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.
Stirling Properties and Dorsey Development Announce New Tenants At Gentilly Retail Center In New Orleans
Stirling Properties and Dorsey Development announce new retail and restaurant tenants at the newly developed Gentilly Retail Center in New Orleans, Louisiana.
- Dollar Tree, a popular discount retail chain that sells items for $1 or less, will occupy 10,000 square feet.
- rue21 specialty discount retailer of young men and women’s casual apparel and accessories will occupy 6,917 square feet.
- Footaction national athletic footwear and apparel retailer will occupy 4,847 square feet.
- Kids Footlocker, offering kids shoes and clothing, will occupy 3,500 square feet.
- LA Nails and Hair Spa will occupy 2,368 square feet.
- WingStop, aviation-themed restaurant with a focus on chicken wings, will occupy 1,800 square feet.
All of the listed tenants are expected to open in early September of 2016.
Gentilly Retail Center is a newly developed retail strip center located at 4242 Chef Menteur Highway in the Gentilly neighborhood of New Orleans East, near Walgreens and the recently opened Walmart Supercenter. The surrounding commercial corridor is supported by one of the oldest suburban residential areas in Orleans Parish, Gentilly Woods, as well as Pontchartrain Park and the Baptist Seminary. The development project is currently underway and is expected to be completed by early September of 2016.
“We are eagerly anticipating the completion of Gentilly Retail Center. With such a great mix of tenants, we expect it to be a prominent shopping destination, as well as vital economic contributor to the area’” said Paul Dorsey, III, owner of Dorsey Development.
Dorsey Development is the property owner and developer. Dorsey Development is an integrated (development & construction) commercial real estate company located in New Orleans doing business in the Gulf South—having developed over 1.2 million square feet of retail for national retailers such as: Dollar General, Langenstein’s, Planet Fitness, Whitney Bank, Sav-A-Lot, Stage, Cato Corporation, Shoe Show, Napa Auto Parts, Citi Trends, Subway, Pizza Hut and others.
Dorsey purchased the property in 2015 from Lanasa Center Inc., represented by broker Jennifer Lanasa Evans of JLE & Associates.
Stirling Properties Sales and Leasing Executive, Joe Gardner, worked with Dorsey Development to bring the tenancy together, and the shopping center to life.
“Stirling Properties is proud to work with Dorsey Development in bringing quality restaurant and retail tenants to Gentilly Retail Center, and this growing marketplace. It’s been exciting to watch it all come together,” said Gardner. “We look forward to perpetuating and providing greater shopping and dining options for the area in the future.”
Stirling Properties has been at the forefront of commercial real estate management, investment and development in the greater New Orleans area and surrounding Southeast Louisiana region. Stirling Properties currently has more than 99 million square feet of property and land for sale or lease. Other Stirling Properties management and development projects in New Orleans include, Mid-City Market, Magnolia Marketplace, River Commons and Pan American Life Center, just to name a few.
For leasing information, contact Joe Gardner at jgardner@stirlingprop.com or (504) 620-8140.
Stirling Properties and CBL Announce New Tenants and Updates to Phase II of Fremaux Town Center in Slidell, Louisiana
Stirling Properties and CBL & Associates Properties, Inc. are pleased to announce new tenants and updates to Phase II of Fremaux Town Center in Slidell, Louisiana.
Albasha Greek & Lebanese Restaurant will occupy 3,745 square feet and is expected to open in September of 2016.
A new building suite is being constructed on the southeast side near Town Center Parkway, adjacent to Red Robin that will house three additional tenants. Smoothie King will occupy 1,000 square feet, including a drive-thru, Pacific Dental Services will occupy 3,005 square feet, and Chipotle Mexican Grill will occupy 2,225 square feet. All three tenants are expected to open in the first quarter of 2017.
A local Developer has purchased a 1.87-acre tract south of the shopping center and canal on Bill Garrett Road (I-10 Service Road) for the development of a 53,931-square-foot Springhill Suites by Marriott hotel, and will begin construction in the coming months. A new road, called Ruth Garrett Way, and additional utility infrastructure will be constructed to access the site. Ruth Garrett Way will connect Town Center Parkway and Bill Garrett Road, with anticipated completion by the first quarter of 2017.
Previously announced Allure Nail Spa opened late-May. Goodyear and Chico’s are still on track to open in the third quarter of this year.
Construction is complete on Springs at Fremaux Town Center, a 296-unit apartment complex, with residency available. Additional phases are coming soon, including other retail, an office park and Fremaux Park.
Fremaux Town Center, anchored by Dillard’s, Dick’s Sporting Goods, Kohl’s and Best Buy, is a roughly 635,000-square-foot regional mixed-use retail development, located on more than 80 acres at the southwest corner of Interstate 10 and Fremaux Avenue in Slidell, Louisiana. More than 60 retailers and restaurants occupy the center. Tenants currently open and operating include Bellagio Nail Spa, Best Buy, BJ’s Restaurant, Books-A-Million, Carter’s, Cheddar’s, Dick’s Sporting Goods, dressbarn, Felipe’s Mexican Taqueria, Five Guys Burgers & Fries, GNC, Great American Cookie Company, Kirkland’s, Kohl’s, LA Fitness, Lane Bryant, Massage Envy, Mattress Direct, Michaels, Panera Bread, Payless Shoes, PetSmart, Longhorn Steakhouse, Rack Room Shoes, rue21, Sports Clips, Starbucks, T.J.Maxx, Ulta Beauty, Verizon Wireless, Versona. 5 Below, Aveda, Bath & Body Works, Buckle, Capital One, Charlotte Russe, Claire’s, Dillard’s, Francesca’s, Forever 21 Red, Journeys, LensCrafters, LOFT, Luxe 83, Off Broadway Shoe Warehouse, Pier 1 Imports, Red Robin, Tesla (charging stations), Torrid, Victoria’s Secret, Which Wich and Zales.
Fremaux Town Center is currently 95% leased, and jointly owned by affiliates of CBL & Associates Properties, Inc. and Stirling Properties, LLC. 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. For more information regarding our services, please visit us at stirlingproperties.com. For information on Fremaux Town Center, visit fremauxtowncenter.com.
Stirling Properties Closes $47.66 Million Loan On Ambassador Town Center In Lafayette, Louisiana
Stirling Properties commercial real estate company, on behalf of Ambassador Town Center JV, LLC, is pleased to announce the closing of a $47.66 million non-recourse loan on Ambassador Town Center in Lafayette, Louisiana.
Jointly owned by affiliates of CBL & Associates Properties, Inc. and Stirling Properties, LLC, Ambassador Town Center is a roughly 430,000-square-foot regional open-air power and lifestyle retail center located on more than 60-acres at the southeast corner of Ambassador Caffery Parkway & Kaliste Saloom Road.
Capital One Bank served as the lender on the 7-year fixed-rate loan, whose proceeds were used to retire the existing construction loan.
Since the beginning of 2016, Stirling Properties has closed $210 million in debt across its entire portfolio, marking the most debt placed over a 6-month period in its 41-year history.
“Stirling Properties is very pleased to close this loan on Ambassador Town Center. This is the second significant loan we have closed in the last two weeks, and it clearly shows—once again—the strength of the local market,” said Townsend Underhill, Stirling Properties’ Senior Vice President of Development. “CBL and Capital One continue to be great partners to us, and we are proud to work with them.”
Over the past 2 years, Stirling Properties has closed more than $100 million in loans with Capital One.
“It was rewarding to help Stirling Properties, a long-term client, meet its goals in refinancing Ambassador Town Center,” said Tim Smith, a vice president in Capital One’s Commercial Real Estate Group who led the transaction. “We look forward to serving their needs in the future.”
Ambassador Town Center is currently 98% leased. Anchor tenants include Costco Wholesale, Dick’s Sporting Goods, and Field & Stream. Junior anchor tenants include Marshalls, HomeGoods, Nordstrom Rack, Off Broadway Shoes, and PetSmart.
Stirling Properties Names Mike Bucher Vice President Of Development
Stirling Properties commercial real estate company is pleased to announce Mike Bucher has been promoted from Development Director to Vice President of Development. Bucher will manage and lead the company’s new office location at the Pan American Life Center in New Orleans.
Bucher joined Stirling Properties in 2014 as Development Director, responsible for leading new and ongoing development projects, including ground-up development, redevelopment and joint ventures as part of the company’s initiative to expand its services across the Gulf South. In addition to these responsibilities, Bucher will also be tasked with new business development, specifically focused on the New Orleans market. He will assume the role of lead point of contact for all New Orleans commerce.
“New Orleans continues to be one of our most important areas for commercial real estate management, development, brokerage, and investment, and we look forward to expanding our presence in this market,” said Bucher. “We are well situated to focus on growing our business by offering our full range of services out of the new Pan Am office, and our central location will make it easier for us to recruit and retain the best talent New Orleans has to offer.”
“Mike has been a great leader and an integral part of Stirling Properties’ growth, and we are proud to announce his promotion,” said Marty Mayer, President & CEO of Stirling Properties. “We recently expanded into a larger space at the Pan American Life Center in New Orleans’ CBD, and we are excited to have Mike at the helm of this new venture.”
Prior to joining Stirling Properties, Bucher was a Development Associate at Federal Realty Investment Trust in Boston, MA, where he was primarily responsible for the project management and financial analysis for Assembly Row, the Trust’s 5-million-square-foot, mixed-use development in Somerville, MA. Bucher managed the planning and underwriting of the project, including 325K square feet of nationally-branded retail, 100K square feet of Class-A office space, and a joint venture partnership that built 450 market-rate apartment units.
Bucher holds a Bachelor of Science in Business Administration from Villanova University, and a Master of Business Administration from the University of Virginia’s Darden School of Business, with specializations in corporate finance and investment banking. He is an active member of the National Association of Office and Industrial Properties (NAIOP), the Urban Land Institute (ULI), and the International Council of Shopping Centers (ICSC), for which he was a member of the Centerbuild “20 Under 40” inaugural class of 2013.
Mike Bucher can be reached at (504) 523-4481 or mbucher@stirlingprop.com.
Stirling Properties Closes Loan On Fremaux Town Center In Slidell, Louisiana
Largest Loan in Company History
Stirling Properties commercial real estate company, on behalf of Fremaux Town Center SPE, LLC, is pleased to announce the closing of a $73 million non-recourse loan on Fremaux Town Center in Slidell, Louisiana. This amount marks the largest loan ever closed by Stirling Properties in its 41-year history.
Wells Fargo served as the lender on the 10-year loan. Proceeds from the loan were used to retire two existing construction loans with an aggregate balance of $73.0 million. Earlier this year, Stirling Properties also closed on a $33 million loan with Wells Fargo on the acquisition of Turtle Creek Crossing in Hattiesburg, Mississippi.
“Wells Fargo continues to be a great resource and financial partner for us, helping us to secure more than $100 million in 2016. Together, with CBL, we are fortunate to have such great partners,” said Townsend Underhill, Stirling Properties Senior Vice President of Development. “Stirling Properties is very pleased to close this loan on Fremaux Town Center, and the clear message it sends about the strength of our markets on South Louisiana.”
“Wells Fargo’s Real Estate Capital Markets group is very happy to close this new 10-year “hybrid” loan with this important relationship. It’s a big win for us when we can both innovate and help our customers succeed,” said Gordon Nicol, Managing Director at Wells Fargo Bank, N.A.
Fremaux Town Center is a roughly 635,000-square-foot regional open-air power and lifestyle shopping center located on more than 80 acres at the southwest corner of Interstate 10 and Fremaux Avenue in Slidell, Louisiana, near the city of New Orleans. Anchor tenants include Dillard’s, Kohl’s, Dick’s Sporting Goods, LA Fitness, and Best Buy. Junior anchor tenants include T.J. Maxx, Michaels, PetSmart, Ulta Beauty, Off Broadway Shoe Warehouse, and Forever 21 Red. More than 60 retailers and restaurants occupy the center. Fremaux Town Center is currently 95% leased, and jointly owned by affiliates of CBL & Associates Properties, Inc. and Stirling Properties, LLC.
For more information, visit cbl.com.
