Tsunami Sushi Coming to Pan American Life Center in New Orleans
First Tenant Announced for First Floor Conversion
to Retail & Restaurant Space
Stirling Properties is excited to announce the addition of Tsunami Sushi to Pan American Life Center, located at 601 Poydras Street in New Orleans’ Central Business District. Pan American Life Center, a premier Class-A office building located at the prominent corner of Poydras Street and St. Charles Avenue, is set to undergo a first floor conversion to retail and restaurant space with more exterior exposure. Tsunami Sushi is the first announced tenant for the conversion with additional deals under negotiation.
The approximately 6,700-square-foot restaurant will be Tsunami Sushi’s fourth location and will open in late 2016. “We think it’s the perfect location for easy access for the neighboring businesses and residents as well as tourists” says Tsunami owner Michele Ezell. Tsunami Sushi is locally and regionally renowned with the success of their Lafayette location and in Downtown Baton Rouge on the top floor of the signature Shaw Center. “Tsunami will serve as the anchor for our conversion of the first floor to retail and restaurants. We are excited about the concept and the energy it will bring to our Pan Am building,” says Grady K. Brame, Executive Vice President at Stirling Properties.
Exciting information regarding the first floor conversion will be announced soon.
Rhonda Sharkawy and Dan Tate, both Sales and Leasing Executives with Stirling Properties, completed the transaction. Ms. Sharkawy represented the landlord and Mr. Tate represented Tsunami Sushi. For more information regarding Pan American Life Center, contact Gaines Seaman at gseaman@stirlingprop.com or call (985) 620-8187.
Stirling Properties Announces Most Recent Transactions from our Alabama and Florida Offices
Below is a list of Stirling Properties’ most recent closed transactions by Brokers in our Alabama and Florida offices. For more information on the individual transaction, please contact the Agent associated with that transaction.
ALABAMA
- The Legacy Village Shopping Center in Mobile, Alabama was sold to a group of local investors. The 82,000 square-foot center features tenants such as Talbots, Jos. A. Bank, Zoes and Alabama Outdoors. Nathan Handmacher with Stirling Properties handled the sale.
- The 146,000 square-foot, former Coastal Door and Window Warehouse in Mobile was leased to regional trucking and warehousing company BR Williams Trucking, LLC. Nathan Handmacher with Stirling Properties handled the lease.
- IMC – Pediatrics & Adolescent Medicine, PC leased 8,259 SF at Airport and Azalea. Nathan Handmacher with Stirling Properties handled the lease.
- Cricket Wireless has leased the former Radio Shack space in front of Walmart in Saraland, Alabama. Andrew Dickman with Stirling Properties handled the lease.
LOUISIANA
- Dirt Cheap has leased 60,000 square-feet at 1000 Roma Avenue in Hammond, Louisiana and plans to open Dirt Cheap and Dirt Cheap Building Supplies. Construction is currently underway and the stores will open around Thanksgiving on 2015. Andrew Dickman of Stirling Properties handled the lease.
Stirling Properties is located in One St. Louis Centre, 1 St. Louis Street, Suite 4100 in Mobile, Alabama and at 220 W. Garden Street, Suite 802 in Pensacola, Florida. For more information regarding our services, please visit us at www.stirlingproperties.com.
Stirling Properties’ Will Barrois Joins Board of Advisors of the Mobile Area Chamber of Commerce
Stirling Properties is pleased to announce that Will Barrois, Vice President/Regional Manager of Alabama and Florida, is now a member of the Mobile Area Chamber of Commerce Board of Advisors.
The Board of Advisors provides company executives an avenue for valuable input on critical Chamber and community issues, facilitates peer-to-peer interaction and provides a high level of recognition. The Board meets three times a year at various locations to listen to business and governmental leaders and other speakers address pertinent issues.
Mobile Office Market Survey
John Toomey III, CPM® is a Broker and Mobile New Business Development Coordinator in our Mobile, Alabama, office with over 30 years’ experience in the commercial real estate industry. He recently completed an Office Market Survey of the West Mobile and Mobile CBD markets, with plans to periodically update the survey to track trends and establish absorption rates.
Here’s an excerpt from John’s Market Assessment:
Our office market has seen challenging times the last five years. Some buildings have fared better than others in terms of occupancy. The good news is while the Mobile Office Market vacancy rate has been relatively stagnant, it has recently started to improve. The Downtown Mobile Alliance and the City of Mobile were successful in creating a statewide Historic Tax Credit in October 2013. After going into effect, this tax credit has been instrumental in spurring office redevelopment. Many historic, but vacant, buildings were revitalized using these tax credits and put back into commerce. One such example is the RSA Van Antwerp Building located in the CBD. This roughly 60,000 SF building has taken over 2 years to renovate and will open summer of 2015 with Phelps Dunbar and BBVA Compass Bank occupying most of the building, essentially pre-leasing nearly the entire building before it comes online.
We have seen a fair amount of leasing activity in our office market the last 12 to 18 months. Unfortunately, a lot of space was subleased, which does not have the desired effect on our rental rates and absorption rates. The Trustmark sublease at RSA Trustmark Building is an example. Newly restored buildings like RSA Van Antwerp Building add more inventory to the market. It is a positive step to see these buildings restored, but it remains to be seen how this will affect future rental and absorption rates.
In summary, we expect the office market to see leisurely positive growth in the future.
Please click here to view and download the PDF of the Mobile Office Market Survey. This survey provides a good summary of the Mobile office market and my hope is that it becomes a valuable resource in the market.
Stirling Properties Completes Acquisition of 384 Multi-Family Unit in Lafayette, La
Stirling Properties is pleased to announce the acquisition of the 384 multi-family unit “Retreat at Acadian Point” (formerly South Point Apartments) in Lafayette, La. The August 28th closing brings Stirling’s total number of units under management to 1,512.
This 80’s vintage complex will immediately begin significant upgrades including full size washer and dryers in all units, new appliances and flooring, electronically activated vehicular access gates, new roofs, new landscaping and a new state-of-the-art work out facility.
“Retreat at Acadian Point will capitalize on its excellent location and affordability providing Lafayette residents with affordable luxury at a time when the local economy faces some challenges,” states Jeffrey Marshall, Senior Vice President of Acquisitions. “We have a long history investing, developing, leasing and managing properties in Lafayette and remain committed to the City, Parish and its residents.”
Stirling Properties fulfills the role of Asset Manager for their multi-family portfolio while BH Management Services, based in Des Moines, Iowa, reports to Stirling Properties as the primary property management firm for all of Stirling’s 1,512 units.
For more information about Stirling Properties Acquisition Team and its objectives contact Jeff Marshall at (985) 246-3765 or jmarshall@stirlingprop.com.
Stirling Properties Welcomes Thomas Bryan to the New Orleans Team
Stirling Properties is pleased to announce the addition of Thomas Bryan to the Commercial Brokerage Division as Sales and Leasing Executive. Thomas will work from the company’s New Orleans, LA office located at 615 Baronne Street, Suite 100.
Mr. Bryan began his Commercial Real Estate career in 2007 and has since accrued a wealth of knowledge through leasing, sales and property management experience. He is currently responsible for the marketing and leasing of approximately 350,000 square feet of retail space. In addition to his retail landlord representation, Mr. Bryan has worked extensively with national, regional and local retail clients in a tenant representation capacity, including Lee Nail Spa, Alton Lane, Devon & Blakely, School of Rock, and MetroPCS to name a few.
Mr. Bryan is a native of Richmond, VA where he most recently worked as a Sales & Leasing Associate for CBRE. He is a graduate of the College of Charleston with a degree in Business Administration.
Mr. Bryan can be reached at 504-523-4481 or via email at tbryan@stirlingprop.com.
