Stirling Properties Welcomes Saltgrass Steak House to Fremaux Park in Slidell, Louisiana
Stirling Properties commercial real estate company is pleased to announce that Saltgrass Steak House is coming to Slidell, Louisiana, as part of Fremaux Park, a tract of acreage surrounding the Fremaux Town Center mixed-use development.
Saltgrass Steak House closed on the acquisition of 1.58 acres of property at the intersection of Town Center Parkway and Levis Lane, adjacent to LA Fitness. Construction on the site is anticipated to commence within the next couple of weeks. The Texas-themed steak restaurant will occupy 7,127 square feet of space. Ryan Pécot and Rhonda Sharkawy, Stirling Properties’ Senior Retail Leasing & Development Executives, handled the transaction.
Saltgrass Steak House at River Marketplace in Lafayette, LA
Saltgrass Steak House currently operates five restaurants in Louisiana. This marks the 1st location for the Northshore of the greater New Orleans area.
Fremaux Town Center, anchored by Dillard’s, Dick’s Sporting Goods, Kohl’s, and Best Buy, is part of the roughly 350-acre regional mixed-use development located at the southwest corner of Interstate 10 and Fremaux Avenue in Slidell, Louisiana. The retail center includes more than 640,000 square feet of shopping and restaurant options. The adjoining Fremaux Park includes Springs at Fremaux Town Center’s 296 luxury residential apartment units and Springhill Suites by Marriott soon under construction. Additional phases are coming soon with added residential, retail, and office park.
Tenants include Albasha Greek & Lebanese Restaurant, Allure Spa, Aveda, Bath & Body Works, Bellagio Nail Spa, Best Buy, BJ’s Restaurant & Brewhouse, Books-A-Million, Buckle, Capital One, Carter’s, Charlotte Russe, Cheddar’s, Chico’s, Chipotle Mexican Grill, Claire’s, Dentists of Slidell, Dick’s Sporting Goods, Dillard’s, dressbarn, Exit 16 Boutique, European Wax Center, Five Below, Five Guys Burgers & Fries, Forever 21 Red, Francesca’s, GNC, Goodyear, Great American Cookie Company, Journeys, Kay Jewelers, Kirkland’s, Kohl’s, LA Fitness, Lane Bryant, LensCrafters, LOFT, Longhorn Steakhouse, Luxe 83, Marble Slab, Massage Envy, Mattress Direct, Michaels, Off Broadway Shoe Warehouse, Panera Bread, Payless Shoes, PetSmart, Pier 1 Imports, Pizza Platoon (coming 2018), Rack Room Shoes, Red Robin, Rock N Roll Sushi, rue21, Saltgrass Steak House (coming soon), Smoothie King, Sports Clips, Springhill Suites by Marriott (coming 2018), Starbucks, Tesla (charging stations), T.J.Maxx, Torrid, ULTA Beauty, Verizon Wireless, Versona, Victoria’s Secret, Which Wich, and Zales.
Fremaux Town Center is currently 98% leased, and jointly owned and operated by CBL Properties and Stirling Properties.
For leasing information, contact Ryan Pécot at 337.572.0246 / rpecot@stirlingprop.com or Michael Oswald at 423.490.8272 / mike.oswald@cblproperties.com.
Major Economic Win for the Greater New Orleans Region
DXC Technology to create 2,000 high-paying jobs.
The greater New Orleans region is celebrating a monumental economic win with the announcement that DXC Technology will establish a Digital Transformation Center in New Orleans’s Central Business District. (The site location will be finalized and announced soon.) The new Digital Transformation Center is expected to create 2,000 permanent high-paying jobs over the next seven years, and an annual payroll exceeding $133 million by 2025. This marks one of the largest economic development deals in the history of Louisiana.
DXC Technology is a new business venture resulting from the merger of Computer Sciences Corp (CSC) and the Enterprise Services business of Hewlett Packard Enterprise (HPE)—and is a global leader in IT services.
This deal has been in the works for a very long time, and yesterday, New Orleans Mayor Landrieu, along with many government and community officials, economic development organizations, and higher education leaders brought the project to fruition. The Digital Transformation Center was heavily competed for but New Orleans emerged as the front-runner on a short list of great cities across the country.
As New Orleans approaches its 300th anniversary, this is truly a significant milestone for the city. This economic development win is yet another testament to the emergence of New Orleans as one of the top cities for young professionals to work, and reinforces the momentum of our area as a major technology hub.
This is an exciting time for New Orleans. We have celebrated many economic successes and accomplishments over the last several years, and this is just the beginning. Stirling Properties is proud to be a part of this thriving region!
Learn more about the announcement from LED (Louisiana Economic Development).
What’s Happening at Hammond Square?
Stirling Properties commercial real estate company announces a new tenant and numerous community events at Hammond Square in Hammond, Louisiana.
Hammond Square is pleased to welcome End of the Lane to the shopping center tenant lineup. End of the Lane, LLC will occupy 4,005 square feet of space on Main Street (between Justice and rue 21) and plans to open on November 17th, 2017—just in time for the holiday shopping season. The retailer will feature holiday décor, gifts, home furnishings, toys, clothing, accessories, and more. This will be the 2nd location for End of the Lane with an existing store in Baton Rouge. Rhonda Sharkawy, Senior Retail Leasing and Development Executive with Stirling Properties, handled the lease transaction.
Hammond Square is a proud supporter of CASA (Child Advocacy Services) and Cottages for CASA, a playhouse fundraiser to generate public awareness and support for the work of CASA and its services in our ten parish area. Local builders, painters, and designers have created a unique playhouse that will be raffled off to one lucky winner. The CASA Playhouse will be on display at Hammond Square through November 10th, so come by and check it out! Don’t forget to get your raffle tickets for a chance to win this awesome Kid Course designed by Holly and Smith Architects in Hammond, as well as numerous other prizes. Tickets are $10 each and the drawing will be held on November 11, 2017.
Hammond Square is also a supporter of Southeastern Louisiana University (SLU). The shopping center is an honored sponsor of the upcoming Homecoming festivities to be held this Saturday, October 28th. Homecoming activities will be centered in Friendship Circle on campus starting at 1:30 p.m. The annual Homecoming parade rolls at 2 p.m., followed by the “Lion Walk” as Head Coach Ron Roberts and the team make their way through Friendship Circle to Strawberry Stadium at 4:30 p.m. The Lions will kick off against Sam Houston State at 7 p.m. and the 2017 Homecoming queen and king will be crowned at halftime.
SLU’s mascot, Roomie, made a surprise visit to some of our stores earlier this month to get everyone in the spirit and make sure they were stocked with plenty of SLU gear. Come to Hammond Square for all of your SLU attire and tailgating needs. Lion Up! Participants will also be throwing Hammond Square drink cozies at the parade on Saturday, so be on the lookout.
Every 2nd Saturday of the month during March through November, Hammond Square hosts the Golden Oldies Cruise Night car show from 5:00pm-9:00pm at the end of Main Street. The events are free and open to the public. ($2 entry for show cars) Come out and enjoy an evening at the Square!
Don’t forget to mark your calendars for the upcoming Christmas at the Square event on Saturday, December 9th from 10am-12pm. More details will be released soon.
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. Anchored by Dillard’s, Target, The Home Depot, Sears, JCPenney, Academy Sports+Outdoors, and AMC Theatres, the 873,000-square-foot shopping center offers a dynamic mix of national and local retailers, shops, and restaurants. Stirling Properties redeveloped Hammond Square and currently manages and leases the center.
Tenants include Albasha Greek & Lebanese Restaurant, America’s Best Contacts & Eyeglasses, Bellagio Salon & Spa, Best Buy, Books-A-Million, Bra la Vie, Cato, Charming Charlie, Chase, Claire’s, East of Italy, End of the Lane (coming November 2017), Foot Locker, GNC, Great American Cookies, Hibbett Sports, Justice, Kay Jewelers, LA Nails Spa, maurices, Menchie’s Frozen Yogurt, Nagoya Sushi & Japanese Steakhouse, Norris & Co. Salon, Obsession, Olive Garden, Popcorn Bistro, Raising Cane’s, Rite Aid, rue21, Santa Fe Cattle Co., Shane’s Rib Shack, Shoe Dept. Encore, Smoothie King, Sport Clips Haircuts, Tailored, The Children’s Place, T.J.Maxx, ULTA Beauty, Verizon, Which Wich Superior Sandwiches, and Zales.
Connect with Hammond Square on the web at www.hammondsquare.com or “like” us on facebook.com/hammondsquare.
GO VOTE: Saturday, October 14th
Louisiana has an important election coming up this Saturday, October 14th. Sadly, the majority of our state’s residents either aren’t aware of it, or simply don’t plan to show up. The Louisiana Secretary of State has predicted that only 12-15% of voters will turn out to the polls this weekend.
There are many vital leadership positions on the ballot, including Louisiana State Treasurer, legislators, and public service commissioner. There will also be several amendments and millage renewals, as well as local government posts such as New Orleans Mayor and City Council up for voting. These are all critical items that will significantly affect our local communities and state as a whole.
As a business leader in the commercial real estate industry (and a Louisiana resident), one noteworthy item is the importance of voting YES on Constitutional Amendment #1—(Act 428-SB14) exemption of property taxes for construction sites. A vote of YES is a vote AGAINST more taxes.
Constitutional Amendment #1 would prohibit the assessment of property taxes on any project while it is under construction. Prohibiting the property tax assessment on “Construction Work In Progress” or CWIP as it is commonly referred to, has been the practice for generations in Louisiana. But, new threats to levy these taxes have arisen, and protection in the Constitution is needed. Voting YES will maintain the existing tax law that says you can’t assess a property—home or business—until the project is complete.
This amendment is supported by many businesses, community leaders and Louisiana editorial boards. The statewide police jury association, home builders, the municipal association, business groups, the sheriff’s association, contractors and economic development leaders have all joined the Governor and a bipartisan list of legislators supporting its passage.
Furthermore, the passage of this amendment will not take revenue away from our local governments and municipalities because it is not assessed now. The amendment simply closes a perceived loophole that will allow the chance for increased property taxes in the future.
It’s important to note that this amendment will affect all of us. Homeowners, businesses, even future economic development and employment opportunities for our area will be impacted. Many Louisiana residents are already dealing with increased flood insurance rates, we certainly don’t need an increase in property taxes or higher mortgages as well.
Personally, I think that alone is a pretty important reason to show up to the polls on Saturday. With so much divisiveness and frustration in our state and government, voting is the one sure way to let our elected officials know what we want.
I strongly encourage everyone to please take a few minutes out of your day on Saturday, October 14th to get out and vote—especially YES to Constitutional Amendment #1. Share this information with your co-workers, friends and family. Post it to your social media accounts—anything to help get the word out. Let your voice be heard.
To see a sample of what will be included on your local ballot, visit www.geauxvote.com.
See you at the polls.
Commercial Real Estate Advocacy
Stirling Properties recently had the opportunity to participate in the ICSC Strategic Leadership Summit (SLS) Fly-In to Washington, DC. My colleagues—Townsend Underhill, Sr. VP of Development; Will Barrois, VP & Regional Manager AL/FL; and Jimmy Maurin, Stirling Properties founder—and I joined nearly 200 industry representatives from 35 states on Capitol Hill to create awareness and advocate for issues that are critical to the commercial real estate industry—OUR industry.
During this drastically changing and erratic political environment, many critical topics that affect our business are on the legislative table. Now, it is more obvious than ever that we must have a seat at that table to help shape laws and regulations that will surely impact all of us. It is essential that we create a strong, united approach to educating elected officials and bringing these issues to their attention.
While at the SLS, a Louisiana delegation met with several political leaders, advisors, and staff, including Senator Bill Cassidy, Senator John Kennedy, Congressman Ralph Abraham, Congressman Garret Graves, Congressman Cedric Richmond, and representatives from Congressman Steve Scalise’s office. A small group of us were also able to briefly talk with Senate Majority Leader Mitch McConnell.
Townsend Underhill, Andy St. Romain, Jimmy Maurin, Congressmen Graves, Marty Mayer, Ken Lamy
While there are many areas of concern regarding legislative policy that will affect the real estate industry, there are three major issues that we have prioritized—Tax Reform, ADA Reform, and E-Fairness.
Tax Reform is by far the most critical of the issues we are facing because it is the most uncertain and could potentially have the most devastating effects. Even though there has been a great deal of discussion regarding the generalities of reform, specifics of any legislation have yet to be determined.
As some of you may remember, the last major tax reform in 1986 represented the largest ever tax imposed on the real estate business. Taxation policy changes to the elimination of any transition rules and the treatment of pass-through entities hammered our industry and caused many companies to nosedive. The law had a considerable detrimental effect on our industry, the financial markets, and the economy in general, from which it took years to recover.
And now, numerous impactful tax reform policies are back in the spotlight—everything from Border Adjustment Tax (BAT) to the elimination of Interest Deduction and Like-Kinded Exchanges. As these discussions are taking place, it is critical that we convey a solid, informed message so our government representatives understand the ramifications of the policies that they set. To learn more about these tax reform policies, click here.
The ADA Education and Reform Act, H.R. 620, is aimed at improving compliance and discouraging abusive lawsuits over trivial issues mostly in an effort to collect attorney’s fees. This bill closes a loophole that has unintentionally contributed to the significant growth in federal “drive-by” lawsuits, which have increased 37% from 2015-2016.
At the same time the legislation adds safeguards that incentivize the remedy of alleged violations without taking away the right to pursue negligent business owners who ignore compliance. Congressman Ralph Abraham is a co-sponsor of this bill and we need to maintain bipartisan support. To learn more about ADA reform, click here.
E-Fairness legislation continues to be a major challenge, but it is recently gaining broader traction. H.R. 2193, the Remote Transactions Parity Act and S. 976, the Marketplace Fairness Act aim to create a level playing field in the retail marketplace. A sale is a sale regardless of whether it takes place in a brick-and-mortar store or on the Internet. The same rules that apply to local businesses across our nation should apply to online retailers. To learn more about E-Fairness legislation, click here.
Tony Brown, Lacy Beasley, Scott McLain, and Will Barrois
Stirling Properties’ Will Barrois, who is serving as ICSC’s AL & MS State Director, was also on Capitol Hill with a business delegation from Mobile, Birmingham, and Huntsville. In all, they had nine meetings with Alabama senators, congressmen, and legislative advisors. He noted, as a whole, they were receptive to working with us on these priority issues. Our government leaders realize the importance of the retail real estate industry—it employs a lot of people and is an integral part of local communities and government funding.
“Every political leader we spoke with was open to hearing our message. They were engaged and invited future discussion—they want to hear from their constituents. Legislators understand the need for open dialogue and for us to have a seat at the table in the decision-making process,” said Barrois.
Overall, the Strategic Leadership Summit was a success and we were able to shine a light on the real estate industry and policy matters that will affect it. We thank ICSC and its staff for doing a fantastic job with coordinating these meetings, while helping us to be more efficient with limited time and thoroughly prepared with effective messaging.
Click here to view ICSC’s Shopping Center Impact Infographic
How can you help? Let your voice be heard. As informed business leaders and constituents, we can play the most important role of all in shaping legislation. To contact your representatives or to find your local elected officials, visit the ICSC Legislative Action Center.
If you have questions, concerns, or simply need clarification on any of these policy topics, please feel free to reach out to any one of us directly. We would be more than happy to talk with you.
Speak up, speak out!
Marty
Louisiana State University Takes 3rd Place (Again!) In Global ARGUS University Challenge
Continues to propel national spotlight on growing educational real estate programs at LSU
Stirling Properties commercial real estate company is pleased to announce students from Louisiana State University (LSU) E.J. Ourso College of Business were awarded 3rd place in the global 2017 ARGUS Software University Challenge.
Since 2011, ARGUS Software has hosted the competitive challenge for university students from around the world aspiring to be commercial real estate professionals. Through this challenge, students create real-world investment strategies through informed decisions using ARGUS Software solutions. The theme of the case this year was Pokémon GO! A panel of judges from the academic community and real estate industry participated in reviewing the case studies and nominating the winners.
More than 30 top real estate programs from universities worldwide participated in the competition. The University of San Diego won 1st place, Cornell University placed 2nd, LSU took 3rd, and UCLA earned an honorable mention.
The team from LSU—Garrett Choate, Whitney Gaulter, Matt Hingle, Tyler Tamboli, Sophie Weber, Jason Wyman, and Cassius Dsouza—was coached by Stirling Properties Vice President of Finance, Justin Landry. Landry serves as an adjunct professor teaching Finance 7720 (Commercial Real Estate Investing). This is the 6th year he has taught the course and the 6th year an LSU team has competed in the ARGUS Challenge. It also marks the 2nd time placing under Landry’s leadership.
“This is the second consecutive year that we have secured a 3rd place finish in this competition, so it is no longer beginners luck! This win will certainly garner larger attention around the nation for LSU real estate programs and for students who seek a career in the industry. I am very proud of this team for their accomplishments—they have really worked hard,” said Landry.
LSU’s team secured $3,000 for the university through ARGUS Software. In addition, the students were bestowed the 2017 ICSC (International Council of Shopping Centers) Maurin-Ogden Foundation LSU Scholarship Award, funded by Jimmy Maurin and Roger Ogden, founders of Stirling Properties. Through the scholarship, students will receive all-expense-paid attendance to the ICSC RECon in Las Vegas, the world’s largest retail real estate convention. Each year Stirling Properties hosts LSU Award Recipients at the conference, offering the students valuable exposure to industry leaders and potential employers.
“We truly thank Stirling Properties’ founders, Jimmy Maurin and Roger Ogden for their generosity and unwavering commitment to LSU, real estate, and education. This is an invaluable opportunity for these students to meet and network with industry leaders. Many of our students in the past have garnered great job prospects through this experience,” said Landry.
For more information about Finance 7720 (Commercial Real Estate Investing) and its objectives, contact Justin Landry at jclandry@stirlingprop.com.
Stirling Properties is located at 109 Northpark Blvd., Suite 300 in Covington, Louisiana. For more information regarding our services, please visit us at www.stirlingproperties.com.
