Cook: IberiaBank buys former Whitney branch in Denham Springs
IberiaBank has purchased a branch formerly occupied by Whitney Bank at 822 South Range Ave. in Denham Springs. Matt Laborde and Branon Pesnel brokered the transaction, which closed on April 3 at a price of $1,825,000. The property encompasses about 2,600 square feet and includes four drive-thru lanes, in addition to a separate drive-thru ATM, according to the sale flyer. It was initially listed for sale at $1,575,000, or $250,000 less than the sale price. But after it was listed, Laborde says he received several offers and asked all potential purchasers to put in their best and final offer. Iberia won the bidding battle. At $1,825,000, the sale price works out to more than $700 per square foot.
—In an unrelated transaction, Taminco Inc. has purchased a 50-acre site on the Ciba Geigy Access Road in St. Gabriel for future expansion. Chris Shaheen with Saurage Rotenberg Commercial Real Estate represented Taminco in the deal. The sale took place for $1,546,743, or about $31,000 per acre, and it closed March 5. There has been significant plant expansion in the St. Gabriel corridor, and Taminco is benefiting from the increased activity.
(Appraiser Tom Cook owns Cook Moore & Associates. Reach him at 293-7006 or [email protected].)
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