UPDATE: Tee It Up with Grady Brame, Executive Vice President at Stirling Properties
UPDATE: Due to a processing error some subscribers may have difficulty accessing the video associated with this blog post. To view the video in its entirety, please click here. We apologize for any inconvenience. We all know that Grady is a huge golfer. But did you know that he has played among some of golf’s greats, including Phil Mickelson, Justin Leonard and David Duval? He’s played in three U.S. Amateur competitions with Tiger Woods. Although they weren’t actually playing against one another, according to the scorecard, you could say that Grady beat Tiger! Grady has played amateur golf around the country and says “the more success you have, the more opportunities you will receive.” He believes much of what he has learned on the golf course is applicable to the commercial real estate (CRE) industry. So we thought it would be fun to sit down with him to get a little insight on both. Where does your passion about golf & real estate come from? “The love of golf runs in my family! My father was a scratch golfer, and his father played too. We have a long list of relatives that play. Both of my sons share a love of the game, and my oldest son has taken it to a professional level.” Grady’s attraction to golf is fueled by the thrill of competition and the determination to get better. That same logic drives his love for real estate, and got him started in the industry. “I was attracted to Stirling Properties because it was exciting and a new opportunity for me—commercial real estate was fun! I loved the idea of building new projects. The industry was challenging, but we were successful. Over the years, I’ve learned so much, and I feel that my experience really adds value to our Stirling team. Golf has given me personal achievement and fulfillment, Stirling Properties has given me professional fulfillment.” In your opinion, how are golf & commercial real estate similar? They are both competitive. I compete on the golf course to win, and I compete at the office to make a project or a real estate deal successful. In golf, you’re competing against fellow golfers, yourself and the course. In CRE, you compete against other developers contending for the best sites and negotiating with tenants on leases to get the best deal to make a project prosperous. In golf and CRE, the outcomes—or score—will tell you if you’re on the right track. At Stirling Properties, we separate ourselves from the competition by continually striving to improve. What golf etiquette can you apply to commercial real estate?
- Respect: Golf is an honorable game. You play by the rules, not because there is a referee or umpire enforcing them, but because it’s the right way. At Stirling Properties, we’ve always done things the right way. We treat employees, clients and tenants with respect. We’ve always been honest, held ourselves to high ethical standards, and never take shortcuts. Now, that’s paying back in dividends. A famous golfer once said, “In golf as in life, it is the follow through that makes the difference.”
- Managing Expectations: I consistently see golfers on the course expecting to beat their last score, or play better than their handicap on every hole. They set unrealistic expectations, and are usually disappointed. We always want to be the winner and put our best forward, but we need to remember not to oversell our position for investors, employees or lenders. People rely on us for projections and budgets. Predicting the future with absolute accuracy is like hitting a hole-in-one. But we have a great team in place that has been able to manage the process without overselling or setting unrealistic expectations.
- Mastering the Fundamentals: Sports psychologist, Dr. Bob Rotella noted, “A golfer has to train his swing on the practice tee, then trust it on the course.” Stirling Properties has stayed relevant and ahead of the competition for more than 40 years, because we are good at what we do. We trust our skills and instincts. We extensively evaluate every project at hand for the best possible outcomes. Sometimes, it’s about quality, not quantity.
- Control the Controllable: We will never have absolute control. In golf, there will always be the threat of wind, an ill-fated bounce or some little imperfection on the course that we have no control over. The same is true in CRE. You have to be adaptable. Do your best to manage what you can’t control, but build in contingencies for projects or deals so that if you do have a bump in the course, the deal can still work.
Any advice for young people entering the CRE industry? For anyone new to Stirling Properties—or the industry—my first suggestion is to listen and learn. You can learn a lot more from listening to others than talking on your own. You can acquire much from the people that have experience in this industry, both how to succeed and how to fail. Learn from their triumphs and mistakes! A lot of professional golfers have an entourage of coaches and experts helping them to perform.
Click here to listen to what Grady has to say about the importance of teamwork:
#StirlingProud
Tee It Up with Grady Brame, Executive Vice President at Stirling Properties
We all know that Grady is a huge golfer. But did you know that he has played among some of golf’s greats, including Phil Mickelson, Justin Leonard and David Duval? He’s played in three U.S. Amateur competitions with Tiger Woods. Although they weren’t actually playing against one another, according to the scorecard, you could say that Grady beat Tiger!
Grady has played amateur golf around the country and says “the more success you have, the more opportunities you will receive.” He believes much of what he has learned on the golf course is applicable to the commercial real estate (CRE) industry. So we thought it would be fun to sit down with him to get a little insight on both.
Where does your passion about golf & real estate come from?
“The love of golf runs in my family! My father was a scratch golfer, and his father played too. We have a long list of relatives that play. Both of my sons share a love of the game, and my oldest son has taken it to a professional level.”
Grady’s attraction to golf is fueled by the thrill of competition and the determination to get better. That same logic drives his love for real estate, and got him started in the industry.
“I was attracted to Stirling Properties because it was exciting and a new opportunity for me—commercial real estate was fun! I loved the idea of building new projects. The industry was challenging, but we were successful. Over the years, I’ve learned so much, and I feel that my experience really adds value to our Stirling team. Golf has given me personal achievement and fulfillment, Stirling Properties has given me professional fulfillment.”
In your opinion, how are golf & commercial real estate similar?
They are both competitive. I compete on the golf course to win, and I compete at the office to make a project or a real estate deal successful.
In golf, you’re competing against fellow golfers, yourself and the course. In CRE, you compete against other developers contending for the best sites and negotiating with tenants on leases to get the best deal to make a project prosperous. In golf and CRE, the outcomes—or score—will tell you if you’re on the right track. At Stirling Properties, we separate ourselves from the competition by continually striving to improve.
What golf etiquette can you apply to commercial real estate?
- Respect: Golf is an honorable game. You play by the rules, not because there is a referee or umpire enforcing them, but because it’s the right way. At Stirling Properties, we’ve always done things the right way. We treat employees, clients and tenants with respect. We’ve always been honest, held ourselves to high ethical standards, and never take shortcuts. Now, that’s paying back in dividends. A famous golfer once said, “In golf as in life, it is the follow through that makes the difference.”
- Managing Expectations: I consistently see golfers on the course expecting to beat their last score, or play better than their handicap on every hole. They set unrealistic expectations, and are usually disappointed. We always want to be the winner and put our best forward, but we need to remember not to oversell our position for investors, employees or lenders. People rely on us for projections and budgets. Predicting the future with absolute accuracy is like hitting a hole-in-one. But we have a great team in place that has been able to manage the process without overselling or setting unrealistic expectations.
- Mastering the Fundamentals: Sports psychologist, Dr. Bob Rotella noted, “A golfer has to train his swing on the practice tee, then trust it on the course.” Stirling Properties has stayed relevant and ahead of the competition for more than 40 years, because we are good at what we do. We trust our skills and instincts. We extensively evaluate every project at hand for the best possible outcomes. Sometimes, it’s about quality, not quantity.
- Control the Controllable: We will never have absolute control. In golf, there will always be the threat of wind, an ill-fated bounce or some little imperfection on the course that we have no control over. The same is true in CRE. You have to be adaptable. Do your best to manage what you can’t control, but build in contingencies for projects or deals so that if you do have a bump in the course, the deal can still work.
Any advice for young people entering the CRE industry?
For anyone new to Stirling Properties—or the industry—my first suggestion is to listen and learn. You can learn a lot more from listening to others than talking on your own. You can acquire much from the people that have experience in this industry, both how to succeed and how to fail. Learn from their triumphs and mistakes! A lot of professional golfers have an entourage of coaches and experts helping them to perform.
Listen to what Grady has to say about the importance of teamwork:
[vimeo 187254033 w=640 h=360]#StirlingProud
Walk-On’s Coming to River Chase in Covington, Louisiana!
Stirling Properties, NAI Latter & Blum and Greenleaf Architects announce Walk-On’s Bistreaux & Bar is coming to River Chase mixed-use development in Covington, Louisiana. This will mark the 1st Northshore location for the highly anticipated sports restaurant and bar.
This week, the company closed on the purchase of 1.82 acres of property located on the northwest corner of Stirling Blvd. and Brewster Road next to Sam’s Club. Construction on the site will commence within the next couple of weeks. The restaurant will occupy roughly 9,600 square feet and is expected to open by the summer of 2017, according to Arkel Constructors who has been chosen as the General Contractor.
Stirling Properties’ Senior Retail Leasing & Development Executive, Rhonda Sharkawy, represented the property owners, and Beau Bourque with NAI Latter & Blum represented the tenant. Greenleaf Architects was selected to design the custom restaurant for the new Northshore location.
The popular restaurant started by two LSU students in Baton Rouge has thrived over the years, and expanded into multiple locations. The next stop for Walk-On’s is right here in St. Tammany Parish, and Greenleaf Architects is fortunate enough to work closely with Walk-On’s Enterprises in making this happen. As a firm full of LSU graduates who frequented the original location on Burbank Drive throughout college, this is truly an honor for Greenleaf Architects. The Covington location will include a rooftop bar, “The Upper Deck”, an element unique to the design by Greenleaf Architects. The Upper Deck will feature group seating and additional space for catching a game under the skyline of St. Tammany Parish.
“Stirling Properties is pleased to welcome Walk-On’s Bistreaux & Bar to River Chase,” said Townsend Underhill, Senior Vice President of Development at Stirling Properties. “They join a dynamic assortment of restaurants, retailers, hospitality, multi-family, and office users offering a one-of-a-kind, mixed-use destination for the entire region.”
“Among other attributes, low stress ingress & egress and complementary anchor/junior anchor tenants together with Stirling Properties’ and St. Tammany Parish’s commitments to developing a live/work/play environment that improves quality of life attracted Walk-On’s to River Chase. I look forward to seeing Greenleaf Architects’ exceptional design come to life,” said Beau Bourque, Sales & Leasing Associate with NAI Latter & Blum.
River Chase is a 253-acre premier mixed-use development located on the southeast corner of Interstate 12 and LA Highway 21 in Covington, Louisiana. The center includes retail, restaurants and entertainment options, as well as a Holiday Inn Express, Regal Cinema, 500+ luxury residential apartment units, and a 48,000-sqaure-foot class A office building currently under construction. Stirling Properties developed River Chase and currently manages and leases the property.
Anchored by Target, Belk, JCPenney, Best Buy, Marshalls, Ross Dress For Less and Sam’s Club, River Chase shopping center occupies 945,000 square feet, and is the largest open air retail center in Louisiana. Additional tenants include Carter’s, Cato, Charming Charlie, Chuck E. Cheese’s, Cost Plus World Market, Dickey’s Barbecue Pit, Family Cuts, Fidelity Homestead Savings Bank, Five Below, GameStop, Hibbett Sports, Holiday Inn Express, In Style Salon, John V Salon & Spa, Justice, Lane Bryant, Maurices, Men’s Wearhouse, Michaels, Nevada Bob’s Golf, Nutrishop, Oreck Vacuums, Pink & White Nails, Regal Cinemas, River Chase Cleaners, Rooms To Go (opening 2017), rue 21, Sephora, Shoe Carnival, The Children’s Place, ULTA Beauty, Verizon Wireless, Walk-On’s Bistreaux & Bar, Which Wich and Zoe’s Kitchen. Outparcel tenants include Chick-fil-A, LongHorn Steakhouse, Regions Bank, Taco Bell, Texaco and Wendy’s.
Stirling Properties Philanthropic Spotlight
Everyone loves getting flowers. They miraculously lift our spirits and bring a smile to our face. And some people need that pick-me-up more than others.
Stirling Properties Senior Vice President, Donna Taylor, recently discovered the power of flowers through a nonprofit organization called Bouquets of Hope.
Taylor’s daughter was just married in Memphis, Tennessee. The ceremony and reception areas were beautifully decorated with exquisite floral arrangements and bouquets, along with those held by the bridal party. All of the festivities went off without a hitch, and the happy couple departed for their lifelong journey. But what do you do with all of those flowers after the wedding?
Ironically, Taylor saw a news program on a nonprofit organization that founded a program called Bouquets for Hope. The organization collects flowers from weddings and events, rearranges them, and delivers them to local nursing homes, hospitals, hospice homes, rehabilitation centers, and anywhere there is a need to brighten someone’s day. In addition, the ministry also serves as a job training and employment opportunity for clients.
From the Taylor wedding, volunteers were able to create 50 bouquets that were delivered to seniors at Christian Care Center. They were thrilled to receive the arrangements, especially the gorgeous bridesmaids’ bouquets! Taylor hopes that by sharing this message, others will do the same.
Here at Stirling Properties, community philanthropy is a big deal. We pride ourselves in giving back to the communities that support us. The company encourages our leaders and employees to give their time and resources to support nonprofit organizations and community groups, and we couldn’t be prouder.
Every act of kindness, no matter how big or small, can go a long way. So we encourage everyone to get out there and brighten someone else’s day!
#StirlingProud
Beware the Broad Brush
There has been much debate in the media this week about Donald Trump’s taxes and the need for Congress to overhaul America’s tax system. In yesterday’s editorial debate of the USA Today, the editorial board makes its point for real estate tax policy reform and the overly generous tax benefits received by commercial real estate property owners.
The opposing viewpoint, authored by Real Estate Roundtable President and CEO, Jeff DeBoer, emphasizes that all business investments, including real estate, be allowed to recover its capital investment cost through depreciation and amortization. He goes on to point out that it is irresponsible to specifically target the tax structure of the real estate industry, which accounts for a large percentage of America’s jobs and economic activity.
The current value of the US commercial real estate investment is approximately $6.0 trillion, leveraged conservatively at approximately 55% (over $2.7 trillion of equity; $3.3 trillion of debt). This investment is responsible for billions of dollars in economic activity, supports approximately 9 million American jobs, and contributes 13% of the nation’s gross domestic product. Real estate activity accounts for nearly 25% of the taxes collected at all levels of government, including income, property and sales taxes. Property taxes alone constitute 40% of the state and local tax base. Taxes derived from real estate ownership and transfer represent the largest source, which in some cases, is approximately 70% of local tax revenues, helping to pay for schools, roads, law enforcement and other essential public services.
Further, the US real estate industry is an inherently domestic product that cannot be offshored through inversions or other tax schemes. If Congress does take on Tax Reform in 2017, it should be noted that much of our country’s real estate investment is made locally by individuals seeking solid, long-term returns with a desire to improve their neighborhoods and serve the communities in which they live.
Let’s not use Mr. Trump’s personal tax situation as a means to hurt our local communities and our nation’s economy by using a broad brush approach!
Mid-City Market 100% Leased!
Addition of new retail & restaurant tenants
Stirling Properties commercial real estate company welcomes new tenants to Mid-City Market in New Orleans, Louisiana, and is pleased to announce that the center is 100% leased.
ASI Federal Credit Union will occupy the last remaining 2,541 square feet of space. Build-out of the space is underway, and the company plans to open in January of 2017. This will mark the 2nd Mid-City location for ASI Federal Credit Union.
Previously announced Mr. Ed’s Oyster Bar & Fish House successfully opened earlier this week, marking the 4th location for the popular New Orleans restaurant. It occupied the former Pei Wei Asian Diner space.
Stirling Properties Sales & Leasing Executive, Joe Gardner, handled both transactions.
Located on 6.5 acres at the northwest corner of North Carrollton Avenue and Bienville Street in Mid-City New Orleans, Mid-City Market is a 109,000-square-foot urban infill shopping center. Anchored by Winn-Dixie, the center is home to a diverse mix of local and national retailers and restaurants including Office Depot, Jefferson Feed Pet & Garden Center, Panera Bread, Verizon Wireless, Felipe’s Taqueria, Mr. Ed’s Oyster Bar & Fish House, Five Guys Burgers and Fries, Ochsner Health Center, GNC, Pinkberry, Pizza Hut, Shine Spa + Specialties, LA Nails Spa, and Mariposa Salon & Spa. Stirling Properties developed Mid-City Market and currently manages and leases the center.
Stirling Properties broke ground on the development in early 2012 and celebrated a grand opening in July of 2013. Mid-City Market is Stirling Properties’ largest ground-up retail development in New Orleans and represents one the of the most significant retail developments in the city following Hurricane Katrina. Stirling Properties acquired the vacant, blighted site and returned it to commerce after a $40 million investment. Mid-City Market now serves as the retail and restaurant center of the community, delivering new jobs, new tax revenue and new energy to this vibrant corridor. The retail center is credited with creating over 500 new jobs for the area.
Mid-City Market was designed to incorporate extensive pedestrian features, contextual urban and adaptive reuse architecture, and to complement the adjacent Lafitte Greenway pedestrian and bicycle pathway, melding the retail center to the culturally rich urban neighborhood and extensive architectural history.
“Stirling Properties remains committed to the City of New Orleans and surrounding communities. Our mission is to create economically sustainable retail developments that produce long-lasting benefits to the communities in which they are built—and Mid-City Market is a perfect example of that,” said Grady Brame, Executive Vice President for Stirling Properties. “This center provides services to a great number of local residents and visitors, and is a dynamic economic contributor. We are proud of its progress and success.”
Stirling Properties has been at the forefront of commercial real estate management, investment and development in the greater New Orleans area and surrounding Southeast Louisiana region. Stirling Properties has developed more than 3.7 million square feet totaling $465 million since 2010, and currently has more than 114 million square feet of property and land for sale or lease. Other Stirling Properties management and development projects in New Orleans include, Offices at Mid-City Market, Magnolia Marketplace, Fresh Market and Pan American Life Center, just to name a few.