Turtle Creek Crossing sells for $48 million

Turtle Creek Crossing sells for $48 million

HATTIESBURG, MS - Stirling Properties of New Orleans purchased Hattiesburg's Turtle Creek Crossing for $48.1 million, the largest acquisition in the company's 40-year history.

The retail center occupies nearly 40 acres along U.S. Highway 98.

Tenants such as Bed Bath & Beyond, Old Navy, Books-A-Million, Academy Sports, Kohl's and Target are in the center.

According to Stirling Properties, the center is 95 percent leased.

"Located in the markets' dominant retail corridor, this center is very similar to several others that Stirling Properties has developed in the past 15 years, said Jeffery Marshall, Stirling's senior vice president of acquisitions/finance in a Mississippi Business Journal article. "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 is a commercial real estate company that began a strategic focus on commercial property acquisition across the Gulf South in 2010. Stirling also owns Westland Plaza in Jackson, according to the article.

Turtle Creek Crossing was previously managed by Kimco Realty Corp., a real estate investment trust located in New York.