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.
Stirling Properties Names Mike Bucher Vice President Of Development
Stirling Properties commercial real estate company is pleased to announce Mike Bucher has been promoted from Development Director to Vice President of Development. Bucher will manage and lead the company’s new office location at the Pan American Life Center in New Orleans.
Bucher joined Stirling Properties in 2014 as Development Director, responsible for leading new and ongoing development projects, including ground-up development, redevelopment and joint ventures as part of the company’s initiative to expand its services across the Gulf South. In addition to these responsibilities, Bucher will also be tasked with new business development, specifically focused on the New Orleans market. He will assume the role of lead point of contact for all New Orleans commerce.
“New Orleans continues to be one of our most important areas for commercial real estate management, development, brokerage, and investment, and we look forward to expanding our presence in this market,” said Bucher. “We are well situated to focus on growing our business by offering our full range of services out of the new Pan Am office, and our central location will make it easier for us to recruit and retain the best talent New Orleans has to offer.”
“Mike has been a great leader and an integral part of Stirling Properties’ growth, and we are proud to announce his promotion,” said Marty Mayer, President & CEO of Stirling Properties. “We recently expanded into a larger space at the Pan American Life Center in New Orleans’ CBD, and we are excited to have Mike at the helm of this new venture.”
Prior to joining Stirling Properties, Bucher was a Development Associate at Federal Realty Investment Trust in Boston, MA, where he was primarily responsible for the project management and financial analysis for Assembly Row, the Trust’s 5-million-square-foot, mixed-use development in Somerville, MA. Bucher managed the planning and underwriting of the project, including 325K square feet of nationally-branded retail, 100K square feet of Class-A office space, and a joint venture partnership that built 450 market-rate apartment units.
Bucher holds a Bachelor of Science in Business Administration from Villanova University, and a Master of Business Administration from the University of Virginia’s Darden School of Business, with specializations in corporate finance and investment banking. He is an active member of the National Association of Office and Industrial Properties (NAIOP), the Urban Land Institute (ULI), and the International Council of Shopping Centers (ICSC), for which he was a member of the Centerbuild “20 Under 40” inaugural class of 2013.
Mike Bucher can be reached at (504) 523-4481 or mbucher@stirlingprop.com.
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 And CBL & Associates Properties, Inc. Announce New Tenants At Ambassador Town Center In Lafayette, Louisiana
Stirling Properties and CBL & Associates Properties, Inc. welcome new tenants and announce updates to Ambassador Town Center in Lafayette.[vimeo 169295392 w=640 h=360] Ambassador Town Center Aerial Footage.
Half Shell Oyster House will occupy 5,850 square feet of restaurant space, and is the newest addition to the eatery line-up. This will mark the ninth location for the popular seafood restaurant, and the first in Louisiana. Half Shell Oyster House is expected to open in November of 2016.
Newly leased, Just 4 Him Men’s Haircut Lounge—catering to the grooming needs of busy men who want quality service in a comfortable environment—will occupy 1,267 square feet, and is expected to open in September of 2016.
Subway celebrated its grand opening at Ambassador Town Center on Saturday. Freddy’s Frozen Custard & Steakburgers and Panda Express opened their doors last month. Additional tenants are still on track to open later this year, including Professor Bob Beans (June 2016), Verizon Wireless (June 2016), Phone Zone (July 2016), Red Robin (July 2016), Avalon Nails & Spa (July 2016), Tao Asian Cuisine (July 2016), Just 4 Him Men’s Haircut Lounge (September 2016), World of Beer (October 2016), and Half Shell Oyster House (November 2016).
“Ambassador Town Center has continued to thrive since opening earlier this year,” said Michael Lebovitz, Executive Vice President, Development and Administration for CBL & Associates Properties, Inc. “We’re excited to further enhance the customer experience, adding new stores and eateries to the broad range of options already available.”
“Since inception, Ambassador Town Center and its tenants have experienced tremendous success. Restaurants like Chuy’s reported the best opening sales in company history. The City of Lafayette and surrounding communities are supporting and frequenting these retailers, and we are eagerly looking forward to future developments and additions to the center,” said Ryan Pécot, Stirling Properties Senior Retail Leasing and Development Executive.
Stirling Properties and CBL & Associates Properties, Inc. formed a joint venture to develop the center, and currently manage and lease it. With close to 10 decades of retail experience between them, both companies have extensive commercial real estate knowledge, with acclaimed reputations locally, as well as nationally.
Stirling Properties has been at the forefront of commercial real estate investment and development in Lafayette and surrounding areas of South Louisiana, and is committed to bringing quality development and top-notch retailers to the area. 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 Lafayette include Ambassador Row, Ambassador Row Courtyards, Stirling Lafayette and Village at Southpark, just to name a few.
Ambassador Town Center is a roughly 60-acre retail project anchored by Costco Wholesale and Dick’s Sporting Goods/Field & Stream, consisting of more than 430,000 square feet. Located at the southeast corner of Lafayette’s ‘main-at-main’ intersection, Ambassador Caffery Parkway & Kaliste Saloom Road, the development also includes Avalon Salon & Spa, BJ’s Restaurant & Brewhouse, Blaze Pizza, Chuy’s Mexican Restaurant, Costco Gasoline, Dickey’s Barbecue Pit, Five Below, Freddy’s Frozen Custard & Steakburgers, Half Shell Oyster House, Just 4 Him Men’s Haircut Lounge, Marshalls/HomeGoods, Nordstrom Rack, Off Broadway Shoes, Panda Express, Panera Bread, PetSmart, Phone Zone, Professor Bob Beans, Red Robin, Subway, Tao Japanese Cuisine, World of Beer, Verizon, and more supporting shops and restaurants to come. The center is currently 98% leased and most of the retailers committed are either first-time locations within Lafayette or Louisiana, or both. With its completion, Ambassador Town Center is a premier regional shopping and entertainment destination, as well as a vital economic contributor to the area.
For more information, please visit stirlingprop.com or cblproperties.com.
For leasing information, contact Ryan Pécot at 337.572.0246 or rpecot@stirlingprop.com or Tim Gilmore at 423.490.8358 or Tim.Gilmore@cblproperties.com. For information on Ambassador Town Center, please visit ambassadortowncenter.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.
