Stirling Properties Promotes Laura Wallace to Controller – Corporate Accounting
Stirling Properties is pleased to announce that Laura Wallace has been promoted to Controller – Corporate Accounting.
In her new role, Laura will manage all of Stirling Properties’ corporate accounting functions, including, receivables, payables, cash flow and payroll.
Laura has been with the company for nearly 14 years, and previously held the role of Corporate Accountant. While she will be responsible for many of the same functions, she will also be handling new and expanded duties.
“We are thrilled to promote Laura Wallace to Controller – Corporate Accounting,” said Paul Mastio, Chief Financial Officer with Stirling Properties. “Over the years, everything that we have thrown at Laura, she has not only learned, but excelled in, and consistently gets the job done. In her previous role of Corporate Accountant, she graciously took on added responsibilities when needed, so she has essentially been performing many of these functions already.”
As Controller – Corporate Accounting, Laura will continue to handle the company’s accounting and the brokerage production in Realcore. In addition, she will be responsible for our corporate budgeting process and 401K audits. She will also supervise our accounting administrator and banking administrator.
Laura Wallace will work from Stirling Properties’ Covington, Louisiana, office. She can be reached at lwallace@stirlingprop.com or (985) 246-3777.
Stirling Properties Hires Steadman Bethea as Advisor
Stirling Properties is pleased to announce that Steadman Bethea has joined its commercial real estate team as an Advisor. He will work from the company’s Mobile, Alabama, office located at 1 St. Louis Street, Suite 4100.
Before joining Stirling Properties, Steadman worked as a Real Estate Advisor with 30A Realty located on the Gulf Coast of the Florida Panhandle, where he was a member of one of the top-performing teams in the market.
He has also held the roles of analyst and account executive with Walton Funding, a private mortgage company. Here he garnered knowledge and experience with lending on investment properties and commercial loans, a skillset he uses to help guide his clients in making smart real estate decisions.
A native of Montgomery, AL, Steadman graduated from Samford University with a Bachelor of Science degree in Business Administration and Finance. He holds commercial real estate licenses in both Florida and Alabama.
He and his wife reside in Fairhope, AL, where he is a member of the Baldwin Commercial Exchange Club and an active volunteer as a YoungLife Leader.
Steadman Bethea can be reached at (850) 467-1047 or sbethea@stirlingprop.com.
New Rouses Market-Anchored Retail Development Coming to Lake Charles, Louisiana
Anticipated construction completion in the spring of 2020.
Stirling Properties commercial real estate company is pleased to announce that a new Rouses Market-anchored retail development is coming to Lake Charles, Louisiana. Developed by the Eisenberg Company, the roughly 90,000-square-foot development will be located on 10.25 acres on Nelson Road at Ham Reid Road in South Lake Charles. Eisenberg Company recently completed construction of its first Rouses Market-anchored shopping center, Arlington Marketplace, in Baton Rouge on the corner of Lee and Burbank.
Anchor-tenant Rouses Market will occupy approximately 44,000 square feet of retail space. Construction of the state-of-the-art, ground-up grocery store commenced last week, and it is expected to open in the fall of 2020. This marks the 3rd Rouses Market location for the Lake Charles area.
Rendering courtesy of Rouses Facebook
Stirling Properties’ commercial advisors are serving as the listing agents for the retail project. Justin Langlois, CCIM, Ben Graham, CCIM and Seth Citron are working diligently to fill the remainder of the property and bring new tenants to the market. Additional pad sites and shop space is available for sale, lease or build to suit.
“This exciting new Rouses Market-anchored retail development is centrally located within the fastest growing area in the region. Some of our ideal tenants for the space include quick-serve establishments, soft goods and service providers, and restaurant options,” said Citron. “Lake Charles is in the midst of an economic boom resulting in new job growth and subsequently population growth. We expect to see new companies and major retailers entering and expanding in this market—and we look forward to welcoming them very soon.”
Stirling Properties is located at 1400 Ryan Street, Suite B in Lake Charles, La. For sales and leasing information, contact Justin Langlois, CCIM at (225) 329-0287 / jlanglois@stirlingprop.com, Ben Graham, CCIM at (225) 329-0268 / bgraham@stirlingprop.com or Seth Citron at (337) 572-0273 / scitron@stirlingprop.com.
Stirling Properties Acquires Open-Air Retail Center in Pace, Florida
Stirling Properties commercial real estate company announces the acquisition of Santa Rosa Commons retail center in Pace, Florida. The sale closed on Wednesday, September 11th at a purchase price of $26 million. This marks the first acquisition for the company in the state of Florida. Stirling Properties will also assume leasing and management duties of the property effective immediately.
Built in 2008, Santa Rosa Commons is located on US Highway 90 in Pace, a part of the Pensacola MSA. The 138,850-square-foot open-air shopping center is 96.5% occupied and anchored by Publix, T.J.Maxx and PetSmart. Shadow-anchors include Target and The Home Depot. Other tenants in the center are Maurices, Shoe Carnival, Anytime Fitness, Sally Beauty, GNC, GameStop, Wasabi House Restaurant, Dr. Vape It, The Joint and Cuts By Us. The purchase also encompassed three single tenant outparcels housing Chili’s, Regions Bank and AT&T.
“We are thrilled to add Santa Rosa Commons to our growing portfolio of commercial properties across the Gulf South region. This is momentous for Stirling Properties because it marks our first acquisition in the Florida Panhandle and really puts skin in the game for us in this thriving market. We are optimistic in the continued success of the Pensacola metro area and look forward to future growth opportunities,” said Donna Smith, Senior Vice President of Asset Management & New Business with Stirling Properties.
“Stirling Properties’ proven track record in acquisitions, along with our in-depth understanding of market dynamics and the positioning of assets allow us to identify unique investment opportunities such as Santa Rosa Commons,” said Beezie Landry, Vice President of Investment Advisors with Stirling Properties. “This is a stable, grocery-anchored retail center that sits on a high-traffic thoroughfare, situated in a dense retail node with excellent visibility. The property is well leased with a great mix of national, regional and local tenants—and we are confident that it will perform well for years to come.”
Stirling Properties has acquired and/or developed more than $2.3 billion in commercial real estate across the Gulf South region totaling nearly 28 million square feet, including retail, office, industrial, healthcare, residential and mixed-use properties.
For more information on Stirling Properties’ investment services, contact Beezie Landry at (985) 246-3781 or blandry@stirlingprop.com. For information on asset management, contact Donna Smith at (985) 246-3758 or dsmith@stirlingprop.com.
Home 2 Suites by Hilton Coming to Fremaux Park in Slidell, Louisiana
Home 2 Suites By Hilton in Gonzales, Louisiana
Stirling Properties commercial real estate company announces that Home 2 Suites by Hilton is coming to Fremaux Park in Slidell, Louisiana. Fremaux Park is the mixed-use property surrounding the Fremaux Town Center retail development.
Stirling Properties recently closed on the sale of a 2.7-acre land parcel to a Developer for Home 2 Suites by Hilton for the construction of a four-story, 106-room hotel. The development will encompass 65,000 square feet of space located on the west side of Town Center Parkway, across from Fremaux Town Center. Groundbreaking and construction timing will be announced soon.
Home2 Suites by Hilton is a more affordable, all-suite extended-stay hotel featuring contemporary accommodations and customizable guest room design.
Ryan Pécot, Senior Retail Leasing and Development Advisor with Stirling Properties, represented the landlord in the transaction.
Fremaux Park 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. It includes Retreat at Fremaux Town Center luxury residential apartments, Springhill Suites by Marriott (under construction), Waypoint apartment community (under construction), Saltgrass Steak House and Dana Inc. Service & Assembly Center (under construction). The adjoining Fremaux Town Center, anchored by Dillard’s, Dick’s Sporting Goods, Kohl’s and Best Buy, includes more than 640,000 square feet of retail and restaurant options. Additional phases are forthcoming with added residential, retail, industrial and office park.
For leasing or sales information, contact Ryan Pécot at 337.572.0246 / rpecot@stirlingprop.com or Bradley Cook at 985.246.3720 / bcook@stirlingprop.com.
Retail Site Selection for Fast Food Restaurants or QSRs
Retail Trends Have Changed
While smartphones and technological advances have created the convenience for consumers to do just about anything with the simple push of a button, somehow it seems our society has never been busier. We are always on the go. Studies have shown that on average, today’s consumer spends approximately 30% more time in their vehicles than ten years ago.
Part #2: Fast Food or Quick Serve Restaurant (QSR)
The one retail sector that has seen the greatest benefit from today’s hustle-and-bustle society is the Fast Food industry (or Quick Serve Restaurant (QSR)).
As mentioned in Part #1 of this blog series, all retailers rely on traffic counts and accessibility of their location. And, like convenience stores (C-Stores), QSRs benefit greatly from traffic counts, but they must also consider proximity to their customers.
Until recently, very few QSRs focused on the A.M. or “breakfast consumer.” For years, except for a handful of fast-food chains like McDonald’s, most QSRs only focused on the lunch and dinner or P.M. consumer. Therefore, being on the P.M. side of the road was a must.
However, with retail markets becoming heavily saturated with QSRs, coupled with the increased capital tied up in a restaurant, QSRs have been forced to start offering a breakfast menu. In some cases, the small margin of revenue that breakfast sales now provide has become a crucial component in a QSR’s profitability.
The one QSR statistic that has remained a constant, however, is that the P.M. consumer is most likely to visit a QSR within 1-2 miles (5-7 minutes) from their home.
Most experts contribute this trend to two major factors: familiarity of surroundings and being able to eat a hot meal at home. So, unlike C-Stores, proximity to rooftops must be considered when choosing a QSR site. While C-Stores can rely solely on traffic counts, QSRs cannot.
With the addition of breakfast menus, more and more QSRs that once wanted to be on the P.M. side of the road will now select the best site in a desired trade area. Therefore, working with a seasoned site selection advisor can be extremely helpful in determining and identifying the ideal location to best capitalize on the surrounding market.
Stay Tuned… Part #3 – Drug Stores
If you are interested in a site selection specialist, or for questions regarding your commercial real estate property, contact J. Collier Thornton at (225) 926-4481 or cthornton@stirlingprop.com.
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