Retail Brokers Network (RBN) Names Chris Abadie 2018 President
The Retail Brokers Network (RBN), one of the nation’s largest retail real estate networking groups, has selected Chris Abadie, Stirling Properties’ Vice President & Manager of Commercial Brokerage, as its 2018 President. He assumed office on January 1, 2018 and will serve for a one-year term.
As President, Abadie will be responsible for helping grow the RBN brand, representing RBN at industry related events, recruiting new RBN brokerage offices, and facilitating education, networking, and sharing of brokerage “Best Practices” between the 65+ RBN member offices.
This year, RBN plans to expand the organization by adding affiliated members in major metropolitan markets, as well as in underserved markets across North America. Also, it plans to increase business for members through the coast to coast platform.
“I am honored to have been chosen to serve as RBN President for 2018 and to support our mission of growth for the organization,” said Abadie. “With the dynamic changes to retail real estate across the country, it is more important than ever to have trusted advisors who are the experts in their fields and the geography in which they operate. At RBN, we are fortunate to have a powerful network of independent brokerage companies to rely on. Through that network, our members can offer adept guidance on the real estate needs of clients locally, regionally, and nationally.”
Abadie manages Stirling Properties’ Commercial Brokerage Division and is responsible for overseeing all aspects of commercial operations throughout each of the company’s brokerage offices. His focus includes directing sales efforts, new business development, and recruitment and training of new agents.
Abadie is affiliated with ICSC (International Council of Shopping Centers) and holds the designations of Certified Retail Property Executive (CRX), Certified Leasing Specialist (CLS), and Certified Commercial Investment Member (CCIM). He is a member of the Louisiana CCIM Chapter, the Commercial Investment Division (CID) of the New Orleans Metropolitan Association of Realtors (NOMAR), and RBN.
He served as the 2017 President-Elect of RBN and as a member of the National Executive Committee, Tenant Council, Investment Sales Council, and Southeast Regional Council. Abadie also serves on the East St. Tammany Chamber of Commerce Board of Directors, as well as the Workforce Development Board serving St. Tammany, St. Bernard, and Plaquemines Parishes.
Retail Brokers Network (RBN) Names Chris Abadie As New President Elect
Stirling Properties’ Vice President and Manager of Commercial Brokerage, Chris Abadie, has been named 2017 President Elect of the Retail Brokers Network (RBN). He will assume the position on January 1, 2017.
The Retail Brokers Network (RBN), one of the nation’s largest retail real estate networking groups, announced the formation of the new Executive Committee to help facilitate RBN’s ongoing operations. The announcement was made following the organization’s mid-year meeting in Charleston, South Carolina.
The Executive Committee will be responsible for overseeing the Tenant, Restaurant and Investment Sales Councils as well as the Regional Directors, marketing RBN to customers and new member offices, implementing systems to increase activity within the network, financial management, and planning RBN’s participation in ICSC RECon.
“I am honored to serve as President Elect of the Retail Brokers Network,” said Abadie. “I am confident that my experience and professional knowledge give me the skill set to help position RBN as a valuable tool for its members and clients, and help them succeed in all their real estate needs and goals.”
Abadie has more than 16 years of experience in commercial real estate. Previously a Retail and Investment Sales Broker, his current focus at Stirling Properties includes directing sales efforts, new business development, recruitment and training of new agents. Abadie holds the designations of Certified Retail Property Executive (CRX), Certified Leasing Specialist (CLS), and Certified Commercial Investment Member (CCIM).
He is an active affiliate in the International Council of Shopping Centers (ICSC), the Louisiana CCIM Chapter, and the Commercial Investment Division of the New Orleans Metropolitan Association of Realtors (CIDNOMAR). Abadie is also an active member of RBN, serving as a member of the National Executive Committee, as well as representing Stirling Properties on the Tenant, Investment Sales, and Southeast Region Councils. Upon serving as President Elect next year, Abadie is slated to assume the role of President in 2018.
According to Debbie Currier, President of RBN, “The RBN network represents over 600 retail specialists across the US that help individuals and companies meet their real estate goals locally and nationally and our newly formed Executive Committee will provide the leadership structure that will help make RBN even more successful as we continue to grow.” She added, “I’m thrilled to welcome the Executive Committee members and I’m eager to work with them to accomplish our goals for 2017.”
Members of the new Executive Committee are former Regional or Council Directors that have an in-depth knowledge of the organization. The members of the 2017 committee are:
President – Debbie Currier
Currier Properties – Charlotte, North Carolina
President Elect – Chris Abadie
Stirling Properties – Covington, Louisiana
VP Operations – Tom Bruss
Commercial Property Associates – Milwaukee, Wisconsin
VP Marketing & Communications – Brad Umansky
Progressive Real Estate Partners – Rancho Cucamonga, California
VP Finance – Bryan Holt
Southpace Properties – Birmingham, Alabama
Secretary – Rob Samtman
Equity Retail Brokers – Plymouth Meeting, Philadelphia
Immediate Past President – Chuck Lanyard
The Goldstein Group – Paramus, New Jersey
Gulf South Investment Sales
Investment Sales remain a hot segment of the Commercial Real Estate Market in the Gulf South and opportunities continue to present themselves. A strong 2014 has bled over and the pattern is expected to continue.
Historically, local investors were hot on Louisiana, Mississippi and South Alabama earning slightly higher returns than most of the country. National and international investors viewed these markets as “risky” and, while considering properties in Texas and Florida, the Gulf South was too often overlooked, shrinking the buying pool.
In the past several years, that has all changed. Perception is reality, and here in the Gulf South is no exception. Low interest rates coupled with economic indicators stronger than national averages during the economic downturn grabbed the attention of investors from around the country. This led to increased activity from national investors who began seeing the opportunity that exists in these markets.
Six months ago some were asking “will lower oil prices impact the economic fundamentals in this market” and “will that impact pricing” in the Gulf South? The answers are yes and no. Yes, the energy sector does play a part in the economy. No, it has not affected pricing any more than in any other part of the country. Twenty years ago, these answers would not have been the same. Today, the economy of the Gulf South is more diverse than ever with rises in manufacturing, healthcare, technology and tourism making it more stable and attractive to investors. Gone are the days when the Gulf South economy relied so heavily on the energy sector.
Today, instead of overlooking the Gulf South, national investors are seeking out opportunities and considering properties within these markets as comparable to those of other similar markets around the country. While this may not seem to be an accomplishment, it is the first time in decades that these markets have competed on a national stage.
The continued low interest rate environment has caused many Gulf South owners to reconsider selling properties that they may not have in the past. While the so-called “bargains” of a few years ago are not as prevalent and several 2014 sales were done at all-time low cap rates, interest in acquisitions in the Gulf South remains very strong.
In 2014, Stirling Properties closed over $120 million in Investment Sales and is projecting similar numbers in 2015. Our knowledge of the Gulf South, comprehensive in-house brokerage services and proven track record of buying and selling investment properties positions us as the regional industry leaders for investment sales.
New Orleans Retail is on the Rise
Mark Twain once quipped “History doesn’t repeat itself, but it does rhyme”. The Crescent City has been America’s boomtown before, but this time, something is different. Aided by tech, medical and digital media job growth, infrastructure improvements, rising tourism and political reform, the City has become a magnet for young educated professionals, and retailers have noticed.
Selected New Orleans Rankings
In recent history, aging infrastructure and crime crippled economic development. While Hurricanes Katrina and Rita were physically devastating to the region, they also uncovered social and political issues that needed to be rectified. Federal funds flowed to improve infrastructure. With that came oversight and political reform. The private sector rolled up their sleeves and made bold choices to invest in the city and its unique culture.
Together this created a higher demand than the current supply of Retail can absorb. As reported by The New Orleans Business Alliance, the city currently is losing $1.9 Billion in retail sales annually to neighboring parishes where traditional retail development has flourished. While some sections of the city still are recovering, the city’s core has experienced a great demand for development and re-development. “New Orleans was once considered a market that offered the worst to retailers. Today retailer activity and interest are at an all-time high,” stated Townsend Underhill, Senior Vice President at Stirling Properties.
Luxury retail is on the rise. The Shops at Canal Place, anchored by Saks Fifth Avenue, has experienced double digit sales growth in each of the last four years. Recent openings include J. Crew, Allen Edmonds, Michael Kors and Lululemon, with Tiffany and Company slated to open in November. “It is clear that New Orleans is experiencing nothing short of a Renaissance,” stated Brandon Berger of The Berger Company, owner of Canal Place. “Canal Place is well positioned as the only Luxury Mall between Houston and Atlanta. The higher end the item the retailer carries, the higher their sales volume.” In addition H&M will open a 32,000 square-foot French Quarter location in late October, their first in the United States outside of New York and Boston to offer home goods as well as soft goods.
The Outlet Collection at the Riverwalk – Rendering
The Outlet Collection at the Riverwalk, an upscale outlet center downtown near the French Quarter and Warehouse district, is scheduled to open in 2014. At 250,000 square feet, it will serve both locals and tourists and is billed as the only Outlet Center in a downtown setting in the U.S. Mark Bulmash, Vice President of Development at the Howard Hughes Corporation and Developer at Riverwalk added, “A few years ago, retailers would ask the question, ‘Why New Orleans?’ Today the question is, ‘Why aren’t we in New Orleans?’”
South Market District – Rendering
The Warehouse District in the CBD has transformed from blighted space into a vibrant neighborhood. The 40,000 square-foot Rouses Grocery opened in 2011 and was influential in making the area a true neighborhood. While condominium conversion is still underway, new construction mixed-use projects are also taking shape. The South Market District by the Domain Companies is under construction. Phase I will open late 2014 featuring 209 residential units and 22,000 square feet of Retail. Once complete, the project will include over 600 residential units and 170,000 square feet of retail located along the streetcar line and walkable from downtown Class A office buildings and the Superdome.
Mid-City Market
The 107,000 square foot Mid-City Market developed by Stirling Properties opened in July. Anchored by Winn Dixie, the site marks the entry into New Orleans for some notable restaurant chains like Panera Bread, Pei Wei, and Five Guys, and filled the void for much needed goods and services in the Mid-City neighborhood. Whole Foods will enter Mid-City as well with a store currently under construction on Broad Street that will mark their third location in the New Orleans metro.
Big box stores and Jr. Anchors that traditionally were kept out of the city for lack of developable land have found a limited opportunity to penetrate the market. Costco has completed its first Louisiana location with a 148,000 square foot store located near the population center. Wal-Mart has two Supercenters under construction in Gentilly and New Orleans East, 110,000 square feet and 180,000 square feet respectively. Magnolia Marketplace, scheduled to break ground in January 2014, will be the only true Power Center on the Eastbank of New Orleans and will offer Jr. Anchors the chance to gain access to the local market for the first time.
Development projects in virtually all areas of the city will allow retailers to penetrate a market previously thought impenetrable. Additional growth of mixed-use and street retail projects will offer more opportunities for the growing retail sector and will cater to the urban population and tourists. From luxury to discount, retail is hot in New Orleans and investors, lenders, developers and retailers are working hard to gain a presence.
This article was submitted to Southeast Real Estate Business magazine. An edited version appeared in the October 2013, Volume 14, Issue 7 print edition.
Stirling Properties Welcomes Henry Spain To its Team
NEW ORLEANS, Louisiana —- (February 7, 2012) Stirling Properties announces the addition of Henry Spain to the company’s Commercial Brokerage Division where he will join the team of sales professionals located at 615 Baronne Street, Suite 100, in New Orleans as a Sales and Leasing Executive.
Prior to joining Stirling Properties, Mr. Spain was a Financial Consultant with Peachtree Capital Corporation in Atlanta, GA where he also served as one of the company’s compliance officers. (more…)
Stirling Properties Welcomes Elizabeth Morrison To its Team
NEW ORLEANS, Louisiana —- (December 1, 2011) Stirling Properties announces the addition of Elizabeth Morrison to the company’s Commercial Brokerage Division where she will join the team of sales professionals located at 615 Baronne Street, Suite 100, in New Orleans as a Sales and Leasing Executive/Associate Broker.
Mrs. Morrison has over 11 years of industry experience, specializing in tenant and landlord representation, investment, leasing and retail sales. Prior to joining Stirling Properties, she was a Managing Associate Broker with Beau Box Commercial Real Estate helping to open their Commercial and Residential Real Estate Division in New Orleans in 2010. (more…)
