Ownership Change for Froogel’s Cost+Foods at Westland Plaza in Jackson, Mississippi
Stirling Properties announces the ownership change for Froogel’s Cost+Foods at Westland Plaza retail center in Jackson, Mississippi. Robert’s Company, Inc., a grocery operator headquartered in Hattiesburg, Mississippi, has acquired the grocery store, as well as 3 other McDade’s/Froogel’s in the Jackson Metro area. The ownership change was effective January 27, 2020. Froogel’s will close for approximately two weeks in order to change out equipment and re-tag inventory, with all current employees being involved in the transition. The store will also be rebranded to Grocery Depot.
Robert’s Company, Inc. owns 16 stores in south Central Mississippi, including Grocery Depot, a discount grocer, Sunflower, and Corner Market.
“Stirling Properties is excited to welcome Robert’s Company as the new grocery operator at Westland Plaza, and to the west Jackson community,” said Donna Smith, Executive Vice President with Stirling Properties. “Westland Plaza has always had a grocery store to serve the local community, and we look forward to working with Robert’s Company during this transition—and what we are confident will be a successful location for them. This community has and will continue to support the merchants of Westland Plaza, and takes pride in its unique mix of retailers that fulfill the needs of those in the area.”
Westland Plaza, anchored by Froogel’s Cost+Foods and Walgreens, is a 221,500-square-foot retail center located at the intersection of Ellis Avenue and Robinson Road in Jackson, Mississippi, the largest metro area in the state. Originally constructed in the late 1950s and renovated in 2009, Westland Plaza remains at the heart of west Jackson and continues to serve the shopping needs of the community as a truly convenient location. Its diverse mix of local, regional and national retailers and service operators include Planet Fitness, United States Post Office, Kool Smiles, Aaron’s, Cato-It’s Fashion Metro, Rainbow, Family Dollar, City Gear, Hibbett Sports, Rent-A-Center, Goldstar Beauty Supply, Chopsticks Buffet, Trustmark Bank, Baskin-Robbins, MetroPCS, Boost Mobile, and many more! Stirling Properties serves as the Asset Manager of the property and handles day-to-day management.
For leasing information at Westland Plaza, contact Allen Carr with Overby Commercial at 601-366-8511.
Construction Nearing Completion for Redevelopment at Hammond Square
Former Sears and Rite Aid stores transformed into multi-tenant retail space.
Stirling Properties commercial real estate company is nearing completion on the redevelopment project at Hammond Square shopping center in Hammond, Louisiana. Demolition of the former Sears and Rite Aid buildings was completed earlier this year to make way for the $15 million multi-tenant retail redevelopment project.
This summer, the company announced that Michaels, HomeGoods, Five Below and PetSmart would be constructed on the former Sears parcel. Walk On’s Bistreaux & Bar has also recently announced its intention to join the tenant lineup with a projected opening in late summer of 2020. Constructions of the new space is underway and expected to be completed in the first quarter of 2020, with the retail tenants anticipated to open in the second quarter of 2020. Hammond Square is also developing a two-tenant outparcel building in front of the former Rite Aid that will be occupied by Five Guys and Chipotle. This building is also expected to be completed in the summer of 2020.
Rhonda Sharkawy, Senior Retail Leasing & Development Advisor with Stirling Properties, handled the lease transactions on behalf of the landlord.
“Stirling Properties is excited to welcome these first-class retailers to Hammond Square. They are all new to the Hammond market, and we are confident they will be extremely well-received by the surrounding Tangipahoa community. They complement our existing tenant mix perfectly—even further positioning Hammond Square as a leading shopping destination in the region. We look forward to adding even more great retailers to the center soon,” said Grady Brame, Executive Vice President with Stirling Properties.
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. It is the 2nd largest open-air center in Louisiana encompassing over 902,000-square-feet of more than 40 national and local retailers, shops and restaurants, including Dillard’s, Target, The Home Depot, JCPenney, Academy Sports+Outdoors, Best Buy, T.J.Maxx, ULTA Beauty, Books-A-Million and AMC Theatres. Stirling Properties redeveloped Hammond Square and currently manages and leases the center.
For more information on Hammond Square, visit www.hammondsquare.com or facebook.com/hammondsquare. For leasing and sales information, contact Rhonda Sharkawy at (504) 620-8145 or rsharkawy@stirlingprop.com.
Stirling Properties Brokers Sale of 38,443-SF Former Bassett Home Furnishings Building in Gulfport, MS
Stirling Properties recently brokered the sale of the 38,443-square-foot former Bassett Home Furnishings building located on 1526 E. Pass Road in Gulfport, Mississippi. The retail/warehouse building sits on 3.3 acres of land adjacent to the new Rouses Market.
The buyer was Lagniappe Construction, a national senior living construction company, who plans to utilize the facility for its home office staff, training, and regional material logistics.
Bassett Home Furnishings closed this location in June of 2019 after 15 years in business, and the building was placed on the market for sale.
Melissa Warren, CCIM, Senior Advisor with Stirling Properties, represented the seller on the sale of the property. Stephanie Schmitt, with Century 21, worked with the buyer.
Why is it important to have Buyer/Tenant Representation?
Your business is growing, and you need more space. Maybe you’re planning to expand into a new market. Perhaps you’re an investor looking to build your portfolio. Regardless of the scenario, if you’re considering buying or leasing commercial real estate, you will be faced with the same challenges: Finding the right location, negotiating a fair deal, and creating opportunity for future growth.
A listing or landlord broker has a fiduciary duty to their client (landlord/seller). Their job is filling available space as quickly and as profitably as possible. Due to that relationship, the buyer/tenant may not be fairly represented without their own broker, someone whose focus is on getting them the best deal and the best property for their needs. This three-part series will explain why it is in the best interest of a buyer/tenant to hire a broker to represent them in a transaction.
The best part is that the buyer/tenant can get fair representation with little to no cost!
Part 1: Buyer/Tenant Representation Broker
Real estate is a complicated business with many industry-specific terms, legal details and marketing intricacies, making it difficult for someone not actively involved with it to know where to begin. Hiring a tenant representation broker will give you the best opportunity to find the perfect space with fair lease terms.
1. The Call
You call the number on the “For Lease or Sale” sign, but you never get a callback. Landlords and sellers are busy people and often hire a listing broker. Both are more accustomed to working with other brokers.
Hiring a buyer/tenant rep can help solve this problem in two ways:
- A buyer/tenant rep has the backing and reputation of the brokerage firm they work for, which gives them more authority when making calls.
- The buyer/tenant rep likely has a professional relationship with the listing broker.
2. Not all properties are listed in one place
Looking through listings online can be difficult if the information is outdated or incomplete. A tenant rep has numerous resources to solve these issues and find the best option for you.
Commercial real estate brokers have access to the most accurate listing databases for the market. With the professional relationship tenant reps have with other brokers, it allows them to easily get updated information on available properties. Tenant reps also know of opportunities that are not yet on the market but will be available soon.
3. Finding the ideal space or investment
It is imperative to assess your needs when beginning the selection process. Buyer/tenant reps will ask you the necessary questions to analyze and determine your exact needs. Tenant reps can provide valuable insight into what your space requirements are and what amenities would benefit your business the most.
Questions to consider for tenants:
- Is your company growing? What is your projected growth?
- How does your office utilize space? Private offices, open floor plan, collaborative space?
A few questions for investors:
- In what product type do you want to invest in?
- Are you looking for a value-add opportunity or a stabilized asset?
- What type of return do you anticipate?
For tenants, deciding where your business should be located is one of the most crucial decisions you will make during the search process. A tenant rep has the experience and market knowledge to help answer questions you may have about different locations and market areas.
A few factors with location needs:
- Can the office be found easily? Is it easily accessible from major thoroughfares?
- What is the commute time for employees?
4. The Negotiation
The landlord or seller can quote you any rate or terms, and you have no way of knowing if that is the market standard beforehand. The buyer/tenant rep adds value to the negotiation process by knowing what economic and non-economic factors are common in the market. They will also walk you through the process and explain various items to you.
5. Should you even lease?
Sometimes leasing space may not be the best option for you. Purchasing a building may pay off in the long run, or coworking space can give you the flexibility of not being in a long-term lease. Depending on the market conditions and your company needs, purchasing real estate can be more cost-effective than leasing it. A tenant rep can help you define your needs and decide if purchasing or leasing is the best option for you.
Often, tenant reps uncover needs that business owners didn’t even realize, helping to ensure that a property is truly a perfect fit for the client.
Most importantly, your focus needs to be on running your business. A tenant representation broker takes the weight of the real estate process off your shoulders. Time is money; hiring a tenant rep broker can help you spend that time focusing on your business.
Look for Part 2: Why Signing a Buyer/Tenant Representation Agreement is Important
For questions about your commercial real estate or brokerage representation, contact Foster Murphy at fmurphy@stirlingprop.com or (225) 329-0282.
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 Adds Two Advisors to Commercial Real Estate Team
Rankin Bihm recently joined the Stirling Properties team as an Advisor, working dually from the company’s Lafayette and Lake Charles offices. He is primarily focused on the sales and leasing of retail properties, with representation of both tenants and landlords. His specific geographical expertise is on the Southwest Louisiana market area.
Prior to joining Stirling Properties, Bihm served as a Multimedia Consultant, where he advised business clients on digital marketing and promotional strategies. He has a strong understanding of market research and analyzing competitor data, which translates to the real estate market, where he helps his clients to effectively locate and market properties. He also has extensive experience in the hospitality and service industry, where he honed superior customer service and relationship-building skills.
Bihm is a graduate of the University of Louisiana-Lafayette with a Bachelor of Science degree in Business Administration and was a member of the National Society of Leadership and Success. He is currently enrolled in the University of Louisiana-Lafayette MBA program.
Rankin is a volunteer with St. Joseph Parish Vacation Bible School and Keep Lafayette Clean. He is an avid reader and enjoys listening to podcasts—and all things sports.
Blaise Brown also joins the Stirling Properties’ commercial real estate team as an Advisor, working from the company’s New Orleans office. With a geographic focus on New Orleans East and St. Bernard Parish, he specializes in the sales and leasing of retail and industrial properties and raw land.
Brown is a member of the New Orleans Metropolitan Association of Realtors (NOMAR), the Commercial Investment Division of NOMAR (CID), International Council of Shopping Centers (ICSC), and Retail Brokers Network (RBN).
Born and raised in NOLA, Blaise is a graduate of St. Augustine High School and currently resides in New Orleans East. He holds a bachelor’s degree in Justice and Peace Studies from Georgetown University in Washington, D.C., where he played football and was named the Team Captain his Senior year.
While in Washington, Blaise served as a Sursum Corda educational tutor, helping to implicate new techniques of reading for children in the poverty-stricken neighborhoods. He helped to create opportunities and practices of learning between tutors and tutees while acting as a mediator between Georgetown students and Sursum Corda children.
