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.
Mobile Office Market Survey
John Toomey III, CPM® is a Broker and Mobile New Business Development Coordinator in our Mobile, Alabama, office with over 30 years’ experience in the commercial real estate industry. He recently completed an Office Market Survey of the West Mobile and Mobile CBD markets, with plans to periodically update the survey to track trends and establish absorption rates.
Here’s an excerpt from John’s Market Assessment:
Our office market has seen challenging times the last five years. Some buildings have fared better than others in terms of occupancy. The good news is while the Mobile Office Market vacancy rate has been relatively stagnant, it has recently started to improve. The Downtown Mobile Alliance and the City of Mobile were successful in creating a statewide Historic Tax Credit in October 2013. After going into effect, this tax credit has been instrumental in spurring office redevelopment. Many historic, but vacant, buildings were revitalized using these tax credits and put back into commerce. One such example is the RSA Van Antwerp Building located in the CBD. This roughly 60,000 SF building has taken over 2 years to renovate and will open summer of 2015 with Phelps Dunbar and BBVA Compass Bank occupying most of the building, essentially pre-leasing nearly the entire building before it comes online.
We have seen a fair amount of leasing activity in our office market the last 12 to 18 months. Unfortunately, a lot of space was subleased, which does not have the desired effect on our rental rates and absorption rates. The Trustmark sublease at RSA Trustmark Building is an example. Newly restored buildings like RSA Van Antwerp Building add more inventory to the market. It is a positive step to see these buildings restored, but it remains to be seen how this will affect future rental and absorption rates.
In summary, we expect the office market to see leisurely positive growth in the future.
Please click here to view and download the PDF of the Mobile Office Market Survey. This survey provides a good summary of the Mobile office market and my hope is that it becomes a valuable resource in the market.
Stirling Properties Announces Most Recent Transactions in Alabama
Below is a list of Stirling Properties’ most recent closed transactions in the Alabama area. For more information on the individual transaction, please contact the Agent associated with that transaction.
MOBILE, ALABAMA
- The building formerly utilized as El Chico Restaurant, located at 830 I-65 W. Service Road, has been leased to La Cocina Mexican Restaurant. La Cocina plans to open its second Mobile location in the 5,800 square-foot building this fall. Jeff Barnes of Stirling Properties handled the lease.
- Amedisys Home Health of Mobile has recently relocated and expanded their offices at Mobile Office Park. They are now located in Suite 204 in Building 2, and occupy over 5,200 square-feet. Jill Meeks of Stirling Properties handled the relocation and expansion.
Stirling Properties is located in One St. Louis Centre, 1 St. Louis Street, Suite 4100 in Mobile. For more information regarding our services, please visit us at www.stirlingproperties.com.
Stirling Properties Announces Latest Investment Sale in Mobile, Alabama
Stirling Properties’ agents Justin Toomey and Andrew Dickman recently completed the sale of a 100,000 square-foot United States Postal Service facility in Mobile, Alabama. The industrial distribution warehouse, located at 4538 Shipyard Road, was sold for $3.1 Million on Friday, July 31, 2015. Justin and Andrew represented the seller, Alabama Gulfstar, LLC and a local Mobile based investor group with the acquisition.
For more information regarding investment sales, leasing opportunities or any of your real estate needs contact Stirling Properties at 251-375-2495 or visit www.stirlingproperties.com.
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 Awarded Leasing Contract for Spanish Fort Town Center in Spanish Fort, Alabama
Stirling Properties has been awarded a contract to provide leasing services for Spanish Fort Town Center, a 447,748 square-foot mixed-use development, located in Spanish Fort, Alabama.
Totaling more than 230-acres at the intersection of Interstate 10 and Highway 90/98, Spanish Fort Town Center is anchored by Bass Pro Shops, JCPenney and Kohl’s. The site also features a Wells Fargo Bank, two Marriot hotels, retail and a restaurant. In addition to a new 3.5-acre community park, this prime location continues to undergo additional enhancements to match the sites superior access, interstate visibility and the highest traffic count in Baldwin County.
For information about available leasing opportunities, contact Jeff Barnes jbarnes@stirlingprop.com or 251-375-2496 or Angie McArthur amcarthur@stirlingprop.com or 251-375-2481.
Spanish Fort Town Center is owned and managed by Cypress Equities (Cypress). Cypress was founded in 1995 and has since established a national reputation synonymous with the premier development, operation and management of destination-class retail and mixed-use properties throughout the United States.
