Stirling Properties Awarded Contract for Management and Leasing of Manhattan Place Shopping Center in Harvey, Louisiana
Stirling Properties has been awarded a contract to provide management and leasing services for Manhattan Place Shopping Center located in Harvey, Louisiana. The 137,315 square foot shopping center includes Target, Ross Dress For Less, Rue21, Lane Bryant, AT&T and more.
For leasing opportunities contact Rhonda Sharkawy at 504-620-8145 or rsharkawy@stirlingprop.com. For more information on Stirling Properties’ management services visit our website at stirlingprop.com/services/PropertyAssetManagement.
Gulf South Investment Sales
Investment Sales remain a hot segment of the Commercial Real Estate Market in the Gulf South and opportunities continue to present themselves. A strong 2014 has bled over and the pattern is expected to continue.
Historically, local investors were hot on Louisiana, Mississippi and South Alabama earning slightly higher returns than most of the country. National and international investors viewed these markets as “risky” and, while considering properties in Texas and Florida, the Gulf South was too often overlooked, shrinking the buying pool.
In the past several years, that has all changed. Perception is reality, and here in the Gulf South is no exception. Low interest rates coupled with economic indicators stronger than national averages during the economic downturn grabbed the attention of investors from around the country. This led to increased activity from national investors who began seeing the opportunity that exists in these markets.
Six months ago some were asking “will lower oil prices impact the economic fundamentals in this market” and “will that impact pricing” in the Gulf South? The answers are yes and no. Yes, the energy sector does play a part in the economy. No, it has not affected pricing any more than in any other part of the country. Twenty years ago, these answers would not have been the same. Today, the economy of the Gulf South is more diverse than ever with rises in manufacturing, healthcare, technology and tourism making it more stable and attractive to investors. Gone are the days when the Gulf South economy relied so heavily on the energy sector.
Today, instead of overlooking the Gulf South, national investors are seeking out opportunities and considering properties within these markets as comparable to those of other similar markets around the country. While this may not seem to be an accomplishment, it is the first time in decades that these markets have competed on a national stage.
The continued low interest rate environment has caused many Gulf South owners to reconsider selling properties that they may not have in the past. While the so-called “bargains” of a few years ago are not as prevalent and several 2014 sales were done at all-time low cap rates, interest in acquisitions in the Gulf South remains very strong.
In 2014, Stirling Properties closed over $120 million in Investment Sales and is projecting similar numbers in 2015. Our knowledge of the Gulf South, comprehensive in-house brokerage services and proven track record of buying and selling investment properties positions us as the regional industry leaders for investment sales.
Stirling Properties Awarded Leasing Contract for Spanish Fort Town Center in Spanish Fort, Alabama
Stirling Properties has been awarded a contract to provide leasing services for Spanish Fort Town Center, a 447,748 square-foot mixed-use development, located in Spanish Fort, Alabama.
Totaling more than 230-acres at the intersection of Interstate 10 and Highway 90/98, Spanish Fort Town Center is anchored by Bass Pro Shops, JCPenney and Kohl’s. The site also features a Wells Fargo Bank, two Marriot hotels, retail and a restaurant. In addition to a new 3.5-acre community park, this prime location continues to undergo additional enhancements to match the sites superior access, interstate visibility and the highest traffic count in Baldwin County.
For information about available leasing opportunities, contact Jeff Barnes jbarnes@stirlingprop.com or 251-375-2496 or Angie McArthur amcarthur@stirlingprop.com or 251-375-2481.
Spanish Fort Town Center is owned and managed by Cypress Equities (Cypress). Cypress was founded in 1995 and has since established a national reputation synonymous with the premier development, operation and management of destination-class retail and mixed-use properties throughout the United States.
New Stores Coming to Phase II of Fremaux Town Center in Slidell, Louisiana
Stirling Properties and CBL & Associates Properties, Inc. (NYSE: CBL) officially announce twelve additional new tenants coming to Fremaux Town Center in Slidell, Louisiana. Anchored by a 128,000 square-foot Dillard’s, the second phase of this development will include approximately 285,000 square feet of additional retail space, including previously announced tenants Red Robin, Zales, Francesca’s and Aveda. Construction is moving along as scheduled with a planned opening of Phase II this October.
Joining the previously announced tenants are:
- Off Broadway Shoe Warehouse – 17,024 Square Feet
- Forever 21 Red – 16,900 Square Feet
- Pier 1 Imports – 9,000 Square Feet
- Victoria’s Secret – 7,226 Square Feet
- Buckle – 5,000 Square Feet
- Charlotte Russe – 5,000 Square Feet
- LOFT – 4,905 Square Feet
- Bath & Body Works – 3,090 Square Feet
- Torrid – 2,800 Square Feet
- Journeys – 2,175 Square Feet
- Claire’s – 1,204 Square Feet
- Which Wich – 1,267 Square Feet
Currently 100% leased and occupied, Phase I of Fremaux Town Center opened in March 2014 with approximately 350,000 square feet of retail anchored by Dick’s Sporting Goods, Michaels, T.J.Maxx, Kohl’s and LA Fitness. Located on more than 80 acres at the southwest corner of Interstate 10 and Fremaux Avenue in Slidell, Fremaux Town Center will be roughly 635,000 square feet upon completion. With its interstate location and high-visibility, Fremaux Town Center is expected to become a regional shopping destination.
For leasing information, please contact Ryan Pecot at 337-572-0246 or email at rpecot@stirlingprop.com; Rodney Gordon at 423-553-8704 or email at rodney_gordon@cblproperties.com or Tim Gilmore at 423-490-8358 or email at tim_gilmore@cblproperties.com.
Stirling Properties’ Commercial Agents among Top Producers at Annual NOMAR CID Awards Ceremony
Stirling Properties’ commercial agents were honored during the New Orleans Metropolitan Association of Realtors Commercial Investment Division’s 22nd annual awards banquet held Wednesday, April 22, 2015 at GW Fins.
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 fifth consecutive year to receive this honor and one of only a handful of women to achieve it since it was created back in 1964. Ms. Sharkawy was also awarded with Overall Top Retail Producer, Top Landlord Retail Lease and Most Transactions. Gaines Seaman received the Overall Top Office Producer Award and the Top Landlord Office Lease. Joe Gardner, Ms. Sharkawy and Mr. Seaman were also among Achievement Award recipients. Stirling Properties received 1st Place and 3rd Place for the Largest Transaction Award.
Stirling Properties Ranks Among Top 10 Commercial Real Estate Firms in Alabama
Business Alabama recently published their 2015 Top Rank issue and I am happy to report that just a year and a half after opening our first office in Mobile, Alabama, Stirling Properties is ranked among the Top 10 Commercial Real Estate Firms in the State of Alabama.
Since establishing our Mobile office in October 2013, we have worked tirelessly to expand our presence throughout Alabama and eastward into the Florida market. Here are a few highlights:
- CEO Marty Mayer delivered last year’s ACREcon keynote address, introducing Stirling Properties and highlighting the rise of the Gulf Coast.
- We acquired John Toomey & Company, Inc., a commercial real estate company in Mobile with over 20 years’ experience, integrating 1.8 million square feet into our existing managed and leased portfolio.
- Just last month, we relocated our Mobile office into a larger 5,100 square-foot space at One St. Louis Centre in downtown Mobile, a building we also manage and lease.
- At the end of 2014, we opened a new office in Pensacola, Florida, in SunTrust Tower, an office building we also manage and lease.
- In the beginning of this month, we were awarded a contract for leasing and property management of Santa Rosa Mall in Mary Esther/Fort Walton Beach, Florida.
We now total over 2.5 million square-feet of managed properties and 34 employees/brokers in Alabama and Florida – in just a year and a half. I am extremely proud of our latest Alabama ranking and, most importantly, what the Stirling Team has accomplished in the Alabama and Florida markets over this short time frame. We are strongly committed to serving the entire Gulf South and look forward to serving our clients throughout Alabama and Florida from our Mobile, Pensacola and Mary Esther/Fort Walton Beach offices.
Stay tuned for another exciting announcement in the next few weeks!
