KENNER, La., April 11 /PRNewswire-FirstCall/ -- Stirling Properties and Sizeler Property Investors, Inc. are pleased to announce that they have entered into an agreement to sell Hammond Square Mall to Palace Properties, LLC for a purchase price of $14 million cash, subject to usual terms and conditions. The sale is scheduled to close on or before May 16, 2006.
Hammond Square Mall is a 431,000 sq ft two-level enclosed mall anchored by Dillard's and Sears. It is located at the intersection of Interstate 12 and US 51 in Hammond, LA. Hammond Square Mall is the only enclosed mall serving a trade area extending halfway to Baton Rouge to the west, to the Mississippi border to the north, south to Manchac, and east to the Tangipahoa parish line. Hammond Square Mall is important for the City of Hammond as it is a major source of sales tax revenue for the area.
"We would like to thank Sizeler's Chairman, Mark Tanz, and President, Tom Masilla and the Board of Directors of Sizeler Property Investors, Inc. for working with us on this transaction," said Jimmy Maurin, Chairman of the Board of Stirling Properties and Manager of Palace Properties. According to Maurin, Sizeler was very responsive throughout the negotiation process which contributed to Palace Properties' decision to place an offer to purchase the Hammond Square Mall. "We are pleased that Sizeler has agreed to sell to local investors who are committed to a full redevelopment of the property."
"We are pleased to have reached an agreement with Palace Properties, LLC and will work towards the successful closing of this transaction," said Tom Masilla, President of Sizeler Property Investors, Inc.
"I would also like to acknowledge Mayor Mason Foster and the entire city administration for their encouragement and support in helping this project move forward," said Jimmy Maurin. "We look forward to working closely with Sizeler in the closing of this transaction and with the City of Hammond in the redevelopment of Hammond Square Mall."
About Stirling Properties
Stirling Properties is a regional real estate firm offering comprehensive services in development; commercial brokerage; property and asset management; investment sales; property owner and tenant representation; and residential real estate services. Reporting over 1/2 billion dollars in combined sales and employing almost 350 professionals, Stirling Properties' portfolio includes 9 million square feet of managed property and 14 million square feet of properties for sale or lease. With offices located in Gulfport, Gauthier and Jackson, Mississippi; Baton Rouge, Lafayette, New Orleans, Metairie, Mandeville, Shreveport, Hammond, Covington, and Ascension in Louisiana, Stirling has become one of the largest real estate firms in the South East. Stirling Properties can be found on the web at http://www.stirlingprop.com/ .
About Sizeler Property Investors, Inc.
Sizeler Property Investors, Inc. is an equity real estate investment trust (REIT) which invests in retail shopping centers and apartment properties in the southeastern United States. At December 31, 2005, the Company's investment portfolio consisted of thirteen retail shopping centers, three enclosed shopping malls, and fifteen apartment communities. The properties are located in Louisiana (17), Florida (10), and Alabama (4). Sizeler Property Investors, Inc. can be found on the web at http://www.sizeler.net/.
