Stirling Closes Sale of Westland Plaza in Jackson, MS
How Justin Langlois, CCIM, and Beezie Landry Sold a 214,000 SF Grocery-Anchored Shopping Center in Jackson, MS, Despite Significant Hurdles
Challenge
Selling a 214,000 SF grocery-anchored shopping center in Jackson, Mississippi came with significant hurdles. Investor skepticism about the Jackson market was a major barrier to generating competitive demand. Additionally, the property’s size and vacancy risk created underwriting challenges for many buyers. To complicate matters further, after initially securing a buyer, the deal fell out of contract and risked collapsing entirely.
Action
Justin Langlois and Beezie Landry led the investment sales effort with a national marketing campaign that drew interest from investors across the country. They secured five qualified offers from regional and national buyers, which enabled a competitive “Best and Final” process. When the initial contract fell apart, they worked directly with the buyer’s broker and buyer to re-structure terms, resolve concerns, and revive the deal. This success was possible through the collaboration of multiple Stirling service lines, property management, asset management, accounting, and leasing (with Allen Carr of NAI UCR), all of which strengthened the transaction.
Result
The property ultimately closed at a low double-digit cap rate, delivering strong value despite market headwinds. Securing multiple offers validated the asset’s strength, while reviving a terminated contract showcased the team’s persistence and problem-solving skills. This deal highlights Stirling’s ability to (1) leverage all internal service lines to add depth and credibility, and (2) rely on Beezie and Justin’s deal-making expertise to overcome obstacles and deliver results.
Testimonial
“Beezie, Justin and the entire Stirling team went above and beyond to get this deal across the finish line. Their persistence, creativity, and collaboration gave me confidence that the property was in the right hands.” – Jimmy Maurin
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 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.
