Statement from Stirling Properties and Read King regarding Fern Marketplace in Shreveport, Louisiana
Despite recent rumors, Whole Foods Market is still on track to open in Fern Marketplace this fall. The shell of the building is complete and interior work is underway. Permanent signage will be installed soon. Whole Foods Market has never wavered on their commitment to the Shreveport/Bossier City market, and representatives are expected to announce an official opening date within the next month.
Whole Foods Market will be the anchor tenant for the retail development. The long awaited grocer will soon join GRUB Burger, which has been in operation since the beginning of the year, and reporting high sales. Lee Nails is expected to open this summer.
We are in lease negotiations with several additional tenants and are excited to release those announcements over the next several months. We are confident in the future and prosperity of this area. The growth rate and location will be sure to allow the tenants at Fern Marketplace to experience substantial retail sales.
Fern Marketplace is a 29-acre retail project anchored by Whole Foods Market, consisting of roughly 275,000 square feet. The shopping center, developed by Houston-based Read King, is located at the northeast corner of East 70th Street and Fern Avenue, near the intersection of Youree Drive, which is the most heavily populated corridor of retail and services in Shreveport and Northern Louisiana. Most of the retailers committed to Fern Marketplace are either first-time locations within Shreveport or Louisiana, or both. Stirling Properties handles management and leasing of the property.
For leasing or sales information, contact Rhonda Sharkawy at (504) 620-8145 or rsharkawy@stirlingprop.com. For asset management information, contact Donna Taylor at (985) 898-2022 or dtaylor@stirlingprop.com.
A New Star-Spangled Banner Will Wave!
In honor of Independence Day, Hammond city officials, residents and community leaders met at Hammond Square yesterday morning for a ceremony and dedication of a new American flag that representatives hope will act as a beacon for the area.
The 80’ flagpole will fly a 15’ X 20’ American flag that will be part of the new gateway project at Interstate 12, leading to both the Hammond and Ponchatoula communities at exit 40. The flag will be visible to all that travel I-12, calling attention to the area by both locals and tourists. The flag is located at the northwest corner of I-12 and Highway 51 near Olive Garden Italian Restaurant.
Tangipahoa Parish President Robbie Miller, Hammond Mayer Pete Panepinto, Ponchatoula Mayor Bob Zabbia, Stan Dameron with Home Mortgage Authority, and Grady Brame with Stirling Properties were in attendance for the ceremonial flag-raising festivities. Boy Scout Troop 170 was on hand to recite the Pledge of Allegiance and Phillip Monteleone performed a flyover in his Vietnam Era ’68-70 Bell OH-58 Kiowa helicopter.
The Hammond-Ponchatoula Sunrise Rotary Club worked with the City of Hammond, Hammond Square, Stirling Properties and the Hammond-Tangipahoa Home Mortgage Authority for more than a year to bring this project to fruition.
Stirling Properties is proud to have been a part of this development at Hammond Square. Thanks to the tremendous efforts of The Hammond-Ponchatoula Sunrise Rotary Club, city officials, supporters and everyone that came out for the celebration.
We salute all the men and women of the United States armed forces on Independence Day, and every day! #StirlingProud
University of South Alabama Appoints Stirling Properties’ Nathan Handmacher To Center for Real Estate and Economic Development Advisory Board
Stirling Properties commercial real estate company is pleased to announce that Nathan Handmacher, Senior Sales and Leasing Executive, has been appointed to the Advisory Board of the University of South Alabama’s (USA) Center for Real Estate and Economic Development.
The USA Center For Real Estate and Economic Development and the Real Estate Program select members of the local real estate industry to serve on the Advisory Board. Their mission is to achieve a high-quality educational program and real-world experience for USA students, respond to educational and informational needs of the local real estate community, and offer a curriculum that is nationally competitive.
Handmacher has been active in the commercial real estate business for more than 12 years, and has experience in all facets of the industry, including tenant representation, commercial sales and leasing, asset and property management, development, and investment sales. He has knowledge in every aspect of commercial real estate: office, retail, land and industrial properties. In addition to providing brokerage services, Handmacher currently manages a diverse portfolio of more than 600,000 square feet of retail, office and industrial property.
A native of Montgomery, Alabama, Handmacher is a graduate of the Terry College of Business at the University of Georgia with a degree in marketing. He currently resides in Fairhope with his wife and children, and is very active in the community. Handmacher is the Immediate Past President of the Mobile Touchdown Club, Board Member of the Mobile Area Jewish Federation, Treasurer of The Learning Tree, Inc., Trustee of the Springhill Avenue Temple, a member of the Program Committee of the Community Foundation of South Alabama, and a member of the 2006 Class of Leadership Mobile.
Nathan Handmacher can be reached at nhandmacher@stirlingprop.com or (251) 342-7229.
Stirling Properties is located in One St. Louis Centre, 1 St. Louis Street, Suite 4100 in Mobile. For more information regarding our services, please visit us at www.stirlingproperties.com.
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!
Shreveport-Bossier City Retail Market Survey 2016
Stirling Properties is pleased to present the 2nd annual Shreveport-Bossier City Retail Market Survey. This report, compiled by Stacy Odom and Karen Hannigan, Broker Associates of our Shreveport office, is intended to give the reader a broad understanding of the market as well as specific information about the available square footage, occupancy and rental rates of each retail center greater than twenty thousand (20,000) square feet. It was created to be a resource for agents as well as tenants, landlords, developers, lenders, fellow brokers and anyone else looking for information about the Shreveport-Bossier City retail market.
All information provided in this report would not be possible without the cooperation of our staff and colleagues and we would like to thank all of those who contributed.
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.
