Stirling Properties and PMAT Companies Announce the Acquisition of Crossroads Center in Gulfport, MS
PMAT-Stirling Crossroads, LLC, led by Stirling Properties and PMAT Companies, successfully completed its acquisition of Crossroads Center, a 554,720-square-foot open-air retail center in Gulfport, MS.
Located at 15082 Crossroads Parkway in Gulfport, Crossroads Center sits at the intersection of Interstate 10 and US-49 and features over 50 national, regional, and local tenants, including anchors Academy Sports, Belk, Cinemark, Barnes & Noble, T.J.Maxx, Ross Dress For Less, Burkes Outlet, Michaels, PetSmart, Five Below, ULTA Beauty, Shoe Carnival, Party City, and Old Navy. The center is 92% occupied and contains several outparcels, including TGI Fridays, Chuck E. Cheese, Navy Federal Credit Union/Mattress Firm, and Longhorn Steakhouse.
b1BANK served as the lender for the deal. Stirling Properties will assume daily management responsibilities and leasing of the center moving forward. Rhonda Sharkawy, senior retail leasing and development advisor with Stirling Properties, is the leasing agent on the property.
“Stirling Properties and PMAT Companies have an existing relationship, as Stirling Properties serves as PMAT’s lead strategic partner for property management of their portfolio, so there is existing synergy between our two companies and their operations,” said Donna Smith, Executive Vice President with Stirling Properties. “We are excited to enter into this joint venture with PMAT Companies on the acquisition of Crossroads Center, which will grow and strengthen both our portfolios as well as our working relationship.”
“We are excited to acquire another fundamentally sound asset with well-performing tenants in a market that maintains pent-up prospective tenant demand but is in a geography frequently overlooked by many institutional players. PMAT is already leveraging our national presence and relationships in conjunction with Stirling’s local expertise to source significant interest from new tenants as well as numerous opportunities to work with the well-performing existing tenants to create mutual long-term value,” said Kevin Kush, President of PMAT. “Crossroads Center is the largest power center servicing the Gulfport region, and it benefits from a prominent location providing accessibility to thousands of people daily. Simply put, this is good dirt. We remain extremely active in the capital markets across our geographic footprint and remain open to additional JVs and direct purchases of middle-market assets typically in the $10-50 million deal size.”
To present acquisition or joint venture opportunities, contact Kevin Kush at kevin@pmat.com.
For more information on Crossroads Center, contact Donna Smith at dsmith@stirlingprop.com / (985) 898-2022. For leasing information, contact Rhonda Sharkawy at rsharkawy@stirlingprop.com / (504) 620-8145.
Ownership Change for Froogel’s Cost+Foods at Westland Plaza in Jackson, Mississippi
Stirling Properties announces the ownership change for Froogel’s Cost+Foods at Westland Plaza retail center in Jackson, Mississippi. Robert’s Company, Inc., a grocery operator headquartered in Hattiesburg, Mississippi, has acquired the grocery store, as well as 3 other McDade’s/Froogel’s in the Jackson Metro area. The ownership change was effective January 27, 2020. Froogel’s will close for approximately two weeks in order to change out equipment and re-tag inventory, with all current employees being involved in the transition. The store will also be rebranded to Grocery Depot.
Robert’s Company, Inc. owns 16 stores in south Central Mississippi, including Grocery Depot, a discount grocer, Sunflower, and Corner Market.
“Stirling Properties is excited to welcome Robert’s Company as the new grocery operator at Westland Plaza, and to the west Jackson community,” said Donna Smith, Executive Vice President with Stirling Properties. “Westland Plaza has always had a grocery store to serve the local community, and we look forward to working with Robert’s Company during this transition—and what we are confident will be a successful location for them. This community has and will continue to support the merchants of Westland Plaza, and takes pride in its unique mix of retailers that fulfill the needs of those in the area.”
Westland Plaza, anchored by Froogel’s Cost+Foods and Walgreens, is a 221,500-square-foot retail center located at the intersection of Ellis Avenue and Robinson Road in Jackson, Mississippi, the largest metro area in the state. Originally constructed in the late 1950s and renovated in 2009, Westland Plaza remains at the heart of west Jackson and continues to serve the shopping needs of the community as a truly convenient location. Its diverse mix of local, regional and national retailers and service operators include Planet Fitness, United States Post Office, Kool Smiles, Aaron’s, Cato-It’s Fashion Metro, Rainbow, Family Dollar, City Gear, Hibbett Sports, Rent-A-Center, Goldstar Beauty Supply, Chopsticks Buffet, Trustmark Bank, Baskin-Robbins, MetroPCS, Boost Mobile, and many more! Stirling Properties serves as the Asset Manager of the property and handles day-to-day management.
For leasing information at Westland Plaza, contact Allen Carr with Overby Commercial at 601-366-8511.
Stirling Properties Brokers Sale of 38,443-SF Former Bassett Home Furnishings Building in Gulfport, MS
Stirling Properties recently brokered the sale of the 38,443-square-foot former Bassett Home Furnishings building located on 1526 E. Pass Road in Gulfport, Mississippi. The retail/warehouse building sits on 3.3 acres of land adjacent to the new Rouses Market.
The buyer was Lagniappe Construction, a national senior living construction company, who plans to utilize the facility for its home office staff, training, and regional material logistics.
Bassett Home Furnishings closed this location in June of 2019 after 15 years in business, and the building was placed on the market for sale.
Melissa Warren, CCIM, Senior Advisor with Stirling Properties, represented the seller on the sale of the property. Stephanie Schmitt, with Century 21, worked with the buyer.
Stirling Properties Welcomes Planet Fitness to Westland Plaza in Jackson, Mississippi
Stirling Properties is pleased to announce that Planet Fitness is joining the tenant lineup at Westland Plaza retail center in Jackson, Mississippi. The fitness franchise will occupy 16,664 square feet of retail space adjacent to Froogel’s Cost+Foods grocery store on Ellis Avenue. Buildout of the space commenced last week with plans to open this summer.
Planet Fitness has become one of the largest and fastest-growing franchisors and operators of fitness centers in the U.S. by number of members and locations. With more than 1,700 locations in all 50 states, the District of Columbia, Puerto Rico, Canada, Dominican Republic, Panama and Mexico, Planet Fitness has continued to spread its unique mission of enhancing people’s lives by providing an affordable, high-quality fitness experience in a welcoming, non-intimidating environment. It was recently named to Newsweek’s inaugural 2019 list of America’s Best Companies for Customer Service as the number one customer service provider for fitness centers.
The new Jackson location will be operated by PLNTF Holdings, LLC, the largest developing Planet Fitness Franchisee Group that operates more than 70 clubs across the U.S. and will likely hire around 20 people from the Jackson community.
“We’re eager to expand our ‘Judgement Free Zone’ to the Jackson community,” states Mike Campagnolo, CEO of PLNTF Holdings, LLC. “Planet Fitness will provide local residents a convenient, high-quality, judgement free fitness experience at an extremely affordable cost of $10 per month.”
“Stirling Properties is excited to welcome Planet Fitness to Westland Plaza and the west Jackson community,” said Donna Smith, Senior Vice President of Asset Management & New Business with Stirling Properties. “Westland Plaza’s unique mix of retailers helps to fortify the center as one of the best choices in the area for resident’s daily shopping needs. It continues to gain new interest from national retailers that appreciate the potential of such an excellent location in the heart of this trade area. Planet Fitness will be a great addition to the existing tenant lineup, and we eagerly look forward to its opening.”
Westland Plaza, anchored by Froogel’s Cost+Foods and Walgreens, is a 221,500-square-foot retail center located at the intersection of Ellis Avenue and Robinson Road in Jackson, Mississippi, the largest metro area in the state. Originally constructed in the late 1950s and renovated in 2009, Westland Plaza remains at the heart of west Jackson and continues to serve the shopping needs of the community as a truly convenient location. Its diverse mix of local, regional and national retailers and service operators include United States Post Office, Sunnybrook Dental, Aaron’s, Cato-It’s Fashion Metro, Rainbow, Family Dollar, City Gear, Hibbett Sports, Rent-A-Center, Goldstar Beauty Supply, Chopsticks Buffet, Trustmark Bank, Baskin-Robbins, MetroPCS, Boost Mobile, and many more. Stirling Properties serves as the Asset Manager of the property and handles day-to-day management responsibilities.
For leasing information at Westland Plaza, contact Allen Carr or Sterling McCool with Overby at allen@overby.net or sterling@overby.net or 601-366-8511.
‘Tis the Season for Giving!
For it is in giving that we receive. –Francis of Assisi
Team Stirling Properties once again teamed up with Volunteers of America to participate in the Christmas Wish “Angel” Project. For the 7th year, our company donated Christmas gifts and other essential items to local families in need across our Gulf South region.
The annual Christmas Wish Project helped bring joy and holiday cheer to families and individuals who might not have had a Christmas this year. Through Volunteers of America (VOA), participating families submitted “wish list” gift items for each individual. The wishes were noted on paper angels and hung on the company Christmas tree where Stirling Properties and employees could select and grant them. In all, 11 families and more than 60 children, adults and seniors received Christmas gifts.
Stirling Properties’ Stewardship Committee organized the company-wide events by partnering with Volunteers of America in Greater New Orleans, Greater Baton Rouge and the Southeast to serve the New Orleans Northshore and Southshore, Baton Rouge, Lafayette, and Mobile communities.
In addition to donating gifts to the Christmas Wish Project, Stirling Properties hosted its fourth annual Northpark Christmas Bazaar, Bake Sale & Raffle on Thursday, November 29th. Local vendors, as well as employees of the Northpark office complex sold baked goodies, crafts, jewelry, ornaments, artwork, beauty products and many other great gift items.
The Christmas Bazaar raised $3,000 which was also donated in full to Volunteers of America to assist more families in our area with emergency holiday needs.
Team Stirling Properties also held a ‘Tis The Season Day,’ where employees donated money for the opportunity to wear their favorite Stirling gear to work (or Saintsmas gear, of course!). The day raised $315 that will benefit the VOA Christmas Wish Project as well.
The Holiday Season is a time for gratitude, generosity and giving back to our region. Stirling Properties is committed to supporting the communities where we live and work, and we will continue to support local nonprofits, community groups and charitable organizations throughout the year and beyond.
Thank you to all of the vendors, donors and shoppers who made this project a huge success. On behalf or Stirling Properties, we wish you and yours a joyous Holiday Season and a Happy New Year!
For more information about Stirling’s Stewardship Committee, please visit our website or contact us by email at stewardship@stirlingprop.com.
HOTWORX is heating up across the country
Early last year, Stirling Properties was selected to exclusively represent HOTWORX, a new-to-market fitness concept, in its aggressive expansion efforts across the U.S.
To date, Stirling Properties is excited to announce that 40 HOTWORX locations have been leased, and 50 more are expected by the end of the year. Our brokers are anticipating more than 100 new locations in the pipeline per year over the next five years!
Joe Gardner, CCIM, and Thomas Bryan, Stirling Properties’ Sales and Leasing Executives, are the exclusive national tenant rep brokers for HOTWORX. Utilizing the Retail Brokers Network (RBN) and the local knowledge of individual brokers across the country, this dynamic duo is working diligently to secure the perfect national retail locations for the new fitness concept—the ideal space required is between 1,500-2,500 square feet.
HOTWORX—founded in New Orleans, LA—is revolutionizing the fitness industry by providing the ultimate hot exercise experience and is the first to launch a 24/7 business franchise model through the use of its proprietary patent-pending technology. It is a virtually instructed exercise program created for users to experience the many benefits of infrared heat absorption, while completing a 30-minute isometric workout or 15-min high-intensity interval training (HIIT) session. As the infrared heat penetrates the body, the isometric postures further accelerate detoxification by physically removing toxins from organs through muscle contraction.
Currently, the company has locations in Alabama, California, Florida, Georgia, Indiana, Louisiana, Mississippi, North Carolina, Oklahoma, Tennessee, and Texas. Future studio sites also include locations in the greater New Orleans area and surrounding Gulf Coast region. For a complete list of HOTWORX stores, click here.
“Our HOTWORX fitness concept is rapidly expanding. We are happy to continue our partnership with Stirling Properties, a proven leader in the real estate industry, to grow our business across the nation. We are still seeking franchisees for various business opportunities and will be announcing new HOTWORX locations soon,” said Stephen Smith, HOTWORX CEO.
“Stirling Properties is proud of our successful partnership with HOTWORX—a company that was founded right here in New Orleans. This unique concept is growing in popularity across the nation and is quickly becoming a leading fitness provider,” said Bryan. “Landlords and property owners are attracted to this type of tenant, not only for its ability to backfill empty retail space but also for its ability to drive traffic to neighboring stores. We look forward to announcing many more locations in communities across the U.S.”
For more information on HOTWORX and franchise opportunities, visit www.hotworx.net.
