Stirling Acquires Beck Partners; Expands Eastern Division
Stirling is pleased to announce that it has acquired Beck Partners, one of Northwest Florida’s leading commercial real estate firms and manager of the most commercial square footage in Northwest Florida. With the acquisition, Stirling’s Pensacola office expands and adds a Tallahassee, Florida office.
Stirling’s acquisition of Beck Partners adds 30 commercial real estate professionals, over 1.5 million SF of managed commercial properties, and active brokerage in the State of Georgia.
Stirling CEO, Townsend Underhill, is enthusiastic about the acquisition. “The Beck Team is the strongest commercial real estate team in Northwest Florida. It has been a remarkably rewarding experience getting to know the Beck Team and learning about their outstanding business and culture. Beck’s lines of business and expertise align well with Stirling’s and complement our geography as we continue to grow our presence in the Gulf South. We are excited to have Justin, Stacy, Brice, and the entire organization join the Stirling Family.
Founded in 1981 by Gregg Beck, Beck Partners grew to be one of the most trusted commercial real estate firms on the Gulf Coast. Beck Partners earned local and national recognition from CoStar’s PowerBroker lists, multiple NAIOP of Northwest Florida’s Deal of the Year awards, including Justin Beck, CEO, on InWeekly’s PowerList, and more.
Justin Beck, CEO of Beck Partners, will remain with the Pensacola team as Vice President of the Florida Region, as well as Stacy Taylor, as Regional Vice President who will serve as the Pensacola/ Tallahassee Market Leader, and Brice Pelfrey as Regional Vice President of Asset Management . “We are thrilled to continue our work serving our clients along the Gulf Coast with Stirling,” says Justin Beck. “Our alignment of culture and values makes this merger exciting. Stirling’s depth of resources will provide more opportunities and better outcomes for our teams and clients.”
With this acquisition Stirling will be able to enhance its services to existing clients as well as our new Beck clients. Stirling is poised for tremendous growth throughout the region. Beck is a full service Commercial Real Estate firm specializing in Office, Industrial, Retail, Healthcare and Multi-family properties. Beck’s service offering includes Asset Management, Property Management, Commercial Leasing, Commercial Investment Sales, Development, and Commercial Advisory Services with a focus on markets in the Florida Panhandle, and Southern Alabama.
Beck Partners’ office, located at 125 W. Romana Street, Suite 800 in Downtown Pensacola will take on the Stirling brand with the acquisition. Its telephone number will remain (850) 477-7044. Any properties previously marketed and managed under the Beck Partners brand will transition to Stirling.
Stirling Assists Birmingham Water Works in Acquiring New Industrial Life Science Facility
Stirling Advisors Juhmad M. Hollis and Melissa Warren, CCIM represented Birmingham Water Works (BWWB) in their search to acquire a new building for the development of their new EnviroLab facility. The acquisition marks a pivotal moment in the BWWB’s relentless pursuit of advancing water quality standards in the Birmingham metropolitan area.
Through their collaborative efforts, BWWB acquired the class A R&D facility in Oxmoor South Industrial Park, located at 100 Lucerne Lane, Birmingham, AL. The newly acquired building measures 30,000 SF of office, wet lab, and warehouse space and is situated on 5.7 acres. Upgrades are planned for the facility to incorporate state-of-the-art technology for water-testing laboratory services. The life-sciences facility will serve as a cornerstone in the Birmingham Water Works’ unwavering commitment to ensuring the utmost in water quality for the communities it serves.
Juhmad M. Hollis and Melissa Warren, Advisors with Stirling, guided Birmingham Water Works through the intricate process of acquiring the building. Their profound knowledge of the Birmingham real estate landscape, combined with their skills in life science and industrial transactions, contributed significantly to the successful realization of this venture.
“We are excited to have assisted the Birmingham Water Works in acquiring their new EnviroLab facility,” stated Melissa Warren, Senior Advisor at Stirling. “This accomplishment not only exemplifies our commitment to delivering exceptional real estate solutions but also highlights our collaborative efforts with the Birmingham Water Works’ executive team and engineers.”
“As a commercial real estate advisor, it was an honor to work with Birmingham Water Works to assist them in achieving their goals. Having been born and raised in the City of Birmingham, this was a particularly important project because it impacts my family and the people in my community,” said Juhmad M. Hollis, Advisor, Associate Broker at Stirling. “Stirling has allowed me to not only utilize my Alabama real estate license but also engage in meaningful endeavors that resonate deeply with my roots and empowers me to seamlessly integrate my expertise, making a tangible and positive impact on the city that raised me.”
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!
New Orleans’ Office Market Taking Shape
Gaines Seaman, Sales and Leasing Executive for Stirling Properties, recently contributed an article for Southeast Real Estate Business magazine’s Market Highlight section. The insightful article, entitled “Following Massive Conversions, New Orleans’ Office Market Is Taking Shape,” profiles the bustling office market activity in downtown New Orleans. Check out the excerpt below and click here to read the full article.
“In the past 12 to 18 months, more than 1 million square feet of what used to be considered office space in downtown New Orleans has been converted to retail, hotel, residential or multifamily use. Projects such as 225 Baronne Street, the 1100 block of Tulane Avenue, 600 Carondelet Street, Factor’s Row redevelopment and approximately 130,000 square feet of space at 1250 Poydras Street (a 423,000-square-foot, Class A tower) are just a number of examples. More of this space was unoccupied than occupied at the time of the conversions. The most recent of these conversions, 600 Carondolet Street, resulted in the largest absorption of Class A office space in the market. Additionally, URS, now AECOM, leased approximately 70,000 square feet of space in 1515 Poydras, a 530,000-square-foot building located across from the Mercedes-Benz Superdome. In the central business district (CBD), Class A office occupancy is a healthy 90 percent and average rental rates have increased in the past 12 to 24 months to approximately $19 per square foot. Recently, notable longterm commitments to New Orleans include Shell Oil Co. and FM Services (Freeport McMoRan), both through 2026. Shell Oil anchors One Shell Square, the largest office tower in New Orleans, and committed to occupy half of the 1.3 million-square foot building in 2015. FM Services occupies 210,000 square feet of the 510,000-square-foot Freeport McMoRan Building, also on Poydras Street. Ochsner Health System recently finalized a deal to lease the entire Lord & Taylor Building, measuring 115,000 square feet. The building will be retrofitted, against the current trend in the CBD, from former retail space to office space for Ochsner’s occupancy. The term is estimated to commence in late 2016.”
Stirling Properties and CBL & Associates Properties, Inc. Celebrate Groundbreaking of Ambassador Town Center in Lafayette, Louisiana
Earlier today Stirling Properties, CBL & Associates Properties, Inc. (NYSE: CBL), City/Parish President Joey Durel and other dignitaries commemorated the groundbreaking of Ambassador Town Center, an approximately 425,000 square-foot shopping center anchored by Costco Wholesale. Other major retailers include, Dick’s Sporting Goods, Field & Stream, Marshalls, HomeGoods, Nordstrom Rack, Off Broadway Shoes, Chuy’s, Panera Bread, Freddy’s Frozen Custard & Steakburgers, BJ’s Restaurant & Brewhouse, World of Beer and Blaze Pizza. Most of the retailers committed to the project are either first-time locations within Lafayette or Louisiana, or both. The 58-acre site is located at the corner of Ambassador Caffery Parkway and Kaliste Saloom Road. Construction began this month with a projected opening of March 2016.
“Stirling Properties is excited about our partnership with CBL to develop Ambassador Town Center and believes that this joint venture brings the best possible team together to build this project,” said Stirling Properties’ Senior Vice President of Development Townsend Underhill. “We know this site to be an excellent location for a retail development in this market and we are happy to continue our long and successful development history in the City of Lafayette.”
“Ambassador Town Center is well-located and has attracted a best-in-class retail line-up even before construction commenced,” said Michael Lebovitz, CBL’s Executive Vice President – Development and Administration. “We are pleased to partner with Stirling Properties on this project and are looking forward to announcing additional retailers as the development progresses.”
Ambassador Town Center is expected to create approximately 2,200 construction jobs, 1,000 permanent jobs and generate nearly $9 million annually in sales taxes for the City of Lafayette.
“This project is a sign of Lafayette’s strong economy and our willingness to work with the private sector for needed infrastructure in our community,” stated Joey Durel, Lafayette City-Parish President. “Retailers like those that have committed will be a regional draw for Lafayette, and the public infrastructure that will be built with this project, providing a route parallel to Ambassador Caffery, is necessary for one of the fastest growing areas in the state of Louisiana. Companies make decisions on where to locate based on long-term projections. This decision says that they have confidence in the future of our area.”
“This investment is a reflection of Lafayette’s economic strength and success over the past 15 years. It’s undeniable that entertainment sector, including retail, is one of the pillars of Lafayette’s economic base. Entertainment contributed $2.4 billion to Lafayette’s GDP in 2012; and over the past 10 years the entertainment sector’s GDP has grown 62 percent,” states Gregg Gothreaux, President and CEO of Lafayette Economic Development Authority. “The Ambassador Town Center development will be a shopping destination, not only for local residents but for the region, magnifiying its economic impact.”
For leasing information, please contact: Ryan Pecot, 337.572.0246 or rpecot@stirlingprop.com, or Rodney Gordon, 423.553.8704 or rodney.gordon@cblproperties.com.
Stirling Properties Mobile Office Relocates to Larger Space
COVINGTON, LA – March 2, 2015– Stirling Properties is excited to announce the relocation of its Alabama office to One St. Louis Centre located in downtown Mobile. In addition to being a tenant, Stirling will also manage and lease the 97,514 square–foot professional office building.
New Contact Information:
Stirling Properties Mobile Office – 251-342-7229
One St. Louis Centre
1 St. Louis Street, Suite 4100
Mobile, Alabama 36602
