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 Hosts Tour of Mid-City Market Development Under Construction
Last week, Stirling Properties and VergesRome Architects hosted a building and site construction tour of Mid-City Market in New Orleans for the Urban Land Institute (ULI) of Louisiana, prior to the center opening to the public. Approximately 50 people attended the event, ranging from real estate professionals, designers, and developers to interested neighbors and residents. The event gave ULI members and non-members the opportunity to hear from the project team related to design, construction, deal structure, tenancy, and many other items related to the collaborative urban neighborhood development process.
Architects Chip Verges and Michael Roussel of VergesRome Architects discuss design themes and architectural challenges associated with the Mid-City Market development in New Orleans.
Located at the northwest corner of North Carrollton Avenue and Bienville Street in Mid-City New Orleans, Mid-City Market is a 107,000 square-foot, grocery-anchored urban infill shopping center. Stirling broke ground on the project in March 2012 and will be opening the project to the public with Winn-Dixie in late July. Prior to Stirling’s acquisition and development of the roughly $35 million project, the 6.5 acre site sat vacant and blighted since Hurricane Katrina. Designed by Mid-City architecture firm VergesRome Architects, the building and site design incorporate extensive pedestrian features, contextual urban and adaptive reuse architecture, and will complement the future Lafitte Greenway adjacent to the site.
Stirling Properties is a proud sponsor of the Urban Land Institute and is pleased to be involved with its activities in Louisiana. For more information about the Mid-City Market development or Stirling Properties, contact Jordi Goodman, Development Manager, at 985-898-2022 or at jgoodman@stirlingprop.com. For leasing information, contact Henry Spain, Sales and Leasing Agent at 504-620-8147 or at hspain@stirlingprop.com.
Mid-City Market – May Update
Below, please find a series of photos showing site progress conditions from the week of May 13, 2013.
Since our last update, the construction activities at Mid-City Market have accelerated considerably and we are seeing the finish line ahead. We have turned over all 11 spaces to tenants, including since the last update Ochsner Medical Center, Verizon Wireless, Five Guys Burgers and Fries, Felipe’s Taqueria, and Pinkberry. Many of the tenants have begun their interior buildout work and are scheduled to open for business starting the first week of July.
At Winn-Dixie, we have completed all of the exterior brick work, interior walls, and are closing out our mechanical, electrical, and plumbing work. The coolers and freezers in the interior are complete, and the large storefront element is nearing completion with the concrete entrance being poured soon. We continue to build out the interior of their space and set equipment prior to completing the interior finishes. The glass and exterior glazing is beginning as well. Additionally, we will be installing the subgrade material, curb and gutter, asphalt, and stamped concrete in the parking and common areas while we complete the remaining Winn-Dixie work.
We are also nearing completion on the remainder of the site that is not in our tenants’ possession.
Completed Exterior Storefronts – Retail B – 5/14/2013
Complete Retail C Building and Site – Tenant Work 5/14/2013
Mid-City Market – March Update
Below, please find a series of photos showing site progress conditions from the week of March 4, 2013.
Since last month’s update, we have moved forward rapidly in the site and building construction at Mid-City Market. At Winn-Dixie, the roof has fully dried in which allows us to release significant interior work including drywall, sheathing, and mechanical/electrical work. We have completed exterior brick work on approximately two-thirds of the building. Currently, we are moving on to the main front entry of the building and will begin to prepare the parking area for paving in the next four weeks.
At the former retail building we are renovating, we have completed the exterior wall stucco, interior wall framing, and the exterior masonry on the front of the building. Before the end of the month, we will begin paving work at the parking area in front of the building. We will be turning both this building and the Pei Wei building over to tenants for their interior buildouts at the beginning of April. The two small-shop buildings fronting N. Carrollton are progressing quickly as well. Roofing work on these buildings is currently being completed. Additionally, the block wall around the street front buildings on the entire site are being poured and formed. Over the next month, we will be working on the courtyards, sidewalks, and storefronts of these buildings, which will be turned over to tenants for their interior buildouts in May.
Masonry of Winn-Dixie Building – 3/7/2013
Masonry going up on Retail Building C – 3/7/2013
Pei Wei Building / Block Wall Construction – 3/7/2013
Aerial of Mid-City Market Under Construction – 3/6/2013
Aerial of Mid-City Market Under Construction – 3/6/2013
Mid-City Market – February Update
Masonry, Roofing, and Sheeting – Winn Dixie
Storefront Sheeting and Elements – Retail Building C
Since last month’s update, we have moved forward rapidly in the site and building construction at Mid-City Market in New Orleans. At Winn-Dixie, we have finished standing the exterior walls, begun sheeting the walls, have set the roof curbs, and finished installing the re-steel. We have set masonry along the rear wall on the N. Solomon Street side and plan to finish wall sheeting in the next couple of weeks.
At the former retail building we are renovating, we have completed the exterior wall sheeting, interior wall framing, and are sheeting the interior walls. We plan to finish the wall work and finish setting brick for the exterior walls in the next couple of weeks. We will be turning the building over to tenants for their interior buildouts the first week of April. The two small-shop buildings fronting Carrollton are progressing quickly as well. Over the next week, we will be finishing all of the exterior wall framing for these buildings and begin laying the retaining walls. These buildings will be turned over to tenants for their interior buildouts in May, many of these tenants have shorter build out periods. We will be delivering the Pei Wei building the last week of March to Pei Wei for their interior build out work.
Mid-City Market – January Update
Framing Walls and Slab at Winn-Dixie – 1/12/13
Steel Framing, Slab, Site Work at Retail A/B – 1/8/13
Since last month’s update, we have moved forward rapidly in the site and building construction at Mid-City Market. At Winn-Dixie, despite the rainy weather, we have poured almost all of the concrete slab for the building with the remainder to be poured this week. We have constructed two of the exterior load bearing metal stud framing walls and after the third wall is constructed, we will be erecting structural steel on the outside of the building.
At the former retail building we are renovating, we have completed the metal stud work at the perimeter entrances. We are finalizing the preparation for roof work which will be underway this month. The two small-shop buildings fronting Carrollton are progressing quickly as well. The “Retail B” building slab was poured Saturday and the “Retail A” building slab will be poured by the end of this week. Over the next two weeks the metal stud framing of the walls in both buildings will take place and be immediately followed by structural steel.
We are excited to announce that we have executed a lease with LA Nail Spa for 1,551 square feet in one of the small shop buildings. We are seeing strong leasing activity for the remaining space and are working towards opening 100% occupied, while seeking the right tenant mix for long-term success.
