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 Welcomes Northshore’s 1st Whole Foods Market
Stirling Properties Delivers Quality Development &
Retailers to St. Tammany Parish
Welcomes Northshore’s 1st Whole Foods Market
Stirling Properties commercial real estate company welcomes the Northshore’s first Whole Foods Market to Premier Centre, a Stirling Properties development. A formal grand opening ceremony and bread breaking was held today with Honorable Pat Brister, St. Tammany Parish President; Honorable Don Villere, Mandeville Mayor; Rick Findlay, Whole Foods Market Global executive coordinator of grocery; Nona Griesman, Whole Foods Market Southwest Region executive vice president of operations; and Marty Mayer, Stirling Properties President & CEO.
Mandeville Mayor Villere, St. Tammany Parish President Brister, WFM Store Team Leader Damen Williams, Stirling Properties President & CEO Marty Mayer
Stirling Properties continues to deliver quality development and retailers to St. Tammany Parish and South Louisiana. Mandeville’s highly anticipated Whole Foods Market will offer customers a large selection of natural and organic products with features tailored to the local Louisiana community. The high-end grocer is a welcome addition to Premier Centre and will be a regional draw for the City of Mandeville, and a foodie destination for the Northshore community. The store will employ approximately 100-120 team members.
“The Mandeville community and Premier Centre tenants have long awaited the opening of Whole Foods Market, and Stirling Properties is proud to be a part of the celebration! Over a year of cooperative efforts—by the City, Whole Foods Market, the Landlord and Stirling Properties—is finally coming to fruition,” said Donna Taylor, Stirling Properties Sr. Vice President, Asset Management & New Business. “New businesses, such as Whole Foods Market, are such important contributors to our economic growth and quality of life here on the Northshore.”
Rick Findlay, Donna Taylor, Nona Griesman, Marty Mayer
Stirling Properties was instrumental in bringing large-scale retailers—such as Whole Foods Market and Forever 21 Red—to the area, and has been at the forefront of commercial real estate investment, management and development in St. Tammany Parish and surrounding areas of South Louisiana. Premier Centre continues to be a leading regional shopping and restaurant destination, as well as a vital economic contributor to the area.
“We are confident in the future and prosperity of the Northshore. Premier Centre is positioned in an excellent location that is experiencing tremendous growth and attracting new retailers. St. Tammany Parish continues to be one of our most important areas for commercial real estate growth and economic opportunities, and Stirling Properties is proud to call the area home to our Corporate Office,” said Marty Mayer, Stirling Properties President & CEO.
Whole Foods Market has completed the re-tenanting of the former Albertson’s grocery and will occupy 40,000 of the 60,000 square feet. The popular retailer Forever 21 Red occupied the balance of the space next door late last year, and already is a top producer in the chain.
Other tenants, Rack Room Shoes and TJ Maxx recently remodeled their stores, even further solidifying Premier Centre as a top retail destination for the area and marks a re-celebration for the center, just in time for summer festivities followed by Back to School shopping.
Premier Centre is approximately 273,000 square feet and is located at the corner of US Hwy 190 & N. Causeway Blvd. in Mandeville on the Northshore of Lake Pontchartrain in St. Tammany Parish, Louisiana. This center is ideally situated in the heart of the community, an area that has seen incredible growth and higher than average incomes. Premier Centre has maintained 100% occupancy since opening and the sales per square foot are well above average for the national tenants in the center. Stirling Properties developed Phase I of Premier Centre in 1999, and Phase II in 2000, and currently holds the managing and leasing contract.
Tenants include Whole Foods Market, Forever 21 Red, Stein Mart, Bed Bath & Beyond, T.J.Maxx, Barnes & Noble, Old Navy, Gap/Gap Kids, Rack Room Shoes, Banana Republic, American Eagle Outfitters, Hallmark, LOFT, Victoria’s Secret, Aéropostale, Buckle, Apricot Lane, H.W. Rosenblum, Earthsavers, Bath & Body Works, Motherhood Maternity, Chase, Chili’s Grill & Bar, Romano’s Macaroni Grill, la Madeleine and Pinkberry. Tesla electric car charging stations are also available in the parking lot.
Stirling Properties has developed more than 3.7 million square feet totaling $465 million since 2010, almost exclusively in Louisiana. Other Stirling Properties developments in St. Tammany Parish include Fremaux Town Center (Slidell), Stirling Slidell, The Crossing (Slidell), River Chase (Covington) and Northpark Corporate Center (Covington), just to name a few.
For leasing information, contact Rhonda Sharkawy at (504) 620-8145 or rsharkawy@stirlingprop.com.
Stirling Properties and CBL & Associates Properties, Inc. Announce New Tenants and Updates to Phase II of Fremaux Town Center in Slidell, Louisiana
Stirling Properties and CBL & Associates Properties, Inc. are excited to announce new tenants and updates to Phase II of Fremaux Town Center in Slidell, Louisiana.
- Recently leased Books-A-Million will be moving from its current location at Northshore Square Mall to occupy a 7,500-square-foot space at Fremaux Town Center and is expected to open on March 3rd.
- Allure Nail Spa, a 1,944-square-foot nail salon will open in the spring of 2016.
- LensCrafters, providing prescription eyewear and sunglasses, will occupy 3,830 square feet and will open in the spring 2016.
- 5 Below discount store will occupy 8,024 square feet and is expected to open April 6th.
Previously announced Pier 1 Imports will open March 21st and Capital One on March 28th. Aveda and Goodyear are expected to open in the spring of 2016, with Chico’s opening in the third quarter. Tesla Motors has completed their installation of 8 charging stations.
Phase II tenants currently open and operating include Red Robin, Zales, Francesca’s, Off Broadway Shoe Warehouse, Victoria’s Secret, Buckle, Charlotte Russe, LOFT, Bath & Body Works, Journeys, Claire’s and Which Wich.
“Stirling Properties is thrilled to add even more great retail and restaurant options that will further solidify Fremaux Town Center as a premier regional shopping and entertainment destination, as well as a vital economic contributor to the area,” said Senior Vice President of Development Townsend Underhill. “Fremaux Town Center offers a one-of-a-kind retail experience in the City of Slidell and St. Tammany Parish, with many retailers and restaurants that are new to the Northshore.”
Fremaux Town Center is 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.
The first phase of construction for Fremaux Town Center included roughly 350,000 square feet of retail anchored by Dick’s Sporting Goods, Kohl’s and Best Buy. Phase II, anchored by Dillard’s, celebrated its grand opening late last year and added roughly 283,000 square feet to the existing shopping center. Following the opening of Phase II, a large portion of tenants reported increased foot traffic and sales.
More than 47 retail outlets and restaurants are currently operating in the center. Junior anchors include TJ Maxx, Michael’s and PetSmart. Outparcels include Longhorn Steakhouse and Cheddars, with several outparcel opportunities still available. A variety of spaces exist for small shops and junior anchors to benefit from the opportunities these national anchors and high traffic counts present.
Construction continues on Springs at Fremaux Town Center, a 296-unit apartment complex, and is on track to be 100% completed in March with residency available. Additionally, two sites are under contract to hotel developers, and construction should start in the second quarter of 2016.
For leasing information, contact Ryan Pécot at 337.572.0246 / rpecot@stirlingprop.com or Tim Gilmore at 423.490.8358 / Tim.Gilmore@cblproperties.com. For more information regarding our services, please visit us at www.stirlingproperties.com. For information on Fremaux Town Center, visit www.fremauxtowncenter.com.
Update on Whole Foods’ Mandeville Location and Addition of Forever 21 Red
While no small feat, we are inching closer to the opening of Whole Foods in a portion of the former Albertson’s grocery at Premier Centre! The anticipated opening date is late April 2016. We are equally as excited at the newest addition to Premier Centre with Forever 21 Red occupying the balance of the space with an amazing pre-Thanksgiving Holiday opening to the public.
This will be the first Whole Foods and second Forever 21 Red on the Northshore occupying a total of 60,000 square feet.
Premier Centre, a 273,000-square-foot shopping center near the intersection of U.S. 190 and North Causeway Boulevard in Mandeville, Louisiana, opened in 1998. Whole Foods and Forever 21 Red will join Stein Mart, Bed Bath & Beyond, T.J. Maxx, Barnes & Noble, Old Navy and other national and local retailers in the shopping center.
Stirling Properties and CBL & Associates Properties, Inc. Celebrate Grand Opening of Fremaux Town Center Phase II
Today, Stirling Properties and CBL & Associates Properties, Inc. (NYSE: CBL) celebrated the Grand Opening of Phase II of Fremaux Town Center in Slidell, Louisiana. This second phase of construction adds 283,000 square feet to the existing shopping center and is anchored by Dillard’s. The rest of Phase II expansion is already 86% leased.
“We are thrilled to celebrate the opening of this second phase of Fremaux Town Center. Phase II complements the existing tenants in the first phase and is another big part of growing the overall development,” stated Stirling Properties’ Senior Vice President of Development Townsend Underhill. “Fremaux Town Center offers a one-of-a-kind retail experience in the City of Slidell and Eastern St. Tammany Parish, with many of the retailers and restaurants to date that are new to the Northshore.”
“We’re excited to join Stirling Properties to celebrate the opening of phase two of Fremaux Town Center,” said Michael Lebovitz, Executive Vice President, Development and Administration of CBL & Associates Properties, Inc. “The expansion of this thriving retail complex has allowed us to add even more great retail and restaurant options that will further solidify Fremaux Town Center as the premier regional shopping destination.”
Today’s festivities included a ceremonial ribbon cutting, the Marine Corps Band of New Orleans and special guests Mayor Freddy Drennan, St. Tammany Parish President Pat Brister, and City of Slidell Council Members. “We are thrilled to have such a beautiful development in our City,” said Slidell Mayor Freddy Drennan. “I know our citizens are excited about the opening of Fremaux Town Center. I would like to thank Stirling Properties and CBL & Associates for all their efforts in bringing this development to Slidell and we look forward to developing the remaining 400 acres.”
Fremaux Town Center is located on more than 80 acres at the southwest corner of Interstate 10 and Fremaux Avenue in Slidell, LA. Slidell is the largest municipality in St. Tammany Parish on the northern shore of Lake Pontchartrain near the city of New Orleans. The first phase of construction for Fremaux Town Center included 350,000 square feet of retail and is currently 98% leased and thriving. With its interstate location and high-visibility, Fremaux Town Center is expected to become a regional destination. “The expansion of this Town Center, represents many economic opportunities for the citizens of Slidell, and the whole of St. Tammany Parish,” Pat Brister, St. Tammany Parish President said. “Just as the first phase offered job opportunities and retail options to the consumer, not just in St. Tammany, but in the surrounding region, this phase will build upon that momentum.”
Tenants Opening in October
Dillard’s
Off Broadway Shoes
Forever21
Victoria’s Secret
Buckle
Charlotte Russe
LOFT
Red Robin
Bath & Body Works
Torrid
Journey’s
Zales
Luxe 83
Which Wich
Claire’s
Francesca’s
Tenants Opening Soon
Pier 1 Imports
Capital One
Chico’s
Aveda
Goodyear
Tesla Motors – Charging Stations
AND MORE TO COME!
For leasing information, contact Ryan Pecot at 337.572.0246 or rpecot@stirlingprop.com; Rodney Gordon at 423.553.8704 or Rodney.Gordon@cblproperties.com or Tim Gilmore at 423.490.8358 or Tim.Gilmore@cblproperties.com. For information on land surrounding Fremaux Town Center, please contact Dan Tate at 504.620.8132 or dtate@stirlingprop.com.
Mayor Drennan, LADOTD, and Stirling Properties Celebrate Opening of Town Center Parkway in Slidell, Louisiana
Today, Mayor Freddy Drennan joined representatives from the Louisiana Department of Transportation (LADOTD), Omni Pinnacle and Stirling Properties to celebrate the opening of Town Center Parkway in Slidell, Louisiana.
Town Center Parkway now connects two of Slidell’s Interstate 10 interchanges, Old Spanish Trail through Fremaux Town Center to Fremaux Avenue.
“The opening of the Town Center Parkway is a great benefit to our citizens as it provides easier access to Fremaux Town Center and other undeveloped properties. It is another main thoroughfare that connects north and south Slidell,” said Slidell Mayor Freddy Drennan. “I would like to thank Omni Pinnacle as the contractor for this project and Stirling Properties, the Louisiana Department of Transportation, Regional Planning Commission and Development and St. Tammany Parish Government for their assistance.”
LADOTD District 62 Administrator Allison Schilling added, “I am pleased that this much needed project, which connects US 190 Business to LA 433 is complete. It is so important that we continue to move forward with infrastructure projects that help drive economic development throughout our region.”
The completion of Town Center Parkway also opens up an additional 200 acres for development to compliment Fremaux Town Center including retail, office, residential and hospitality. For more information regarding the development please contact Dan Tate at dtate@stirlingprop.com or 504-523-4481.
