Cook: Teche picks up prime site on Essen following merger of Whitney, Hancock
When Whitney Bank and Hancock Bank merged, at least seven branches in the Baton Rouge area were put up for sale. The most recent sale of one of them came at the corner of Essen Lane and Summa Avenue. Whitney/Hancock sold Teche Federal Bank their aging branch at 5063 Essen Lane, which had been occupied by Hancock Bank. Matt Laborde and Branon Pesnell with Beau Box Commercial Real Estate brokered the transaction. The property was offered for sale at $1,295,000; but after it had been listed for a short period of time, several potential buyers emerged and made offers that were even higher. Teche Federal Bank was eventually able to enter into an agreement with Whitney/Hancock for $1.5 million. The sale closed on April 17. According to Laborde, Teche intends to raze the property and construct a brand-new branch. The site is at a prime location. A survey indicates the site has 175 feet of frontage on Essen Lane and contains approximately 53,700 square feet, which calculates to about $28 per square foot. Teche will begin demolition of the existing branch in the next few weeks.
(Appraiser Tom Cook owns Cook Moore & Associates. Reach him at 293-7006 or [email protected].)
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