Will Barrois Promoted to Vice President and Manager of the Commercial Advisory Division
Stirling is pleased to announce Will Barrois’ promotion to Vice President and Manager of the Commercial Advisory Division. Stirling’s Advisory Division features specialists in all aspects of commercial real estate, including retail, office, industrial, healthcare, and investment sales. With offices throughout the Gulf South region, our team of over 50 Advisors is equipped with in-depth industry knowledge and sophisticated market research to identify opportunities for our clients.
“Will has been an integral part of the Stirling family since 2002 when he joined as an Advisor in our Covington Office,” stated Marty Mayer, President and CEO of Stirling. “Over the years, he has displayed exemplary leadership and expertise, making him an ideal candidate to lead the division to new heights.” In 2014, Will was pivotal in expanding Stirling’s operations to the Eastern Region, serving as VP and Regional Manager for the Eastern Gulf South and qualifying broker for Mississippi, Alabama, and Florida.
Throughout his journey, Will has demonstrated his ability as an industry leader, holding multiple regional leadership positions in the International Council of Shopping Centers (ICSC), acting as a Trustee for the Alabama Center for Real Estate (ACRE), and graduating from the esteemed Leadership Alabama program, among numerous other accomplishments.
“I am incredibly honored and excited to take on the role of Vice President and Manager of the Commercial Advisory Division at Stirling,” said Will Barrois. “Having been a part of Stirling for over two decades, I have witnessed firsthand the dedication and passion that drives our team. During this period, we have grown to 8 offices, over 50 Advisors, over $2 Billion in commercial sales volume, and over 530 million square feet of commercial properties and land for sale or lease. I am committed to fostering a culture of collaboration and innovation within the division and continuing Stirling’s legacy of excellence in the commercial real estate industry.”
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!
Amazon Leads the Way in E-fairness!
Alabama becomes 29th state to collect sales taxes from online giant
For decades, brick-and-mortar stores have been fighting for a level playing field with their on-line rivals who are not required to charge sales tax. To enact a little e-fairness, the state of Alabama passed the Alabama Simplified Use Tax Remittance Program, which allows online retailers that do not have operations within the state to collect, report and distribute an 8% sales tax. The on-line tax rate is still lower than its brick-and-mortar rivals who are generally closer to 10%. Since the program’s inception in October 2015, the state has received nearly $3 million in its general fund from 52 on-line retailers.
It was recently announced that Amazon, the largest e-commerce company in the world, has enrolled in Alabama’s state program and will begin distributing funds to the Alabama Department of Revenue monthly. Beginning on November 1st, Alabama will become the 29th state to collect sales taxes from Amazon.
Alabama’s Commissioner of Revenue, Julie Magee, is confident more on-line companies will sign up and expects to see a $40 to $50 million influx of tax funds by 2017 with “substantial” increases by 2018 and beyond. She further noted that 75% of the revenue goes to the state’s general fund, with the remaining balance to be split between cities and counties across the state.
As Alabama’s Government Relations Chair for the International Council of Shopping Centers (ICSC), I am thrilled to hear that Amazon will be participating in Alabama’s tax remittance program and like Ms. Magee, I too believe other on-line retailers will follow their lead. According to recent studies, it is estimated that Alabama is losing upwards of $500 million per year in uncollected sales tax from remote sales.
The shopping center industry is essential to state and local economic development – as a significant job creator, driver of GDP and critical revenue source for the communities they serve through the collection of sales taxes and the payment of property taxes.
In Alabama there are nearly 113.5 million square feet of shopping center space across 1,718 properties that directly employs over 200,000 people or 9.5% of the total state employment. These centers account for close to $32 billion in annual sales and add approximately $1.3 billion in state sales tax revenue.
An annual sales tax revenue of $1.3 billion for brick-and-mortar retail versus $40 to $50 million for on-line retail tells me we have a ways to go to level the playing field, but this is a great start. I commend Amazon for leading the effort!
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.
Stirling Properties’ Will Barrois Appointed to the Advisory Board of Trustees of the Alabama Center for Real Estate
Stirling Properties is pleased to announce that Will Barrois, Vice President/Regional Manager of Alabama and Florida, has been appointed as an Industry-Specific member of the Advisory Board of Trustees of the Alabama Center for Real Estate. Mr. Barrois was appointed by the University of Alabama’s Culverhouse College of Commerce, the Alabama Association of Realtors and the Alabama Real Estate Commission. The appointment is for a two-year term effective through December 31, 2016.
Stirling Properties Ranks Among Top 10 Commercial Real Estate Firms in Alabama
Business Alabama recently published their 2015 Top Rank issue and I am happy to report that just a year and a half after opening our first office in Mobile, Alabama, Stirling Properties is ranked among the Top 10 Commercial Real Estate Firms in the State of Alabama.
Since establishing our Mobile office in October 2013, we have worked tirelessly to expand our presence throughout Alabama and eastward into the Florida market. Here are a few highlights:
- CEO Marty Mayer delivered last year’s ACREcon keynote address, introducing Stirling Properties and highlighting the rise of the Gulf Coast.
- We acquired John Toomey & Company, Inc., a commercial real estate company in Mobile with over 20 years’ experience, integrating 1.8 million square feet into our existing managed and leased portfolio.
- Just last month, we relocated our Mobile office into a larger 5,100 square-foot space at One St. Louis Centre in downtown Mobile, a building we also manage and lease.
- At the end of 2014, we opened a new office in Pensacola, Florida, in SunTrust Tower, an office building we also manage and lease.
- In the beginning of this month, we were awarded a contract for leasing and property management of Santa Rosa Mall in Mary Esther/Fort Walton Beach, Florida.
We now total over 2.5 million square-feet of managed properties and 34 employees/brokers in Alabama and Florida – in just a year and a half. I am extremely proud of our latest Alabama ranking and, most importantly, what the Stirling Team has accomplished in the Alabama and Florida markets over this short time frame. We are strongly committed to serving the entire Gulf South and look forward to serving our clients throughout Alabama and Florida from our Mobile, Pensacola and Mary Esther/Fort Walton Beach offices.
Stay tuned for another exciting announcement in the next few weeks!
