orange Beach. For more information, please contact Jeff Barnes, listing broker with Stirling Properties in Mobile.
DAPHNE COMMONS (Daphne)
- Daphne Commons will be a signature development on the Eastern Shore of Baldwin County. The new shopping center will consist of approximately 27,000 square feet and construction is anticipated to start in early 2016. The initial phase of the center will feature 2 buildings. Expansion space and an out parcel will also exist.
- National tenants are in the works and will be announced soon!
WAHOO PLAZA (Gulf Shores)
- Located along Foley Beach Expressway at Highway 8, Wahoo Plaza will be Alabama’s first plaza-type development! Infrastructure and underground retention is under way with 3.77 acres available for sale/lease.
- A Shell gas station and convenience store will be included in the development.
ONE ST. LOUIS CENTRE (Mobile)
- Birmingham-based Oakworth Capital Bank is opening its first Mobile location occupying 4,700 square feet at One St. Louis Centre. The company intends to establish a full-service office, including commercial and private banking in the near future.
THE WHARF (Orange Beach)
- Stirling Properties was retained to re-evaluate and develop a revised master plan for the 65 acres of undeveloped land at The Wharf, a mixed-use waterfront development in Orange Beach.
- Stirling Properties is excited to announce new tenants to The Wharf, including Sea la vie Design, a 5,497-square-foot furniture and design studio, Orange Grove, a 1,597-square-foot gift shop and Montego’s Caribbean Cafe’ and Bar, a 9,301-square-foot waterfront restaurant, expected to open in February 2016.
- Several significant new tenant leases will be announced in the coming weeks!
Stirling Properties is located in One St. Louis Centre, 1 St. Louis Street, Suite 4100 in Mobile. For more information regarding our services, please visit us at www.stirlingproperties.com.
First Tenant Opens at the Offices at Mid-City Market in New Orleans
Additional Tenant Announcements Coming Soon
Stirling Properties is excited to announce the opening of the first tenant at Offices at Mid-City Market, a 54,000 square foot, mixed-use complex in the burgeoning Mid-City neighborhood of New Orleans.
Orangetheory Fitness, a fitness studio that specializes in hour-long group interval training workouts, has opened their first Louisiana location at Offices at Mid-City Market. Orangetheory is currently open and will celebrate their Grand Opening on December 31st. For more information, visit www.orangetheoryfitness.com/new-orleans.
Joining the previously announced Gallo Mechanical, LLC corporate headquarters and Orangetheory Fitness, are Exceptional Dental and H-3 Aesthetics & Dermatology.
Gallo Mechanical, LLC, a leading mechanical contracting company in the Gulf South, will be the first office tenant to open in the building, occupying 15,448 square feet. Gallo has relocated their corporate headquarters from Metairie to New Orleans.
Exceptional Dental, providing restorative and beautifying dentistry to patients across Louisiana is scheduled to open spring 2016.
H-3 Aesthetics & Dermatology, offering general and cosmetic dermatology services, along with a juice bar, is also scheduled to open spring 2016.
New tenant announcements coming soon!
Located adjacent to Stirling’s recently completed Mid-City Market development, this building was originally constructed in 1954 and was most recently the home of Loubat Foodservice Equipment Company. Throughout the course of this development, Stirling Properties has maintained the historic integrity of the existing structure while renovating the interior into a combination of office and retail space and consequently brought a prominent neighborhood building back into commerce.
For more information and leasing opportunities for Offices at Mid-City Market, contact Joe Gardner at jgardner@stirlingprop.com or 504-620-8140.
Shreveport-Bossier City Retail Market Survey
Stirling Properties is pleased to present the first semi-annual Shreveport-Bossier City Retail Survey. This report, compiled by Stacy Odom and Karen Hannigan, Broker Associates of our Shreveport office, is intended to give the reader a broad understanding of the market as well as specific information about the available square footage, occupancy and rental rates of each retail center greater than twenty thousand (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 Shreveport-Bossier City retail market.
In compiling this mid-year 2015 retail survey, it was noted that vacancy rates on existing inventory are falling, lease rates are increasing and retail investment sales are in high demand. Overall market rates are increasing due to new product and lack of second generation space, as well as many new restaurant and service concepts entering the market to take advantage of co-tenancy opportunities. The majority of retail growth is still occurring in South Shreveport and North Bossier, adding to the market’s most heavily concentrated and demanded retail areas. Phase I of the three new Community Center developments will be predominantly pre-leased before opening. It will be interesting to see if the high demand for retail growth continues and if, as a result, the additional, future phases of these developments will come to fruition.
Please click here to view and download the PDF of the complete Shreveport-Bossier City Retail Survey.
New Orleans’ Office Market Taking Shape
Gaines Seaman, Sales and Leasing Executive for Stirling Properties, recently contributed an article for Southeast Real Estate Business magazine’s Market Highlight section. The insightful article, entitled “Following Massive Conversions, New Orleans’ Office Market Is Taking Shape,” profiles the bustling office market activity in downtown New Orleans. Check out the excerpt below and click here to read the full article.
“In the past 12 to 18 months, more than 1 million square feet of what used to be considered office space in downtown New Orleans has been converted to retail, hotel, residential or multifamily use. Projects such as 225 Baronne Street, the 1100 block of Tulane Avenue, 600 Carondelet Street, Factor’s Row redevelopment and approximately 130,000 square feet of space at 1250 Poydras Street (a 423,000-square-foot, Class A tower) are just a number of examples. More of this space was unoccupied than occupied at the time of the conversions. The most recent of these conversions, 600 Carondolet Street, resulted in the largest absorption of Class A office space in the market. Additionally, URS, now AECOM, leased approximately 70,000 square feet of space in 1515 Poydras, a 530,000-square-foot building located across from the Mercedes-Benz Superdome. In the central business district (CBD), Class A office occupancy is a healthy 90 percent and average rental rates have increased in the past 12 to 24 months to approximately $19 per square foot. Recently, notable longterm commitments to New Orleans include Shell Oil Co. and FM Services (Freeport McMoRan), both through 2026. Shell Oil anchors One Shell Square, the largest office tower in New Orleans, and committed to occupy half of the 1.3 million-square foot building in 2015. FM Services occupies 210,000 square feet of the 510,000-square-foot Freeport McMoRan Building, also on Poydras Street. Ochsner Health System recently finalized a deal to lease the entire Lord & Taylor Building, measuring 115,000 square feet. The building will be retrofitted, against the current trend in the CBD, from former retail space to office space for Ochsner’s occupancy. The term is estimated to commence in late 2016.”
Tsunami Sushi Coming to Pan American Life Center in New Orleans
First Tenant Announced for First Floor Conversion
to Retail & Restaurant Space
Stirling Properties is excited to announce the addition of Tsunami Sushi to Pan American Life Center, located at 601 Poydras Street in New Orleans’ Central Business District. Pan American Life Center, a premier Class-A office building located at the prominent corner of Poydras Street and St. Charles Avenue, is set to undergo a first floor conversion to retail and restaurant space with more exterior exposure. Tsunami Sushi is the first announced tenant for the conversion with additional deals under negotiation.
The approximately 6,700-square-foot restaurant will be Tsunami Sushi’s fourth location and will open in late 2016. “We think it’s the perfect location for easy access for the neighboring businesses and residents as well as tourists” says Tsunami owner Michele Ezell. Tsunami Sushi is locally and regionally renowned with the success of their Lafayette location and in Downtown Baton Rouge on the top floor of the signature Shaw Center. “Tsunami will serve as the anchor for our conversion of the first floor to retail and restaurants. We are excited about the concept and the energy it will bring to our Pan Am building,” says Grady K. Brame, Executive Vice President at Stirling Properties.
Exciting information regarding the first floor conversion will be announced soon.
Rhonda Sharkawy and Dan Tate, both Sales and Leasing Executives with Stirling Properties, completed the transaction. Ms. Sharkawy represented the landlord and Mr. Tate represented Tsunami Sushi. For more information regarding Pan American Life Center, contact Gaines Seaman at gseaman@stirlingprop.com or call (985) 620-8187.
Stirling Properties Announces Most Recent Transactions from our Alabama and Florida Offices
Below is a list of Stirling Properties’ most recent closed transactions by Brokers in our Alabama and Florida offices. For more information on the individual transaction, please contact the Agent associated with that transaction.
ALABAMA
- The Legacy Village Shopping Center in Mobile, Alabama was sold to a group of local investors. The 82,000 square-foot center features tenants such as Talbots, Jos. A. Bank, Zoes and Alabama Outdoors. Nathan Handmacher with Stirling Properties handled the sale.
- The 146,000 square-foot, former Coastal Door and Window Warehouse in Mobile was leased to regional trucking and warehousing company BR Williams Trucking, LLC. Nathan Handmacher with Stirling Properties handled the lease.
- IMC – Pediatrics & Adolescent Medicine, PC leased 8,259 SF at Airport and Azalea. Nathan Handmacher with Stirling Properties handled the lease.
- Cricket Wireless has leased the former Radio Shack space in front of Walmart in Saraland, Alabama. Andrew Dickman with Stirling Properties handled the lease.
LOUISIANA
- Dirt Cheap has leased 60,000 square-feet at 1000 Roma Avenue in Hammond, Louisiana and plans to open Dirt Cheap and Dirt Cheap Building Supplies. Construction is currently underway and the stores will open around Thanksgiving on 2015. Andrew Dickman of Stirling Properties handled the lease.
Stirling Properties is located in One St. Louis Centre, 1 St. Louis Street, Suite 4100 in Mobile, Alabama and at 220 W. Garden Street, Suite 802 in Pensacola, Florida. For more information regarding our services, please visit us at www.stirlingproperties.com.
