Stirling Properties Awarded Management and Leasing Contract of Ambassador Plaza
Stirling Properties commercial real estate company has been awarded the management and leasing contract for Ambassador Plaza in Lafayette, Louisiana.
Ambassador Plaza, shadow-anchored by Albertsons, is a 29,405-square-foot retail center located at the corner of Ambassador Caffery Parkway and West Congress Street. It is 92% leased and has a great mix of retail and restaurant options. Tenants include Fruiti Smoothie, Little Caesars, Lotus Garden, Luxurious Nails, Omega Dentistry, Planet Beach, Saigon Noodles, Style America, Subway, The Jambalaya Shoppe, WellCare, and Wingstop.
The retail center was recently acquired by a local ownership group that has contracted with Stirling Properties for asset management services.
“Stirling Properties is excited to add Ambassador Plaza to our growing commercial portfolio. We have been active in the Lafayette market for quite some time and have a great management and leasing team as well as support staff on the ground. We look forward to working with the new ownership group to create the best return on investment for their asset,” said Donna Taylor, Sr. Vice President of Asset Management & New Business with Stirling Properties.
Stirling Properties manages nearly 18 million square feet of commercial property, with 120 million square feet of property and land for sale or lease. Other Stirling Properties management and development projects in Lafayette include Ambassador Town Center, Stirling Lafayette, River Marketplace, and the 1819 Pinhook Office Building, just to name a few.
For asset management information, contact Donna Taylor at (985) 246-3758 or dtaylor@stirlingprop.com.
Ambassador Town Center 100% Leased!
Stirling Properties and CBL & Associates Properties, Inc. welcome four new tenants to Ambassador Town Center in Lafayette, Louisiana. Developers are pleased to announce the center is now 100% leased!
5 Star Nutrition has leased 1,759 square feet of space, with an anticipated opening in November. This marks the company’s 2nd location in south Louisiana, and 5th location for the state.
Orangetheory Fitness will occupy 3,300 square feet and is expected to open in December. This will be the 4th Louisiana location for the company.
Sprint will occupy 1,286 square feet and anticipates opening later this year.
Newly leased I Love Juice Bar is celebrating its 1st Louisiana location. It will occupy 1,250 square feet and also plans to open later this year.
Rounding out the tenants, previously announced Just 4 Him Men’s Haircut Lounge celebrated its grand opening last week, and Half Shell Oyster House is still on track to open next month. They join 30 other retailers and restaurants that call the shopping center home, including anchor tenants Costco Wholesale and Dick’s Sporting Goods/Field & Stream. Last month, developers also installed a public walking/jogging trail at the site for community use.
“The growth of Ambassador Town Center since its opening six months ago is impressive,” stated Michael Lebovitz, executive vice president, development and administration, CBL & Associates Properties, Inc. “We’re thrilled to add additional national names like Orangetheory Fitness – one of the fastest growing fitness franchises in the country – to our line-up and continue to offer the Lafayette community a vibrant and dynamic lifestyle destination.
“We are extremely proud of the success at Ambassador Town Center,” said Townsend Underhill, Senior Vice President of Development for Stirling Properties. “Getting a retail center of this size 100% leased within 6 months of its grand opening is a huge accomplishment in any community. The progress of this center truly represents the strength of the Lafayette market, especially during this challenging economic time.”
Ambassador Town Center is a roughly 60-acre premier regional shopping and entertainment destination, as well as a vital economic contributor to the area. With more than 430,000 square feet of retail space, the center offers a great variety of national and local shopping and dining options. Most of the retailers opened at Ambassador Town Center are either first-time locations within Lafayette or Louisiana, or both.
Located at the southeast corner of Lafayette’s ‘main-at-main’ intersection, Ambassador Caffery Parkway & Kaliste Saloom Road, the development also includes 5 Star Nutrition, Avalon Salon & Spa, BJ’s Restaurant & Brewhouse, Blaze Pizza, Chuy’s Mexican Restaurant, Costco Gasoline, Dickey’s Barbecue Pit, Five Below, Freddy’s Frozen Custard & Steakburgers, Half Shell Oyster House, I Love Juice Bar, Just 4 Him Men’s Haircut Lounge, Marshalls/HomeGoods, Nordstrom Rack, Off Broadway Shoes, Orangetheory Fitness, Panda Express, Panera Bread, PetSmart, Phone Zone, Professor Bob Beans Coffee Bar & Ice Cream Lab, Red Robin, Sprint, Subway, Tao Asian Cuisine, World of Beer and Verizon.
Stirling Properties and CBL & Associates Properties, Inc. formed a joint venture to develop the center, and construction began in January of 2015. The companies currently manage and lease the property. Ambassador Town Center has been credited with creating approximately 2,200 construction jobs, roughly 1,700 permanent jobs and nearly $9 million annually in sales taxes for the City of Lafayette.
Stirling Properties and CBL and Associates Properties, Inc. Install Public Walking Trail at Ambassador Town Center in Lafayette
Ambassador Town Center developers, Stirling Properties and CBL & Associates Properties, Inc., are pleased to announce the installation of a public walking/jogging trail for the surrounding community.
The new outdoor path borders the 12-acre retention pond located behind Costco Wholesale, which was dedicated to the City of Lafayette as a public greenspace. Roughly ¾ mile, the trail was installed as a municipal amenity along the top of the pond, and was landscaped similar to how river levees are used throughout the state. New fountains were also added to enhance the outdoor space. Additionally, the new trail can be combined with adjacent Beaullieu Park via sidewalk along the recently constructed Lake Farm Drive, offering an interconnected exercise and leisure opportunity. The walking/jogging path is free and open for public use.
“Stirling Properties is committed to the Lafayette community. Our hope is that Ambassador Town Center will become more than just a retail center, we want it to be a true community center,” said Townsend Underhill, Stirling Properties Senior Vice President of Development. “The addition of the walking trail will not only enhance the aesthetics of the area, but will provide local residents and shoppers with a great place to exercise and get some fresh air.”
Ambassador Town Center is a roughly 60-acre retail project anchored by Costco Wholesale and Dick’s Sporting Goods/Field & Stream, consisting of more than 430,000 square feet. Located at the southeast corner of Lafayette’s ‘main-at-main’ intersection, Ambassador Caffery Parkway & Kaliste Saloom Road, the development also includes Avalon Salon & Spa, BJ’s Restaurant & Brewhouse, Blaze Pizza, Chuy’s Mexican Restaurant, Costco Gasoline, Dickey’s Barbecue Pit, Five Below, Freddy’s Frozen Custard & Steakburgers, Half Shell Oyster House, Just 4 Him Men’s Haircut Lounge, Marshalls/HomeGoods, Nordstrom Rack, Off Broadway Shoes, Panda Express, Panera Bread, PetSmart, Phone Zone, Professor Bob Beans Coffee Bar & Ice Cream Lab, Red Robin, Subway, Tao Asian Cuisine, World of Beer, Verizon, and more supporting shops and restaurants to come. Most of the retailers committed to Ambassador Town Center are either first-time locations within Lafayette or Louisiana, or both. At completion, Ambassador Town Center is expected to be the premier regional shopping and entertainment destination, as well as a vital economic contributor to the area.
For more information, please visit stirlingproperties.com or cblproperties.com.
For leasing information, contact Ryan Pecot at 337.572.0246 or rpecot@stirlingprop.com or Tim Gilmore at 423.490.8358 or Tim.Gilmore@cblproperties.com. For information on Ambassador Town Center, please visit ambassadortowncenter.com.
Stirling Properties Closes $47.66 Million Loan On Ambassador Town Center In Lafayette, Louisiana
Stirling Properties commercial real estate company, on behalf of Ambassador Town Center JV, LLC, is pleased to announce the closing of a $47.66 million non-recourse loan on Ambassador Town Center in Lafayette, Louisiana.
Jointly owned by affiliates of CBL & Associates Properties, Inc. and Stirling Properties, LLC, Ambassador Town Center is a roughly 430,000-square-foot regional open-air power and lifestyle retail center located on more than 60-acres at the southeast corner of Ambassador Caffery Parkway & Kaliste Saloom Road.
Capital One Bank served as the lender on the 7-year fixed-rate loan, whose proceeds were used to retire the existing construction loan.
Since the beginning of 2016, Stirling Properties has closed $210 million in debt across its entire portfolio, marking the most debt placed over a 6-month period in its 41-year history.
“Stirling Properties is very pleased to close this loan on Ambassador Town Center. This is the second significant loan we have closed in the last two weeks, and it clearly shows—once again—the strength of the local market,” said Townsend Underhill, Stirling Properties’ Senior Vice President of Development. “CBL and Capital One continue to be great partners to us, and we are proud to work with them.”
Over the past 2 years, Stirling Properties has closed more than $100 million in loans with Capital One.
“It was rewarding to help Stirling Properties, a long-term client, meet its goals in refinancing Ambassador Town Center,” said Tim Smith, a vice president in Capital One’s Commercial Real Estate Group who led the transaction. “We look forward to serving their needs in the future.”
Ambassador Town Center is currently 98% leased. Anchor tenants include Costco Wholesale, Dick’s Sporting Goods, and Field & Stream. Junior anchor tenants include Marshalls, HomeGoods, Nordstrom Rack, Off Broadway Shoes, and PetSmart.
Stirling Properties And CBL & Associates Properties, Inc. Announce New Tenants At Ambassador Town Center In Lafayette, Louisiana
Stirling Properties and CBL & Associates Properties, Inc. welcome new tenants and announce updates to Ambassador Town Center in Lafayette.[vimeo 169295392 w=640 h=360] Ambassador Town Center Aerial Footage.
Half Shell Oyster House will occupy 5,850 square feet of restaurant space, and is the newest addition to the eatery line-up. This will mark the ninth location for the popular seafood restaurant, and the first in Louisiana. Half Shell Oyster House is expected to open in November of 2016.
Newly leased, Just 4 Him Men’s Haircut Lounge—catering to the grooming needs of busy men who want quality service in a comfortable environment—will occupy 1,267 square feet, and is expected to open in September of 2016.
Subway celebrated its grand opening at Ambassador Town Center on Saturday. Freddy’s Frozen Custard & Steakburgers and Panda Express opened their doors last month. Additional tenants are still on track to open later this year, including Professor Bob Beans (June 2016), Verizon Wireless (June 2016), Phone Zone (July 2016), Red Robin (July 2016), Avalon Nails & Spa (July 2016), Tao Asian Cuisine (July 2016), Just 4 Him Men’s Haircut Lounge (September 2016), World of Beer (October 2016), and Half Shell Oyster House (November 2016).
“Ambassador Town Center has continued to thrive since opening earlier this year,” said Michael Lebovitz, Executive Vice President, Development and Administration for CBL & Associates Properties, Inc. “We’re excited to further enhance the customer experience, adding new stores and eateries to the broad range of options already available.”
“Since inception, Ambassador Town Center and its tenants have experienced tremendous success. Restaurants like Chuy’s reported the best opening sales in company history. The City of Lafayette and surrounding communities are supporting and frequenting these retailers, and we are eagerly looking forward to future developments and additions to the center,” said Ryan Pécot, Stirling Properties Senior Retail Leasing and Development Executive.
Stirling Properties and CBL & Associates Properties, Inc. formed a joint venture to develop the center, and currently manage and lease it. With close to 10 decades of retail experience between them, both companies have extensive commercial real estate knowledge, with acclaimed reputations locally, as well as nationally.
Stirling Properties has been at the forefront of commercial real estate investment and development in Lafayette and surrounding areas of South Louisiana, and is committed to bringing quality development and top-notch retailers to the area. Stirling Properties has developed more than 3.7 million square feet totaling $465 million since 2010, almost exclusively in Louisiana. Other Stirling Properties developments in Lafayette include Ambassador Row, Ambassador Row Courtyards, Stirling Lafayette and Village at Southpark, just to name a few.
Ambassador Town Center is a roughly 60-acre retail project anchored by Costco Wholesale and Dick’s Sporting Goods/Field & Stream, consisting of more than 430,000 square feet. Located at the southeast corner of Lafayette’s ‘main-at-main’ intersection, Ambassador Caffery Parkway & Kaliste Saloom Road, the development also includes Avalon Salon & Spa, BJ’s Restaurant & Brewhouse, Blaze Pizza, Chuy’s Mexican Restaurant, Costco Gasoline, Dickey’s Barbecue Pit, Five Below, Freddy’s Frozen Custard & Steakburgers, Half Shell Oyster House, Just 4 Him Men’s Haircut Lounge, Marshalls/HomeGoods, Nordstrom Rack, Off Broadway Shoes, Panda Express, Panera Bread, PetSmart, Phone Zone, Professor Bob Beans, Red Robin, Subway, Tao Japanese Cuisine, World of Beer, Verizon, and more supporting shops and restaurants to come. The center is currently 98% leased and most of the retailers committed are either first-time locations within Lafayette or Louisiana, or both. With its completion, Ambassador Town Center is a premier regional shopping and entertainment destination, as well as a vital economic contributor to the area.
For more information, please visit stirlingprop.com or cblproperties.com.
For leasing information, contact Ryan Pécot at 337.572.0246 or rpecot@stirlingprop.com or Tim Gilmore at 423.490.8358 or Tim.Gilmore@cblproperties.com. For information on Ambassador Town Center, please visit ambassadortowncenter.com.
Stirling Properties and CBL & Associates Properties, Inc. Celebrate Grand Opening Of Ambassador Town Center In Lafayette, Louisiana
Stirling Properties and CBL & Associates Properties, Inc. celebrated the Grand Opening of Ambassador Town Center today. A formal ribbon cutting ceremony was held with City-Parish President Joel Robideaux, Former City-Parish President Joey Durel, LEDA President & CEO Gregg Gothreaux, and Lafayette area community leaders.
Joey Durel, Gregg Gothreaux, Jason El Koubi, Joel Robideaux, Ryan Pecot, Marty Mayer
Ambassador Town Center is a roughly 60-acre retail project anchored by Costco Wholesale and Dick’s Sporting Goods/Field & Stream, consisting of more than 430,000 square feet. Located at the southeast corner of Lafayette’s ‘main-at-main’ intersection, Ambassador Caffery Parkway & Kaliste Saloom Road, the development will also include Avalon Salon & Spa, BJ’s Restaurant & Brewhouse, Blaze Pizza, Chuy’s Mexican Restaurant, Costco Gasoline, Dickey’s Barbecue Pit, Five Below, Freddy’s Frozen Custard & Steakburgers, Marshalls/HomeGoods, Nordstrom Rack, Off Broadway Shoes, Panda Express, Panera Bread, PetSmart, Phone Zone, Professor Bob Beans, Red Robin, Subway, Tao Japanese Cuisine, World of Beer, Verizon, and more supporting shops and restaurants to come. The retail center is currently 97% leased. Most of the retailers committed to Ambassador Town Center are either first-time locations within Lafayette or Louisiana, or both.
“We are excited to celebrate the grand opening of Ambassador Town Center and bring a unique customer experience to the Lafayette market,” said Michael Lebovitz, Executive Vice President, Development and Administration, CBL & Associates Properties, Inc. “This development brings a number of exciting retail and restaurant options, most of which are new to the market.”
“We are confident in the future and prosperity of this area. Ambassador Town Center is positioned in an excellent location that is experiencing tremendous growth and attracting new retailers,” said Townsend Underhill, Stirling Properties Senior Vice President of Development. “We are happy to continue our long and successful development history in the City of Lafayette.”
Ambassador Town Center has already created approximately 2,200 construction jobs, and is expected to generate roughly 1,700 permanent jobs and nearly $9 million annually in estimated sales tax collection, providing a huge boost for the local market.
Stirling Properties and CBL & Associates Properties, Inc. formed a joint venture to develop the center, and with less than two years of planning, construction began in January of 2015. Though not initially contracted to develop the highly anticipated retail center, Stirling Properties and CBL were able to adapt and deliver the project in an exceptionally timely manner when previous developers could not. The first tenant, Nordstrom Rack, opened earlier this month to significant crowds despite fierce weather conditions. Costco Wholesale and Marshalls/HomeGoods opened last Thursday, and more tenants are expected to open their doors within the week.
Stirling Properties has been at the forefront of commercial real estate investment and development in Lafayette and surrounding areas of South Louisiana. At a time when the local economy is fragile, Stirling Properties is bringing quality development and retailers to the area. At completion, Ambassador Town Center is expected to be the premier regional shopping and entertainment destination, as well as a vital economic contributor to the area.
Stirling Properties has developed more than 3.7 million square feet totaling $465 million since 2010, almost exclusively in Louisiana. Other Stirling Properties developments in Lafayette include Ambassador Row, Ambassador Row Courtyards, Stirling Lafayette and Village at Southpark, just to name a few.
For more information, please visit stirlingprop.com or cblproperties.com.
For leasing information, contact Ryan Pecot at 337.572.0246 or rpecot@stirlingprop.com or Tim Gilmore at 423.490.8358 or Tim.Gilmore@cblproperties.com. For information on Ambassador Town Center, please visit ambassadortowncenter.com.
