Pan-American Life Insurance Group Renews Poydras Street Lease and Reaffirms Commitment to New Orleans
Stirling Properties and Pan-American Life Insurance Group (PALIG), a leading provider of insurance and financial services throughout the Americas, announced this morning that they have renewed the lease on their 601 Poydras Street corporate headquarters office space through 2024.
“601 Poydras has been home to Pan-American Life’s corporate headquarters since 1981,” explained José S. Suquet, Chairman of the Board, President and CEO of Pan-American Life Insurance Group. “And while our business has grown to include operations all over the Americas, New Orleans remains an essential cornerstone of our corporate identity as well as our business strategy.”
The lease renewal is a reflection of Pan-American Life’s commitment to the city in which it was founded, more than 100 years ago. “We strive to have a positive impact on all the communities that we serve and that’s especially important here in our home city whether it is by creating Louisiana based jobs through our domestic business or being a socially responsible corporate citizen,” Suquet added. “You can see through our partnerships with the Louisiana Philharmonic Orchestra; United Way; and the Hispanic Heritage Foundation, that we are dedicated to investing in the arts, education, community development and public safety thereby making significant contributions to the growth of New Orleans and the wellbeing of all its residents.”
“Pan-American Life’s renewed lease of their headquarters is further testament of the commitment they have to the City of New Orleans,” stated Marty Mayer, President and CEO of Stirling Properties. “Stirling Properties is proud to have worked with them as we continue to expand and increase the tenancy at Pan-American Life Center.”
Pan-American Life will also retain the building’s naming rights, ensuring that the Pan-American Life Center will continue to be a landmark in the Central Business District.
Stirling Properties’ Beth Cristina Elected as President of Louisiana Realtors
Stirling Properties is pleased to announce that Beth Cristina, Senior Broker Associate in our New Orleans office, has been elected to serve as President of Louisiana Realtors.
Louisiana Realtors represents its membership on important real estate-related issues to state and federal government, while providing legal assistance, professional development opportunities, discounts, and other unique services for its membership of over 10,000 realtors statewide.
Beth was installed alongside 7 Louisiana Realtors officers and 11 local board presidents. In addition to her many duties and responsibilities as President of Louisiana Realtors, she will also serve as a director of the National Association of Realtors (NAR) during her term.
Beth has previously served as Secretary Treasurer, Director at Large, Vice Chair of the Strategic Planning Committee, Vice President of Region 4. She was also recently recognized for outstanding commercial achievement as a National Commercial Award recipient by the Commercial Real Estate Division of NAR and received the 2010 Realtor of the Year award from Louisiana Realtors.
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.
Stirling Properties Welcomes Angela McArthur to its Mobile, AL Team
Stirling Properties is pleased to announce the addition of Angela McArthur to the Commercial Brokerage Division as Sales and Leasing Executive. Mrs. McArthur will work from the company’s Mobile, Alabama office located at 1110 Montlimar Drive, Suite 830.
Mrs. McArthur brings with her over 25 years of experience in Commercial Real Estate. Prior to joining Stirling Properties, Angela was with Prudential Cooper & Company in Mobile, Alabama. Through the years, she has represented a wide range of local, regional and national clients and has developed an expertise in the areas of retail site selection and acquisition, sales and leasing, property management, buyer/tenant representation and corporate leasing services.
Angela can be reached at 251-342-7229 or via email at amcarthur@stirlingprop.com.
Stirling Properties’ Beezie Landry Closes on Sale of Five Investment Properties in September
Stirling Properties’ Beezie Landry, Senior Sales and Leasing Executive, closed on the sale of five investment properties in September totaling over $38 million. In each of these transactions, Mr. Landry represented the Seller.
Two single tenant Rouses Markets
2851 Belle Chasse Highway, Gretna, LA– 57,644 SF
Buyer: Rouses Market
Seller: Private New York based investor
50 Park Place, Covington, LA – 57,206 SF
Buyer: Rouse / Kingsmill, L.L.C.
Seller: Private New York based investor
Westwood Village
Southwest Corner of West Congress Street and Bertrand Drive, Lafayette, LA– 138,034 SF
Co-Listed with Charles Cornay, Senior Sales Executive for Stirling Properties
Multi-tenant grocery anchored shopping center
Anchor Tenants: Rouses Market, CVS, and Stage
Buyer: Private Lafayette based investor completing a 1031 exchange
Seller: Weingarten Realty Investors
Single Tenant Walgreens
2001 Carol Sue Avenue, Gretna, LA– 17,238 SF
Developed and sold by Stirling Properties
Brand new 25 year deal
Sold at a cap rate of 5.55%
Executed contract to closing was only 26 days
Buyer: Realty Income Corporation
Seller: Private Investor Group led by Stirling Properties
Winn Dixie
804 West Oak Street, Amite, LA– 49,771 SF
Winn Dixie recently renewed lease for 10 years
Executed contract to closing was only 22 days
Buyer: American Realty Capital Properties
Seller: Southland-Amite WD (a Chicago based investor)
“Year to date Beezie has closed on approximately $60 million in Investment Sales representing both Buyers and Sellers,” stated Chris Abadie, Vice President and Manager of Commercial Brokerage at Stirling Properties. “The clients he has represented have been publicly traded REITs as well as private investor groups on deals that include single tenant, ground leases and multi-tenant grocery anchored shopping centers.”
Investment sales is a linchpin to our brokerage division. Whether it’s achieving the goals of a buyer or seller, Stirling can meet your needs. Our professionals are versed in asset dispositions whether the property is income-producing, distressed, vacant or REO. From institutional investors to private investors, we help buyers find and secure assets that have opportunities for added value and improved performance, or assets with stabilized risk-adjusted returns.
For more information regarding Investment Sales, contact Beezie Landry blandry@stirlingprop.com or 985-898-2022.
Stirling Properties’ Commercial Agents among Top Producers at Annual CID Awards Ceremony
Stirling Properties’ commercial agents were honored during the New Orleans Metropolitan Association of Realtors Commercial Investment Division’s 21st annual awards banquet held Friday, April 4, 2014 at the Southern Yacht Club.
Leading the way was Rhonda Sharkawy, who received the F. Poche Waguespack Award for having the highest volume of sales and leases in the marketplace for the year. This is her fourth consecutive year to receive this honor and one of only a handful of women to achieve it since it was created back in 1964. Rhonda’s volume totaled more than $45 million as well as winning the award for most commercial transactions, with 83 in total for 2013.
In addition to celebrating the top producers and transactions of 2013, the awards ceremony also recognized commercial agents who passed the $2 million mark in sales. Also recognized was Gaines Seaman who received the Overall Top Office Producer Award with more than $14 million in volume and Joe Gardner who had the Top Dollar Retail Lease with a volume of over $5 million.
