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 Relocates New Orleans Office To Pan American Life Center
Stirling Properties commercial real estate company is pleased to announce the relocation of its New Orleans office to the Pan American Life Center at 601 Poydras Street in New Orleans, Louisiana.
The company has moved from its former location at 615 Baronne Street—where Stirling Properties has been located for the past 25 years—and combined more than 30 employees, commercial brokers, and building management staff into one central office. Stirling Properties occupies more than 6,700 square feet of office space on the 27th floor of the Pan American Life Center.
“Stirling Properties is committed to the greater New Orleans area and business community, and we are expanding our presence in the market. New Orleans continues to be one of our most important areas for commercial real estate management, development, brokerage, and investment,” said Mike Bucher, Stirling Properties Vice President of Development. “Our new location will enable us to better focus on new business, as well as position us to recruit and retain the best talent New Orleans has to offer.”
“As part of Stirling Properties’ growth strategy, we are expanding into a larger space, located in the heart of the city—in a building that Stirling owns. It just makes sense,” said Marty Mayer, Stirling Properties President & CEO.
Stirling Properties acquired the Pan American Life Center in 2010, and currently manages the property. Earlier this year, plans ensued to transform the building into a mixed-use office and retail space, housing tenants such as Starbucks, Tsunami Sushi and Morris Bart, with additional occupants in the works.
For more information, visit stirlingproperties.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.
Stirling Properties Awarded Management Contract For Pine Tree Plaza In Picayune and Handsboro Square In Gulfport, Mississippi
Pine Tree Plaza
Stirling Properties commercial real estate company was recently awarded the management contract for Pine Tree Plaza in Picayune, Mississippi. Stirling Properties handles leasing opportunities for the center and will now take on daily management.
Pine Tree Plaza is a 99,080-square-foot single-story, multi-tenant, neighborhood shopping center located at the southwest corner of Memorial Boulevard and Elm Street in Pearl River County. The property is well located, approximately 60 miles northwest of Gulfport Airport, 75 miles northwest of Biloxi, and 45 miles northeast of New Orleans, and serves all of Pearl River County, as well as portions of Hancock County, St. Tammany Parish and Washington Parish.
The center is currently 100% leased with a great mix of established local and national retailers. One retail space will be available soon. Tenants include Dirt Cheap, Fred’s Super Dollar, Aaron’s, Subway, Studio Nails, Factory Connection, Tower Loans, Little Caesars, Central Financial Services, Jackson Hewitt, Curves, Golden Dragon Buffet, Burger King, and Popeyes.
Handsboro Square
Stirling Properties was also awarded the management contract for Handsboro Square in Gulfport, Mississippi. Stirling Properties handles leasing opportunities for the center and will now take on daily management.
Handsboro Square, anchored by Rouses Food Market, is a 156,544-square-foot community strip shopping center located at 1307-1355 East Pass Road in Gulfport, Mississippi. The center is well maintained with a great anchor offering ample parking and high visibility.
The retail center is currently 44% occupied and retail space is available. Tenants include Rouses Food Market, Rent-A-Center, Panda House, Wing Stop and Golden Nails Spa. Plans are underway to actively seek new tenants to further develop a variety of retail and restaurant options.
“Stirling Properties is thrilled to add these properties to our growing management portfolio, and we look forward to providing the Picayune, Gulfport and surrounding areas with great shopping and dining opportunities,’ said Charles Barclay, Stirling Properties Assistant Asset Manager.
Stirling Properties has been at the forefront of commercial real estate management, investment and development in Mississippi and the Gulf South region, and is committed to bringing quality development and retailers to the area.
Stirling Properties currently manages more than 17 million square feet of property, with close to 100 million square feet of property and land for sale or lease, almost exclusively in Louisiana. Other Stirling Properties management and development projects in Mississippi include, Commodore Plaza Shopping Center (Gulfport), Turtle Creek Shopping Center (Hattiesburg), Westland Plaza (Jackson) and Crossgates Shopping Center (Pearl), just to name a few.
For leasing or sales information for Pine Tree Plaza, contact Rhonda Sharkawy at (504) 620-8145 or rsharkawy@stirlingprop.com. For asset management information, contact Charles Barclay at (985) 898-2022 or cbarclay@stirlingprop.com.
For leasing or sales information for Handsboro Square, contact Justin Toomey at (251) 342-7229 or jbtoomey@stirlingprop.com. For asset management information, contact Charles Barclay at (985) 898-2022 or cbarclay@stirlingprop.com.
Stirling Properties And CBL & Associates Properties, Inc. Announce New Tenants At Ambassador Town Center In Lafayette, Louisiana
Stirling Properties and CBL & Associates Properties, Inc. welcome new tenants and announce updates to Ambassador Town Center in Lafayette.[vimeo 169295392 w=640 h=360] Ambassador Town Center Aerial Footage.
Half Shell Oyster House will occupy 5,850 square feet of restaurant space, and is the newest addition to the eatery line-up. This will mark the ninth location for the popular seafood restaurant, and the first in Louisiana. Half Shell Oyster House is expected to open in November of 2016.
Newly leased, Just 4 Him Men’s Haircut Lounge—catering to the grooming needs of busy men who want quality service in a comfortable environment—will occupy 1,267 square feet, and is expected to open in September of 2016.
Subway celebrated its grand opening at Ambassador Town Center on Saturday. Freddy’s Frozen Custard & Steakburgers and Panda Express opened their doors last month. Additional tenants are still on track to open later this year, including Professor Bob Beans (June 2016), Verizon Wireless (June 2016), Phone Zone (July 2016), Red Robin (July 2016), Avalon Nails & Spa (July 2016), Tao Asian Cuisine (July 2016), Just 4 Him Men’s Haircut Lounge (September 2016), World of Beer (October 2016), and Half Shell Oyster House (November 2016).
“Ambassador Town Center has continued to thrive since opening earlier this year,” said Michael Lebovitz, Executive Vice President, Development and Administration for CBL & Associates Properties, Inc. “We’re excited to further enhance the customer experience, adding new stores and eateries to the broad range of options already available.”
“Since inception, Ambassador Town Center and its tenants have experienced tremendous success. Restaurants like Chuy’s reported the best opening sales in company history. The City of Lafayette and surrounding communities are supporting and frequenting these retailers, and we are eagerly looking forward to future developments and additions to the center,” said Ryan Pécot, Stirling Properties Senior Retail Leasing and Development Executive.
Stirling Properties and CBL & Associates Properties, Inc. formed a joint venture to develop the center, and currently manage and lease it. With close to 10 decades of retail experience between them, both companies have extensive commercial real estate knowledge, with acclaimed reputations locally, as well as nationally.
Stirling Properties has been at the forefront of commercial real estate investment and development in Lafayette and surrounding areas of South Louisiana, and is committed to bringing quality development and top-notch retailers to the area. Stirling Properties has developed more than 3.7 million square feet totaling $465 million since 2010, almost exclusively in Louisiana. Other Stirling Properties developments in Lafayette include Ambassador Row, Ambassador Row Courtyards, Stirling Lafayette and Village at Southpark, just to name a few.
Ambassador Town Center is a roughly 60-acre retail project anchored by Costco Wholesale and Dick’s Sporting Goods/Field & Stream, consisting of more than 430,000 square feet. Located at the southeast corner of Lafayette’s ‘main-at-main’ intersection, Ambassador Caffery Parkway & Kaliste Saloom Road, the development also includes Avalon Salon & Spa, BJ’s Restaurant & Brewhouse, Blaze Pizza, Chuy’s Mexican Restaurant, Costco Gasoline, Dickey’s Barbecue Pit, Five Below, Freddy’s Frozen Custard & Steakburgers, Half Shell Oyster House, Just 4 Him Men’s Haircut Lounge, Marshalls/HomeGoods, Nordstrom Rack, Off Broadway Shoes, Panda Express, Panera Bread, PetSmart, Phone Zone, Professor Bob Beans, Red Robin, Subway, Tao Japanese Cuisine, World of Beer, Verizon, and more supporting shops and restaurants to come. The center is currently 98% leased and most of the retailers committed are either first-time locations within Lafayette or Louisiana, or both. With its completion, Ambassador Town Center is a premier regional shopping and entertainment destination, as well as a vital economic contributor to the area.
For more information, please visit stirlingprop.com or cblproperties.com.
For leasing information, contact Ryan Pécot at 337.572.0246 or rpecot@stirlingprop.com or Tim Gilmore at 423.490.8358 or Tim.Gilmore@cblproperties.com. For information on Ambassador Town Center, please visit ambassadortowncenter.com.
