Hattiesburg Business Today
Stirling Properties of New Orleans has closed on a $48.1 million purchase of Hattiesburg’s Turtle Creek Crossing.
Sterling called the acquisition the largest in the history of the 40-year-old commercial real estate company.
The 39.9-acre retail center situated on the “going home” side of heavily traveled U.S. Highway 98 covers 295,000 square feet and is across from Turtle Creek Mall. The center is 95 percent leased, according to Stirling Properties. Anchor tenants are Ashley Furniture, Bed Bath & Beyond, Ross Dress for Less, Old Navy, Books-A-Million and PetSmart. Shadow anchors include Academy Sports, Target and Kohl’s.
The 9-year-old center at 6143 U.S. Hwy. 98 also shares a lighted intersection with a Sam’s Club and Walmart Super Center.
“Located in the markets’ dominant retail corridor, this center is very similar to several others that Stirling Properties has developed over the past 15 years,” said Jeffrey Marshall, Sterling’s senior VP of acquisitions/finance.
“We are confident that Turtle Creek Crossing will perform well for many years to come, and provide top-notch shopping, retail and economic opportunities to the area.”
Stirling also owns Westland Plaza at Ellis Avenue and Robinson Road in Jackson.
Stirling is a diversified real estate company whose offering brokerage and asset management services. In 2010, the privately owned company began a strategic focus on commercial property acquisition across the Gulf South.
“We identify assets — such as Turtle Creek Crossing — that offer stabilized current risk-adjusted returns where we can add value to improve performance,” Marshall said.
The seller in the Turtle Creek Plaza deal was Kimco Realty Corp. Holliday Fenoglio Fowler represented Kimco.