Stirling Properties, PMAT Acquire Crossroads Center in Gulfport
GULFPORT, Miss. — PMAT-Stirling Crossroads, led by Stirling Properties and PMAT Companies, successfully completed its acquisition of Crossroads Center, a 554,720-square-foot open-air retail center in Gulfport.
Located at 15082 Crossroads Parkway, Crossroads Center sits at the intersection of Interstate 10 and US-49 and is home to Academy Sports, Belk, Cinemark, Barnes & Noble, T.J.Maxx, Ross Dress For Less, Burkes Outlet, Michaels, PetSmart, Five Below, ULTA Beauty, Shoe Carnival, Party City, and Old Navy. Overall, the center has more than 50 tenants. It is 92% occupied and contains several outparcels, including TGI Fridays, Chuck E. Cheese, Navy Federal Credit Union/Mattress Firm and Longhorn Steakhouse.
b1BANK served as the lender for the deal. Stirling Properties will assume daily management responsibilities and leasing of the center moving forward. Rhonda Sharkawy, senior retail leasing and development advisor with Stirling Properties, is the leasing agent on the property.
“Stirling Properties and PMAT Companies have an existing relationship, as Stirling Properties serves as PMAT’s lead strategic partner for property management of their portfolio, so there is existing synergy between our two companies and their operations,” said Donna Smith, executive vice president at Stirling Properties, in a press release. “We are excited to enter into this joint venture with PMAT Companies on the acquisition of Crossroads Center, which will grow and strengthen both our portfolios as well as our working relationship.”
“We are excited to acquire another fundamentally sound asset with well-performing tenants in a market that maintains pent-up prospective tenant demand but is in a geography frequently overlooked by many institutional players. PMAT is already leveraging our national presence and relationships in conjunction with Stirling’s local expertise to source significant interest from new tenants as well as numerous opportunities to work with the well-performing existing tenants to create mutual long-term value,” said Kevin Kush, president of PMAT. “Crossroads Center is the largest power center servicing the Gulfport region, and it benefits from a prominent location providing accessibility to thousands of people daily. Simply put, this is good dirt. We remain extremely active in the capital markets across our geographic footprint and remain open to additional JVs and direct purchases of middle-market assets typically in the $10-50 million deal size.”
Based in Covington, Stirling Properties is a full-service commercial real estate company with a wide array of property types across the Gulf South. Also located on the Northshore, PMAT is a real estate development firm focused on value-add shopping center investments across the Southeast, Sunbelt, Midwest and Mid-Atlantic regions. The firm is headed by Robert A. Whelan, the former CFO at Sizeler Property Investors.