Stirling Properties Announces New Tenants to Offices at Mid-City Market in New Orleans
Stirling Properties is pleased to announce new tenants Sola Salon and Billes Partners to the Offices at Mid-City Market in New Orleans, Louisiana.
Billes Partners–a planning, project development, architecture, interior design, and graphic design firm–will occupy roughly 3,000 square feet and plans to open by early-March 2016.
Sola Salon Studios, a 4,295-square-foot franchise hair salon plans to open this summer.
Previously announced Gallo Mechanical, LLC and Orangetheory Fitness are currently open and operating. Exceptional Dental and H-3 Aesthetics & Dermatology are on track to open this spring.
A formal ribbon cutting ceremony is being planned and will be announced in the near future.
Offices at Mid-City Market, is a 54,000 square foot, mixed-use complex in the burgeoning Mid-City neighborhood of New Orleans. Located adjacent to Stirling’s recently completed Mid-City Market development, this building was originally constructed in 1954 and was most recently the home of Loubat Foodservice Equipment Company. Throughout the course of this development, Stirling Properties has maintained the historic integrity of the existing structure while renovating the interior into a combination of office and retail space and consequently brought a prominent neighborhood building back into commerce.
For more information and leasing opportunities for Offices at Mid-City Market, contact Joe Gardner at jgardner@stirlingprop.com or 504-620-8140.
Stirling Properties Announces Largest Retail Acquisition in Company History
Stirling Properties is pleased to announce the purchase of Turtle Creek Crossing shopping center in Hattiesburg, Mississippi, on Friday January 22nd, 2016, at a purchase price of $48.1 million. Turtle Creek Crossing is the largest retail acquisition by Stirling Properties in its 40-year history.
Completed in 2007, the 295,000-square-foot shopping center is located on US Highway 98 in Hattiesburg adjacent to Turtle Creek Mall, and shares a lighted intersection with Sam’s and Walmart Supercenter. Anchor tenants include Ashley Furniture, Bed Bath & Beyond, Ross Dress for Less, Old Navy, Books-A-Million and PetSmart. Shadow anchors include Academy, Target and Kohl’s.
“Located in the markets’ dominant retail corridor, this center is very similar to several others that Stirling Properties has developed over the past 15 years,” said Jeffrey Marshall, Senior Vice President – Acquisitions/Finance with Stirling Properties. “We are confident that Turtle Creek Crossing will perform well for many years to come, and provide top-notch shopping, retail and economic opportunities to the area.”
Stirling Properties is one of the most diversified full-service commercial real estate companies in the country offering Brokerage Services, Development and Redevelopment, Acquisitions and Investments, and Property and Asset Management over a wide array of property types.
In 2010, Stirling Properties strategically focused our attention toward commercial property acquisition and creating opportunities to return-driven investors seeking to put capital into real, tangible property across the Gulf South.
“We identify assets—such as Turtle Creek Crossing—that offer stabilized current risk-adjusted returns where we can add value to improve performance. Our proven track record in acquisitions, and our in-depth understanding of market dynamics along with the positioning of assets within the market, enables us to create opportunities that others cannot,” concludes Marshall. “We are excited and optimistic—not just for Turtle Creek Crossing—but about the future growth of Hattiesburg and the entire South Mississippi region.”
For more information regarding our services, please visit us at www.stirlingproperties.com.
Louisiana Continues to be Recognized in National Rankings
As the International Council of Shopping Center’s (ICSC’s) State Director for Louisiana, I recently contributed an article for our Quarterly Membership Newsletter that I’d like to share:
Louisiana State Director’s Message – Summer 2015
I have written many times in recent newsletters about Louisiana’s economic development growth and I can’t help myself but to continue to report the good news. Our State continues to be on an unprecedented roll for economic growth and diversification that is really changing our trajectory in a way that is having extreme benefits on our industry, our career, our families and our long term well-being. The progress and growth is not going unnoticed, this summer’s publications have bestowed some significant rankings and milestones.
For the 6th straight year, Southern Business and Development has ranked Louisiana #1 among Southern states for attracting the most significant capital investment and job-creation projects per million residents. In the State of the Year category, Louisiana earned honorable mention. While not receiving State of the Year this year, Louisiana has earned State or Co-State of the Year honors in five of the past seven years. In addition our cities are being recognized individually as well.
- 2015 Small Market of the Year (Pop < 250K) – Lake Charles
- Honorable Mention – Houma-Thibodaux
- 2015 Major Market of the Year (Pop 750K – 2M)
- Honorable Mentions – New Orleans & Baton Rouge
- 2015 Mid-Market of the Year (Pop 250K – 750K)
- Honorable Mention – Shreveport
In June Area Development magazine awarded Louisiana the 2015 Silver Shovel Award (Pop 3M to 5M category) for posting one of the best economic development performances in the U.S. during the past year. The awards honor states with the most significant impact from their 10 leading investment and job creation projects during 2014. This is our State’s 6th year in a row earning a Silver Shovel Award.
In May Chief Executive magazine honored Louisiana with its highest ranking ever in its CEO survey of state business climates, ranking #7 on Best & Worst States for Business. This is up 40 positions since January 2008, representing the greatest improvement of any state in that time period. Additionally, Site Selection magazine picked Louisiana No. 2 in U.S. for economic development competitiveness in 2014 with 7 of the top 10 states located in the Southeast, which points to the region’s sustained competitiveness over the past decade.
All of this just a decade after most of the nation had written Louisiana off for dead following Hurricanes Katrina and Rita in the summer of 2005, quite remarkable to say the least. This is not only encouraging for our personal businesses but also inspiring for the business community in our State. I see the retail industry as a huge beneficiary of this success during this past decade with even brighter days ahead.
New Orleans Retail is on the Rise
Mark Twain once quipped “History doesn’t repeat itself, but it does rhyme”. The Crescent City has been America’s boomtown before, but this time, something is different. Aided by tech, medical and digital media job growth, infrastructure improvements, rising tourism and political reform, the City has become a magnet for young educated professionals, and retailers have noticed.
Selected New Orleans Rankings
In recent history, aging infrastructure and crime crippled economic development. While Hurricanes Katrina and Rita were physically devastating to the region, they also uncovered social and political issues that needed to be rectified. Federal funds flowed to improve infrastructure. With that came oversight and political reform. The private sector rolled up their sleeves and made bold choices to invest in the city and its unique culture.
Together this created a higher demand than the current supply of Retail can absorb. As reported by The New Orleans Business Alliance, the city currently is losing $1.9 Billion in retail sales annually to neighboring parishes where traditional retail development has flourished. While some sections of the city still are recovering, the city’s core has experienced a great demand for development and re-development. “New Orleans was once considered a market that offered the worst to retailers. Today retailer activity and interest are at an all-time high,” stated Townsend Underhill, Senior Vice President at Stirling Properties.
Luxury retail is on the rise. The Shops at Canal Place, anchored by Saks Fifth Avenue, has experienced double digit sales growth in each of the last four years. Recent openings include J. Crew, Allen Edmonds, Michael Kors and Lululemon, with Tiffany and Company slated to open in November. “It is clear that New Orleans is experiencing nothing short of a Renaissance,” stated Brandon Berger of The Berger Company, owner of Canal Place. “Canal Place is well positioned as the only Luxury Mall between Houston and Atlanta. The higher end the item the retailer carries, the higher their sales volume.” In addition H&M will open a 32,000 square-foot French Quarter location in late October, their first in the United States outside of New York and Boston to offer home goods as well as soft goods.
The Outlet Collection at the Riverwalk – Rendering
The Outlet Collection at the Riverwalk, an upscale outlet center downtown near the French Quarter and Warehouse district, is scheduled to open in 2014. At 250,000 square feet, it will serve both locals and tourists and is billed as the only Outlet Center in a downtown setting in the U.S. Mark Bulmash, Vice President of Development at the Howard Hughes Corporation and Developer at Riverwalk added, “A few years ago, retailers would ask the question, ‘Why New Orleans?’ Today the question is, ‘Why aren’t we in New Orleans?’”
South Market District – Rendering
The Warehouse District in the CBD has transformed from blighted space into a vibrant neighborhood. The 40,000 square-foot Rouses Grocery opened in 2011 and was influential in making the area a true neighborhood. While condominium conversion is still underway, new construction mixed-use projects are also taking shape. The South Market District by the Domain Companies is under construction. Phase I will open late 2014 featuring 209 residential units and 22,000 square feet of Retail. Once complete, the project will include over 600 residential units and 170,000 square feet of retail located along the streetcar line and walkable from downtown Class A office buildings and the Superdome.
Mid-City Market
The 107,000 square foot Mid-City Market developed by Stirling Properties opened in July. Anchored by Winn Dixie, the site marks the entry into New Orleans for some notable restaurant chains like Panera Bread, Pei Wei, and Five Guys, and filled the void for much needed goods and services in the Mid-City neighborhood. Whole Foods will enter Mid-City as well with a store currently under construction on Broad Street that will mark their third location in the New Orleans metro.
Big box stores and Jr. Anchors that traditionally were kept out of the city for lack of developable land have found a limited opportunity to penetrate the market. Costco has completed its first Louisiana location with a 148,000 square foot store located near the population center. Wal-Mart has two Supercenters under construction in Gentilly and New Orleans East, 110,000 square feet and 180,000 square feet respectively. Magnolia Marketplace, scheduled to break ground in January 2014, will be the only true Power Center on the Eastbank of New Orleans and will offer Jr. Anchors the chance to gain access to the local market for the first time.
Development projects in virtually all areas of the city will allow retailers to penetrate a market previously thought impenetrable. Additional growth of mixed-use and street retail projects will offer more opportunities for the growing retail sector and will cater to the urban population and tourists. From luxury to discount, retail is hot in New Orleans and investors, lenders, developers and retailers are working hard to gain a presence.
This article was submitted to Southeast Real Estate Business magazine. An edited version appeared in the October 2013, Volume 14, Issue 7 print edition.
Louisiana Rising in the National Rankings
As the International Council of Shopping Center’s (ICSC’s) State Director for Louisiana, I recently contributed an article for the July 2013 edition of our Quarterly Membership Newsletter that I’d like to share:
As the returning ICSC State Director, I am extremely excited about the progress that we are making in the State of Louisiana on a number of fronts. Most importantly for our retail industry the economic and business growth trends continue to show a phenomenal trend for the region. Over the last 5 years, Louisiana has risen significantly across numerous national rankings – and the accolades keep coming! It’s hard to keep up with all the good news, which is a great problem to have. Highlighted below for quick reference are some of the rankings earned by the State of Louisiana over just the last quarter – very impressive for a state that was traditionally on the bottom of every list.
Louisiana Rankings – 2nd Quarter 2013:
- Top 10 Most Entrepreneurial States
CNN Money, June 2013
- #1 State with the Most Engaged Employees (most involved & enthusiastic)
Gallup, June 2013
- 2nd in the U.S. for construction job growth from May 2012 to May 2013
Associated General Contractors of America, June 2013
- 11th among “Best/Worst States for Business” based on CEO survey (most improved in the U.S. over the past 4 years, up 33 spots since 2009)
Chief Executives, May 2013
- Top 5 State in the U.S. for worldwide exporting in 1st Quarter 2013
World Trade Center of New Orleans, May 2013
- #2 Best States for Retirement
Bankrate.com, May 2013
- #7 among “Top Ten Competitive States of 2012”
Site Selection, May 2013
- 2nd Least Stressed State in 2012
Gallup-Healthways Well-Being Index, April 2013
- 1 of 6 states experiencing the largest increases in entrepreneurial activity rates over the past decade; 9th for 2010 to 2012 Entrepreneurial Activity with a rate of 400 per 100,000 residents (U.S. 300 per 100,000)
Kauffman Index, April 2013
- 2nd fastest revenue growth (up 170%) and 4th fastest growth in number (up 84%) of women-owned firms from 1997 to 2013
The State of Women-Owned Businesses, March 2013
- 12th in the U.S. for per-capita economic development project wins
Site Selection’s 2012 Governor’s Cup, March 2013
- Record-breaking $63.2 billion in merchandise exports in 2012, growing 15% over 2011
International Trade Administration, March 2013
- 3rd Best State for Banking
MoneyRates.com, March 2013
Louisiana’s cities and metro areas are also commanding positive national attention. Summarized below are some of the rankings earned over just the last quarter in these areas.
Notable Metro/City Rankings – 2nd Quarter 2013:
- Lafayette #1 overall among 100 Leading Locations in the U.S. for economic & job growth; #1 for Economic Strength, Year-Over-Year Growth & “Recession-Busting” factors among Top 25 Mid-Size Cities
Area Development’s Leading Locations for 2013, Summer 2013
- New Orleans and Shreveport among Top 20 Fastest Growing Cities in U.S.
NerdWallet.com, June 2013
- New Orleans is America’s Fastest Growing City
Forbes, June 2013
- New Orleans #3 among “Big Cities Winning the Battle for Information Jobs”
Forbes, May 2013
- Benteler Steel/Tube in Shreveport among “Top North American Deals of 2012” – 2nd largest investment in the U.S. during 2012
Site Selection, May 2013
- New Orleans #2 “Boomtown” in America, based on population and GDP growth
Bloomberg, April 2013
- Baton Rouge and Alexandria among “25 Best Places to Retire” out of 400 total U.S. cities
Forbes, March 2013
- New Orleans & Baton Rouge among Top 30 Best Cities for Young Entrepreneurs 2013
Under30CEO, March 2013
Louisiana has fared relatively well during the Great Recession and the national rankings show it. National and trade publications are taking notice and businesses are too. Louisiana is well positioned for a great future.
Stirling Properties Announces New Tenant & Expansion at Clearview Mall
Stirling Properties is pleased to announce the addition of Twin Peaks Restaurant and the expansion of Blue Cliff College at Clearview Mall.
Twin Peaks has leased 7,910 square-feet of restaurant space at Clearview Mall and will offer customers made-from-scratch food and ice-cold draft beer in a mountain sports lodge setting. Twin Peaks opened their first Louisiana location in Baton Rouge in 2011 and the second Louisiana location will be in Houma opening in early May. Clearview Mall will be their first location in the New Orleans area and is anticipated to open in the Fall of 2013.
Blue Cliff, which currently occupies 9,800 square-feet for their Massage School, will be expanding their first floor by 2,763 square-feet to include their Cosmetology School. The Cosmetology School is being relocated from its current location on Cleary Avenue in Metairie.
Spaces are available for lease ranging from 720 to 12,976 square-feet at Clearview Mall. In addition, office space ranging from 10,000 to 50,000 square-feet is also available for lease. For information about retail leasing opportunities contact Rhonda Sharkawy, Retail Leasing & Development Executive for Stirling Properties, at rsharkawy@stirlingprop.com or call (504) 523-4481. For information about the Offices at Clearview Mall contact Rick Skelding, Senior Broker Associate for Stirling Properties, at rskelding@stirlingprop.com or call (504) 620-8126.
