REAL ESTATE

Stirling to provide menu of services to Perkins Rowe

BY Michael Fickes

Covington, La. — Stirling Properties has inked a deal to provide comprehensive leasing, sales, property and construction management services for Perkins Rowe, a mixed-use development in Baton Rouge, La.

Opened in 2007, Perkins Rowe includes 364,648 sq. ft. of retail, 126,000 sq. ft. of Class A office space and upscale apartments and condominiums. The retail portion of the development offers a mix of retail brands, soft goods, entertainment venues and several restaurants. Stirling will work with the current management company until the transition is complete.

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REAL ESTATE

Sembler/Forge fund acquire Raleigh, N.C., center

BY Michael Fickes

St. Petersburg, Fla. — Forge Real Estate Partners III, co-sponsored by the Sembler Company and Forge Capital, has formed a joint venture with East Coast Acquisitions and acquired Tarrymore Square in North Raleigh, N.C.

Tarrymore Square is a 256,805-sq.-ft. shopping center with a 65% occupancy rate. Existing tenants include Walgreens, Rugged Warehouse, Surplus Warehouse, Rainbow Fashions, Rent-A-Center and Miller-Motte Technical College.

The joint venture plans to renovate the shopping center and is negotiating leases with a regional grocer and a retailer of fashion apparel, shoes, accessories and home décor. These leases would boost occupancy to about 85% by the end of 2014.

The Sembler Company (www.sembler.com) will lease and manage the property. Negotiations are continuing with additional national and local retailers to lease the remaining available space in the center.

This is the second acquisition made by Forge Real Estate Partners III, which is focused on the acquisition, development and redevelopment of commercial retail real estate projects primarily in the southeastern United States and Puerto Rico.

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REAL ESTATE

New Sam’s Clubs in Warwick, R.I., and Mooresville, N.C.

BY Michael Fickes

New York — Sam’s Club will open two new clubs on Thursday, January 23, one in Warwick, R.I., and another in Mooresville, N.C.

The 136,000-sq.-ft. Warwick club has created 140 new jobs. Also 136,000 sq. ft., the Mooresville club has created 160 new jobs.

Both clubs will feature a variety of members-only amenities, including a fresh bakery, a tire and battery center, a café and a fuel station.

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