Change in Management and Leasing of Perkins Rowe In Baton Rouge, Louisiana
Stirling Properties announces that Texas-based Trademark Property has purchased a minority ownership interest in Perkins Rowe mixed-use retail center in Baton Rouge, Louisiana, and will be taking on daily management and leasing of the property effective August 1, 2016.
Trademark will be joining Crawfish LLC in the ownership of the high-profile property. Trademark is a full-service real estate firm focused on investments, development and institutional services of experiential, mixed-use and daily needs properties, and will be bringing services of Perkins Rowe in-house.
Stirling Properties currently holds the contract for leasing, sales, and property and construction management services at the center and will be transitioning daily responsibilities to Trademark.
Stirling Properties has managed Perkins Rowe since 2013 and is credited with bringing the property to its full potential. Plagued by a challenging history of financial, legal and construction challenges, Perkins Rowe today is a one-of-a-kind community, shopping and residential center. Stirling Properties successfully increased retail occupancy to nearly 90% and office occupancy remains high at nearly 100%. Property apartments and condominiums are complete and in commerce, and all litigation issues have been resolved. Perkins Rowe is now a leading destination in the metro Baton Rouge area. No other property offers the convenience of living, shopping, eating, and entertainment, without ever getting in your car.
“Our goal was to turn the property around and achieve a positive return on investment for the ownership group. We are extremely excited about where Perkins Rowe is today, and believe this is a great place to turn over management,” said Donna Taylor, Senior VP of Asset Management & New Business Development with Stirling Properties. “We’ve committed a tremendous amount of time and resources to this project—along with the ownership’s financial commitment—to ensure that Perkins Rowe would shine as the premier up-scale mixed-use project it was originally envisioned to be.”
Perkins Rowe is a roughly 710,000-square-foot premier mixed-use retail, office and residential development located at the corner of Perkins Road and Bluebonnet Boulevard in Baton Rouge, Louisiana. Opened in 2007, Perkins Rowe is a strong mix of retail brands and soft goods retail stores, entertainment venues and restaurants.
Stirling Properties Names Peary Forrest As Project and Operations Manager
Stirling Properties is pleased to announce Peary Forrest as Project and Operations Manager for its Perkins Rowe property in Baton Rouge, Louisiana. Peary will work from the company’s Perkins Rowe Office located at 10202 Perkins Rowe, Suite 195.
Stirling Properties holds the contract for Leasing, Sales, and Property and Construction Management for the Perkins Rowe mixed-use development. As Project and Operations Manager, Peary will manage retail, office, and residential buildouts, as well as daily operations with vendors and contractors.
Forrest moved to Baton Rouge from Jackson, Mississippi. He has more than 10 years of experience in facilities management, previously working as Director of Plant Operations for Brentwood Behavioral Healthcare. Prior to that, he worked as a manufacturing/industrial engineer for manufacturers such as La-Z-Boy and Goodyear Tire & Rubber. Forrest attended Delta State and Cameron Universities where he studied Industrial Technology.
Peary Forrest can be reached at (225) 329-0284 or pforrest@stirlingprop.com
Stirling Properties’ Beezie Landry Closes on Sale of Three Investment Properties
Stirling Properties’ Beezie Landry, Senior Sales and Leasing Executive, closed on the sale of three investment properties recently totaling over $15 million. In each of these transactions, Mr. Landry represented the Seller.
CVS
9006 Greenwell Springs Rd, Baton Rouge, LA– 13,824 SF
Patrick Luther & Matthew Mousavi of Faris Lee Investments assisted in the sale.
Buyer: Private New York based investor in a 1031 exchange.
Seller: Private Louisiana based investor
Price: $4.75 million
CVS has approximately nine years remaining in the lease as well as an option to extend the lease for up to another 20 years.
Park Plaza
3005 – 3147 Highway 14 (Gerstner Memorial Drive), Lake Charles, LA– 172,949 SF
Anchor: Conn’s
Buyer: Private Houston based investor
Seller: Weingarten Realty Investors
Price: $6 million
Value add opportunity with 40% vacancy
Woodmere Crossing
1540 Eastern Boulevard, Montgomery, AL– 42,257 SF
Co-listed with Jeff Barnes of Stirling Properties Mobile, Alabama office, as well as in connection with Auction.com.
Tenants: Petco, Books-A-Million, Jason’s Deli, and Sally Beauty Supply
Buyer: BV Belk Properties based in North Carolina
Seller: Woodmere Crossing was a lender owned property
Price: $4.4 million
Investment Sales is a linchpin to our brokerage division. Whether it’s achieving goals of a buyer or seller, Stirling can meet your needs. Our professionals are versed in asset acquisitions and dispositions of income-producing, distressed, vacant and REO properties. From institutional to private investors, we assist in finding and securing assets that have opportunities for added value and improved performance as well as assets with stabilized risk-adjusted returns.
For more information regarding Investment Sales contact Beezie Landry blandry@stirlingprop.com or 985-898-2022.
Super Region Economy Driving Louisiana Growth
Well respected Louisiana economic experts, Dr. Loren Scott and Dr. James Richardson, released the results of their 2015 Louisiana Economic Outlook.
Based on their forecast, Louisiana will set records statewide and in a number of metro areas for the most non-farm jobs in its history, surpassing 2 million across the state.
The Super Region – consisting of Baton Rouge, Houma-Thibodaux and New Orleans – is forecast to see incredible growth over the next two years. The area is expected to produce 62 percent of Louisiana’s non-farm job creation – a combined 41,400 of the state’s 66,700 new jobs by the end of 2016.
While much of this growth is being fueled by the industrial boom from Lake Charles to Baton Rouge and down river to New Orleans, the encouraging fact is that there are several other sectors, both traditional and emerging, that make Louisiana more diverse. Traditional sectors include international trade, advanced manufacturing and energy. Digital media, information technology, emerging environmental related to water and water management, coastal restoration, and medical are among Louisiana’s emerging sectors.
Putting all of these together, the future has never been brighter for our state and our region.
For additional news coverage about the 2015 Louisiana Economic Outlook:
- “Louisiana forecast to gain 66,700 jobs through 2016”
The Advocate - “News alert: Scott sees La. reaching record employment in 2015”
Greater Baton Rouge Business Report - “Baton Rouge’s more than $16 billion in industrial projects expected to drive jobs beyond 400K in 2015”
NOLA.com
Perkins Rowe: Excited for the Future!
Earlier this week we announced that Stirling Properties was awarded the contract for Leasing, Sales, and Property and Construction Management for Perkins Rowe. Our entire team is thrilled to work on such a high-profile property in Baton Rouge, Louisiana. The future opportunities at Perkins Rowe are very bright and we are excited to be moving forward in all aspects of Perkins Rowe – Retail, Office, Apartments and Condominiums. We hope you stay tuned for more exciting information to come in the future!
Stirling Properties Awarded Contract for Leasing, Sales and Property and Construction Management of Perkins Rowe
Stirling Properties has been awarded a contract to provide comprehensive leasing, sales, property and construction management services for Perkins Rowe in Baton Rouge, Louisiana, which includes 364,648 square feet of retail, 126,000 square feet of Class A office space and upscale apartments and condominiums.
Opened in 2007, Perkins Rowe is a strong mix of retail brands and soft goods retail stores, entertainment venues and several restaurants. Stirling Properties will be working in conjunction with the current management company to complete the transition.
Exciting information regarding this project will follow in the near future!
