Retreat at Acadian Point Gets a Makeover!
Stirling Properties is pleased to announce the completion of Retreat at Acadian Point in Lafayette, Louisiana, after an extensive remodeling project. A ceremonial ribbon cutting was held last week to celebrate the grand re-opening of the property.
Stirling Properties acquired the 2-story, 384-unit multi-family complex in August of 2015, and work began on a $4 million renovation. Interior upgrades include brushed nickel hardware, faucets and fans, full-size washer and dryers in all units, new GE appliance packages, new flooring, electronic access gates, new roofs, and more. Exterior upgrades include new swimming pool area, outdoor gas grills, outdoor lounge area and fireplace, updated landscaping, a new state-of-the-art fitness center and large dog park.
“Retreat at Acadian Point is updated with new features and finishes, both inside and out, that will enhance the quality living experience,” said Justin Landry, Asset/Finance Manager for Stirling Properties. “The property looks better than ever, and Stirling Properties is excited to provide Lafayette residents with affordable luxury at a time when the local economy faces some challenges.”
Retreat at Acadian Point is located at 221 Verot School Road in Lafayette, and is currently 92% occupied. Stirling Properties fulfills the role of Asset Manager for the property, while BH Management Services serves as the primary property management firm.
Stirling Properties continues to increase our company reach and footprint. In 2010, we strategically focused our attention toward commercial property acquisition, and creating opportunities for return-driven investors seeking to put capital into real, tangible property across the Gulf South. Earlier this year, we purchased Turtle Creek Crossing shopping center in Hattiesburg, Mississippi, marking the largest retail acquisition in our 40-year history! Since 2010, we have acquired over $200 million in property, totaling 2.1 million square feet—including the Pan American Life Center, which has become the hub of our New Orleans commerce.
The acquisition of Retreat at Acadian Point is part of our on-going growth strategy, bringing Stirling Properties’ multi-family portfolio to 1,293 units!
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.
