Stirling Acquires Beck Partners; Expands Eastern Division
Stirling is pleased to announce that it has acquired Beck Partners, one of Northwest Florida’s leading commercial real estate firms and manager of the most commercial square footage in Northwest Florida. With the acquisition, Stirling’s Pensacola office expands and adds a Tallahassee, Florida office.
Stirling’s acquisition of Beck Partners adds 30 commercial real estate professionals, over 1.5 million SF of managed commercial properties, and active brokerage in the State of Georgia.
Stirling CEO, Townsend Underhill, is enthusiastic about the acquisition. “The Beck Team is the strongest commercial real estate team in Northwest Florida. It has been a remarkably rewarding experience getting to know the Beck Team and learning about their outstanding business and culture. Beck’s lines of business and expertise align well with Stirling’s and complement our geography as we continue to grow our presence in the Gulf South. We are excited to have Justin, Stacy, Brice, and the entire organization join the Stirling Family.
Founded in 1981 by Gregg Beck, Beck Partners grew to be one of the most trusted commercial real estate firms on the Gulf Coast. Beck Partners earned local and national recognition from CoStar’s PowerBroker lists, multiple NAIOP of Northwest Florida’s Deal of the Year awards, including Justin Beck, CEO, on InWeekly’s PowerList, and more.
Justin Beck, CEO of Beck Partners, will remain with the Pensacola team as Vice President of the Florida Region, as well as Stacy Taylor, as Regional Vice President who will serve as the Pensacola/ Tallahassee Market Leader, and Brice Pelfrey as Regional Vice President of Asset Management . “We are thrilled to continue our work serving our clients along the Gulf Coast with Stirling,” says Justin Beck. “Our alignment of culture and values makes this merger exciting. Stirling’s depth of resources will provide more opportunities and better outcomes for our teams and clients.”
With this acquisition Stirling will be able to enhance its services to existing clients as well as our new Beck clients. Stirling is poised for tremendous growth throughout the region. Beck is a full service Commercial Real Estate firm specializing in Office, Industrial, Retail, Healthcare and Multi-family properties. Beck’s service offering includes Asset Management, Property Management, Commercial Leasing, Commercial Investment Sales, Development, and Commercial Advisory Services with a focus on markets in the Florida Panhandle, and Southern Alabama.
Beck Partners’ office, located at 125 W. Romana Street, Suite 800 in Downtown Pensacola will take on the Stirling brand with the acquisition. Its telephone number will remain (850) 477-7044. Any properties previously marketed and managed under the Beck Partners brand will transition to Stirling.
Studer Community Institute (SCI) Building Awarded NAIOP 2019 Rehab/Repurpose Development of the Year
Stirling Properties serves as Property Manager & Broker for the iconic office tower in Pensacola, FL.
The Northwest Florida Chapter of NAIOP, the Commercial Real Estate Development Association, recently presented its 2019 Rehab/Repurpose Development of the Year Award to the Studer Community Institute (SCI) Building in downtown Pensacola, Florida. Home of Studer Community Institute, the SCI Building has completed a dynamic renovation project that includes an upgraded exterior, enhanced common areas, and the addition of a café. Stirling Properties, which provides third-party property management and brokerage services at SCI, submitted the entry on behalf of the owner.
The award-winning project was the redevelopment of the former SunTrust Tower, an iconic 10-story, 96,300-square-foot office building. Having managed and leased the property since 2006, Stirling Properties helped facilitate the sale of the building in 2017 to Quint and Rishy Studer and continued management and leasing assignments under the new ownership.
Built in 1974, the tower’s geometrically shaped structure, outdated building systems and location on the periphery of Pensacola’s CBD presented leasing challenges (nearly 50% vacancy) for the new owners against the changing dynamics of the office market.
Over the course of the 14-month renovation, critical building systems such as HVAC, life safety, elevators and electrical were replaced, as well as upgrades to the roof, common areas, corridors and restrooms. While most of the building remained a multi-tenant office tower, the goal was to build on the uniqueness of the architecture by repurposing the 1st floor and outdoor plaza into a shared community space. These plans centered around the owner’s intent to convert the building into a community center focused on creating dialogue, hosting speaking engagements and events, and creating an open public space for citizens to meet and enjoy downtown Pensacola.
All existing tenants remained in place during construction. To cause as little business disruption as possible, the Property Manager and the General Contractor had to coordinate work on a case by case basis around tenant meeting schedules.
The new SCI Building provides tenants (both former and new) with an enhanced sense of place and ample added amenities. The redevelopment project also fills a niche in the local office product type. It has become a sort of incubator, opening the door for other planned mixed-use projects in the area.
The transformation of the property, along with Stirling Properties’ combined property management and leasing efforts have resulted in improved tenant satisfaction—all tenants have remained, with most having renewed their leases. The building is now at 95% occupancy.
Over the past several months, the University of West Florida’s Center for Cybersecurity has moved from its campus location into 9,948 square feet (SF) of office space at the SCI Building, and Pen Air Federal Credit Union occupied another 3,828 SF in the Atrium. The global engineering firm of Mott MacDonald has renewed its lease and expanded its footprint by 4,364 SF for a total of 21,617 SF. SunTrust Bank’s (now Truist after a merger with BB&T) commercial lending group has occupied 4,406 SF. Most recently, we welcomed the law offices of Morgan & Morgan, which leased 9,432 SF of space on the top floor, and Berkeley Research Group, a global corporate consulting firm, recently signed a lease on 2,305 SF. Stirling Properties’ commercial advisor, Jason Scott, represented the landlord in these lease transactions.
With a full tenant roster, there is little doubt that the building is not only an upgraded version of itself but is now a place where the community can gather—where ideas are formed and implemented.
Congratulations to the Studer Community Institute for this esteemed honor and your leadership and vision in the Pensacola community and surrounding region.
For more information on Stirling Properties’ leasing and property management services, contact Jason Scott at jscott@stirlingprop.com or (850) 418-6792.
New Tenant Announced for Shoppes at University Town Plaza in Pensacola, Florida
Bubba’s 33 to join line-up in new BJ’s Wholesale Club-anchored retail redevelopment.
Stirling Properties and Seritage Growth Properties are pleased to announce that Bubba’s 33, a new-to-market restaurant concept, is coming to the Shoppes at University Town Plaza in Pensacola, Florida. It will join the tenant line-up in the new BJ’s Wholesale Club-anchored retail redevelopment located at 7171 Davis Highway.
Developed by Seritage Growth Properties, the 123,000-square-foot Shoppes at University Town Plaza is positioned at the corner of N. Davis Highway and Creighton Road, previously the site of Sears and Sears Auto.
Bubba’s 33 is a family-oriented sports restaurant and bar by the founder of Texas Roadhouse, featuring stone-baked pizzas, fresh-ground burgers, salads and sandwiches. The restaurant will occupy approximately 7,000 square feet of space on the corner lot of the redevelopment. This marks the first Bubba’s 33 in the Gulf South region. The original Bubba’s 33, which opened in 2013 in Fayetteville, NC, was recognized locally as the Best New Restaurant and Best Sports Restaurant.
Anchor-tenant BJ’s Wholesale Club will occupy roughly 100,000 square feet of retail space. Construction commenced this summer, and the store is expected to open in the first quarter of 2020. The membership warehouse club will feature an extensive selection of fresh foods, a full-service deli and household essentials like paper products, cleaning products, diapers, pet supplies and more. This is the first location for BJ’s Wholesale Club in the Florida Panhandle, and it is expected to bring about 140 jobs to the market.
The Shoppes at University Town Plaza will include 16,200 square feet of additional retail shop space positioned along Davis Highway. Stirling Properties’ commercial advisors Kyle Knight and Darryl Bonner are serving as the project’s listing brokers and are working to fill the remaining space with a great mix of local favorites and new-to-market retailers.
“The Shoppes at University Town Plaza is an exciting new Class A retail project located within a major growth node in Pensacola. We are targeting restaurant users, as well as soft goods and service providers for the residual space that will not only be great additions to the market but strongly complement the successful contiguous retail development,” said Knight. “This project is indicative of Pensacola’s dynamic economic development—from Downtown to the Northwestern areas—and illustrates its potential for sustained growth and evolution.”
Stirling Properties is located at 220 W. Garden St., Suite 802, in Pensacola at the SCI Building. For sales and leasing information, contact Darryl Bonner at 770-335-2828/ dbonner@stirlingprop.com or Kyle Knight at 251-769-8487/ kknight@stirlingprop.com.
Stirling Properties Acquires Open-Air Retail Center in Pace, Florida
Stirling Properties commercial real estate company announces the acquisition of Santa Rosa Commons retail center in Pace, Florida. The sale closed on Wednesday, September 11th at a purchase price of $26 million. This marks the first acquisition for the company in the state of Florida. Stirling Properties will also assume leasing and management duties of the property effective immediately.
Built in 2008, Santa Rosa Commons is located on US Highway 90 in Pace, a part of the Pensacola MSA. The 138,850-square-foot open-air shopping center is 96.5% occupied and anchored by Publix, T.J.Maxx and PetSmart. Shadow-anchors include Target and The Home Depot. Other tenants in the center are Maurices, Shoe Carnival, Anytime Fitness, Sally Beauty, GNC, GameStop, Wasabi House Restaurant, Dr. Vape It, The Joint and Cuts By Us. The purchase also encompassed three single tenant outparcels housing Chili’s, Regions Bank and AT&T.
“We are thrilled to add Santa Rosa Commons to our growing portfolio of commercial properties across the Gulf South region. This is momentous for Stirling Properties because it marks our first acquisition in the Florida Panhandle and really puts skin in the game for us in this thriving market. We are optimistic in the continued success of the Pensacola metro area and look forward to future growth opportunities,” said Donna Smith, Senior Vice President of Asset Management & New Business with Stirling Properties.
“Stirling Properties’ proven track record in acquisitions, along with our in-depth understanding of market dynamics and the positioning of assets allow us to identify unique investment opportunities such as Santa Rosa Commons,” said Beezie Landry, Vice President of Investment Advisors with Stirling Properties. “This is a stable, grocery-anchored retail center that sits on a high-traffic thoroughfare, situated in a dense retail node with excellent visibility. The property is well leased with a great mix of national, regional and local tenants—and we are confident that it will perform well for years to come.”
Stirling Properties has acquired and/or developed more than $2.3 billion in commercial real estate across the Gulf South region totaling nearly 28 million square feet, including retail, office, industrial, healthcare, residential and mixed-use properties.
For more information on Stirling Properties’ investment services, contact Beezie Landry at (985) 246-3781 or blandry@stirlingprop.com. For information on asset management, contact Donna Smith at (985) 246-3758 or dsmith@stirlingprop.com.
‘Tis the Season for Giving!
For it is in giving that we receive. –Francis of Assisi
Team Stirling Properties once again teamed up with Volunteers of America to participate in the Christmas Wish “Angel” Project. For the 7th year, our company donated Christmas gifts and other essential items to local families in need across our Gulf South region.
The annual Christmas Wish Project helped bring joy and holiday cheer to families and individuals who might not have had a Christmas this year. Through Volunteers of America (VOA), participating families submitted “wish list” gift items for each individual. The wishes were noted on paper angels and hung on the company Christmas tree where Stirling Properties and employees could select and grant them. In all, 11 families and more than 60 children, adults and seniors received Christmas gifts.
Stirling Properties’ Stewardship Committee organized the company-wide events by partnering with Volunteers of America in Greater New Orleans, Greater Baton Rouge and the Southeast to serve the New Orleans Northshore and Southshore, Baton Rouge, Lafayette, and Mobile communities.
In addition to donating gifts to the Christmas Wish Project, Stirling Properties hosted its fourth annual Northpark Christmas Bazaar, Bake Sale & Raffle on Thursday, November 29th. Local vendors, as well as employees of the Northpark office complex sold baked goodies, crafts, jewelry, ornaments, artwork, beauty products and many other great gift items.
The Christmas Bazaar raised $3,000 which was also donated in full to Volunteers of America to assist more families in our area with emergency holiday needs.
Team Stirling Properties also held a ‘Tis The Season Day,’ where employees donated money for the opportunity to wear their favorite Stirling gear to work (or Saintsmas gear, of course!). The day raised $315 that will benefit the VOA Christmas Wish Project as well.
The Holiday Season is a time for gratitude, generosity and giving back to our region. Stirling Properties is committed to supporting the communities where we live and work, and we will continue to support local nonprofits, community groups and charitable organizations throughout the year and beyond.
Thank you to all of the vendors, donors and shoppers who made this project a huge success. On behalf or Stirling Properties, we wish you and yours a joyous Holiday Season and a Happy New Year!
For more information about Stirling’s Stewardship Committee, please visit our website or contact us by email at stewardship@stirlingprop.com.
HOTWORX is heating up across the country
Early last year, Stirling Properties was selected to exclusively represent HOTWORX, a new-to-market fitness concept, in its aggressive expansion efforts across the U.S.
To date, Stirling Properties is excited to announce that 40 HOTWORX locations have been leased, and 50 more are expected by the end of the year. Our brokers are anticipating more than 100 new locations in the pipeline per year over the next five years!
Joe Gardner, CCIM, and Thomas Bryan, Stirling Properties’ Sales and Leasing Executives, are the exclusive national tenant rep brokers for HOTWORX. Utilizing the Retail Brokers Network (RBN) and the local knowledge of individual brokers across the country, this dynamic duo is working diligently to secure the perfect national retail locations for the new fitness concept—the ideal space required is between 1,500-2,500 square feet.
HOTWORX—founded in New Orleans, LA—is revolutionizing the fitness industry by providing the ultimate hot exercise experience and is the first to launch a 24/7 business franchise model through the use of its proprietary patent-pending technology. It is a virtually instructed exercise program created for users to experience the many benefits of infrared heat absorption, while completing a 30-minute isometric workout or 15-min high-intensity interval training (HIIT) session. As the infrared heat penetrates the body, the isometric postures further accelerate detoxification by physically removing toxins from organs through muscle contraction.
Currently, the company has locations in Alabama, California, Florida, Georgia, Indiana, Louisiana, Mississippi, North Carolina, Oklahoma, Tennessee, and Texas. Future studio sites also include locations in the greater New Orleans area and surrounding Gulf Coast region. For a complete list of HOTWORX stores, click here.
“Our HOTWORX fitness concept is rapidly expanding. We are happy to continue our partnership with Stirling Properties, a proven leader in the real estate industry, to grow our business across the nation. We are still seeking franchisees for various business opportunities and will be announcing new HOTWORX locations soon,” said Stephen Smith, HOTWORX CEO.
“Stirling Properties is proud of our successful partnership with HOTWORX—a company that was founded right here in New Orleans. This unique concept is growing in popularity across the nation and is quickly becoming a leading fitness provider,” said Bryan. “Landlords and property owners are attracted to this type of tenant, not only for its ability to backfill empty retail space but also for its ability to drive traffic to neighboring stores. We look forward to announcing many more locations in communities across the U.S.”
For more information on HOTWORX and franchise opportunities, visit www.hotworx.net.
