Stirling Properties and PMAT Companies Announce the Acquisition of Crossroads Center in Gulfport, MS
PMAT-Stirling Crossroads, LLC, led by Stirling Properties and PMAT Companies, successfully completed its acquisition of Crossroads Center, a 554,720-square-foot open-air retail center in Gulfport, MS.
Located at 15082 Crossroads Parkway in Gulfport, Crossroads Center sits at the intersection of Interstate 10 and US-49 and features over 50 national, regional, and local tenants, including anchors Academy Sports, Belk, Cinemark, Barnes & Noble, T.J.Maxx, Ross Dress For Less, Burkes Outlet, Michaels, PetSmart, Five Below, ULTA Beauty, Shoe Carnival, Party City, and Old Navy. The center is 92% occupied and contains several outparcels, including TGI Fridays, Chuck E. Cheese, Navy Federal Credit Union/Mattress Firm, and Longhorn Steakhouse.
b1BANK served as the lender for the deal. Stirling Properties will assume daily management responsibilities and leasing of the center moving forward. Rhonda Sharkawy, senior retail leasing and development advisor with Stirling Properties, is the leasing agent on the property.
“Stirling Properties and PMAT Companies have an existing relationship, as Stirling Properties serves as PMAT’s lead strategic partner for property management of their portfolio, so there is existing synergy between our two companies and their operations,” said Donna Smith, Executive Vice President with Stirling Properties. “We are excited to enter into this joint venture with PMAT Companies on the acquisition of Crossroads Center, which will grow and strengthen both our portfolios as well as our working relationship.”
“We are excited to acquire another fundamentally sound asset with well-performing tenants in a market that maintains pent-up prospective tenant demand but is in a geography frequently overlooked by many institutional players. PMAT is already leveraging our national presence and relationships in conjunction with Stirling’s local expertise to source significant interest from new tenants as well as numerous opportunities to work with the well-performing existing tenants to create mutual long-term value,” said Kevin Kush, President of PMAT. “Crossroads Center is the largest power center servicing the Gulfport region, and it benefits from a prominent location providing accessibility to thousands of people daily. Simply put, this is good dirt. We remain extremely active in the capital markets across our geographic footprint and remain open to additional JVs and direct purchases of middle-market assets typically in the $10-50 million deal size.”
To present acquisition or joint venture opportunities, contact Kevin Kush at kevin@pmat.com.
For more information on Crossroads Center, contact Donna Smith at dsmith@stirlingprop.com / (985) 898-2022. For leasing information, contact Rhonda Sharkawy at rsharkawy@stirlingprop.com / (504) 620-8145.
Stirling Properties’ Commercial Advisors Among Top Industry Producers In the Greater New Orleans Area
Stirling Properties commercial real estate advisors were recently honored for outstanding industry achievements and transactions during the New Orleans Metropolitan Association of REALTORS® (NOMAR) Commercial Investment Division’s (CID) Annual Achievement Awards ceremony.
Rhonda Sharkawy, Senior Retail Leasing & Development Advisor, was awarded top Retail Broker of the Year for the greater New Orleans area with a total sales and leasing volume of more than $44.1 million in 2021.
Gaines Seaman, Senior Advisor, was named top Office Broker of the Year with a sales and leasing volume of more than $11.4 million in 2021. He also received honors for top Office Lease of the Year.
Saban Sellers, Investment Advisor-Multifamily, was named top Multi Family Broker of the Year with a sales and leasing volume of more than $31.1 million in 2021. Sellers also received honors for top Multi Family Sale of the Year.
Melissa Warren, CCIM, Senior Advisor, and Carly Plotkin, Advisor, with Stirling Properties, were among Silver Production Award recipients for obtaining total commercial credit sales and leasing from $2.5 – $4.9 million. Bradley Cook, CCIM, Advisor, and Ryan Murphy, CCIM, Senior Advisor, received the Gold Production Award for commercial credit sales and leasing from $5 – $9.9 million. Gaines Seaman received the Platinum Production Award for credit volume from $10-14.9 million. Rhonda Sharkawy and Saban Sellers were awarded Diamond Production Awards for total commercial sales and leasing volume over $15 million.
A huge congratulations to Melissa Warren, CCIM for being selected by NOMAR to serve as the 2022 CID President. Beth Cristina, ALC, Senior Advisor with Stirling Properties, is also serving as the 2022 Director for the Louisiana Association of REALTORS.® Cristina was invited to present the Service to the Industry Award during the annual awards ceremony.
With 53 advisors and nine offices spanning the Gulf South region, Stirling Properties’ advisory team specializes in all aspects of commercial real estate, including retail, office, industrial, healthcare and multifamily sectors. In 2021, our commercial advisors completed 774 transactions totaling over $643.9 million.
Dick’s Last Resort and Cats Meow Coming to The Wharf Orange Beach, Alabama
Stirling Properties announces Dick’s Last Resort and Cats Meow are joining the tenant lineup at The Wharf Orange Beach, Alabama.
Dick’s Last Resort, a restaurant and bar chain known for its rowdy roadhouse atmosphere and intentionally obnoxious staff, and New Orleans-based Cats Meow world-famous karaoke bar will together occupy 16,000 square feet of retail space in Suite M101 on Main Street. They are expected to open by Memorial Day.
Jeff Barnes, CCIM and Steadman Bethea, commercial advisors with Stirling Properties, serve as the commercial leasing agents for The Wharf Orange Beach and represented the landlord in the leasing transaction. John Aiello and Aaron Petree of Strategic Retail Advisors represented the tenant.
For the latest news and updates on what’s to come at The Wharf, visit alwharf.com, or follow along on Facebook, Instagram and Twitter at @TheWharfOBA. For information about available real estate at The Wharf, contact Jeff Barnes, CCIM at (251) 375-2496 or via email at jbarnes@stirlingprop.com.
What’s Happening at Fremaux Town Center & Fremaux Park in Slidell, Louisiana?
Stirling Properties announces new tenants and development updates.
Stirling Properties announces four new tenants and development updates at Fremaux Town Center and the surrounding Fremaux Park mixed-use project in Slidell, Louisiana.
- Spencer’s gifts, fashion, and décor store will occupy 3,500 square feet of retail space on Town Center Parkway, Suite C400, next to Torrid. The new novelty retailer opened this week.
- Skechers shoe store will fill 9,000 square feet of retail space off Levis Lane, Suite D900, next to Rock’ N Roll Sushi.
- Ding Tea, offering Taiwanese teas, coffee, and dessert drinks, will fill 1,793 square feet of space on Town Center Parkway, Suite C700, between Journeys and European Wax Center.
- Lendmark Financial Services will also take 1,200 square feet of space on Town Center Parkway, Suite B500, next to Chico’s.
Ryan Pécot, Senior Retail Leasing and Development Advisor with Stirling Properties, represented the landlord in the lease transactions.
In addition, construction on the Amazon Fulfillment Center located on Town Center Parkway at the adjoining Fremaux Park is progressing. Signage has been installed, and landscaping is underway. The facility is expected to be open and operating by the 2nd quarter of 2022.
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 and is jointly owned and operated by CBL Properties and Stirling Properties.
The adjoining Fremaux Park includes Retreat at Fremaux Town Center luxury residential apartment units, Springhill Suites by Marriott, The Mason Fremaux Park apartment community, Dana Inc. Service & Assembly Center, and Amazon Fulfillment Center (coming soon). Additional phases are forthcoming with added residential, retail, industrial, and office park. Fremaux Park is a Stirling Properties mixed-use development.
For leasing or sales information, contact Ryan Pécot at 337-572-0246 / rpecot@stirlingprop.com or Michael Oswald at 423-490-8272 / mike.oswald@cblproperties.com.
Stirling Properties Promotes John Woodard to Director of Development and Asset Management
Stirling Properties announces that John Woodard has been promoted to Director of Development and Asset Management.
In his previous role as Development Manager, John led several notable company projects, including the development of the Ochsner Kidney Care facilities in Jefferson, Metairie, Algiers, and Marrero and ongoing single-family build-to-rent projects in Prairieville, Covington, and Jackson, MS. Over the past year, John has also been involved with the asset management of over 1,000,000 square feet of retail, medical, and multifamily properties in Stirling Properties’ portfolio.
In addition to his existing development projects, John will be assuming the role of Asset Manager for many of Stirling’s Southshore properties, including the Pan-American Life Center, Mid-City Market, and Offices at Mid-City. In this new position, he will also continue to be tasked with new business development and government relations specifically focused on the New Orleans market.
“We are incredibly proud of John for his remarkable growth and leadership within our company. He has become an integral part of our team, and we are confident he will only further excel in his new role and help to shape the future of Stirling Properties,” said Townsend Underhill, President of Development with Stirling Properties.
Stirling Properties & Level Homes Developing Oak Heritage Townhomes in Prairieville, Louisiana
Company’s first single-family for-rent development.
Through a joint venture with Level Homes, Stirling Properties announces the development of Oak Heritage Townhomes at 37584 Grand Oak Dr (LA-73) in Prairieville, Louisiana. This project marks Stirling Properties’ first single-family, build-to-rent development.
Stirling Properties and Level Homes recently closed on the acquisition of 7.96 acres of property, including one existing townhome, and plan to develop 51 additional units along with a leasing office and pool. The new development will include almost entirely 3-bedroom high-quality, single-family townhomes expressly built for the rental market. In addition, each unit will be equipped with a 2-car garage. The project design team is led by Ratliff Architects, and the builder is Level Homes. Construction began on the first townhomes in late December, and the development is expected to be complete by the end of 2022.
Through the joint venture, Stirling Properties will be responsible for the development of all horizontal land improvements and amenities in addition to asset management and accounting oversight of the project. Level Homes will be responsible for all vertical building improvements. BH Management will handle daily onsite management and leasing.
Oak Heritage Townhomes Elevations
“Level Homes is excited to be a part of the Oak Heritage development. Our company has an extensive track record of developing high-quality, master-planned communities throughout Southeast Louisiana, and we look forward to creating value-driven homes and a unique residential experience for the Prairieville area,” said Todd Waguespack, Managing Partner with Level Homes.
“The population of Prairieville has grown significantly over the past ten years, and we believe this is an ideal product type for this market on a site that is extremely well located within the market,” said Townsend Underhill, President of Development with Stirling Properties. “This product type is one of the fastest-growing sectors of the U.S. housing market as build-to-rent properties continue to be attractive to seniors, singles, and families alike—as it offers renters the conveniences of homeownership, without the financial and maintenance burdens that come with it. We are excited to partner with Level Homes on this project and hope it is the first of many opportunities to work together.”
Level Homes presently serves as the primary home builder for Stirling Properties’ single-family, for-sale development, The Preserve at River Chase, in Covington, Louisiana, including 56 homes built or currently under construction.
For more information on Stirling Properties development services, contact John Woodard, Development Manager, at jwoodard@stirlingprop.com or (504) 523-4481.
