Over The River LLC sold its 75,000-square-foot distribution facility at 1000 LeBlanc Road in Port Allen on Aug. 10 for $2.85 million to PC Holdings Magnolia LLC. The property was originally listed for $3.2 million by Benjamin Stalter of Maestri-Murrell Commercial Real Estate.
Stalter and Edward Rotenberg with Saurage Rotenberg Commercial Real Estate handled the transaction.
In July 2010, Over The River purchased the facility from Wilson Land Co. A lease for the building with Magnolia Transport, owned by Joel Wilson, who also owns Wilson Land Co., was signed. Magnolia Transport occupied the building until this year.
The building, on a site of about eight acres, has about 7,800 square feet of office space and about 67,200 square feet of warehouse area. It has a dock-high foundation, and 32 overhead doors. It has an eave height of 28 feet, and the warehouse was sprinklered. The configuration of the building makes it functional for a distribution facility, which sold for $38 per square foot. PC Holdings will expand its existing operation into this building.
Magnolia Crossing sells
Summerchase Limited Partnership sold Magnolia Crossing, a 104-unit apartment project at 2428 Burnside in Gonzales, on Aug. 15 for $4.55 million to Wenson-Bear Creek Magnolia.
The property was developed in 1999 under the low-income housing tax credit program. Congress enacted the LIHTC in 1986 to provide the private market with an incentive to invest in affordable rental housing. Federal housing tax credits are awarded to developers of qualified projects. Developers then sell these credits to investors to raise capital (or equity) for their projects, which reduces the debt that the developer would otherwise have to borrow. Because of the lower debt, a tax credit property can in turn offer lower, more affordable rents. Provided the property maintains compliance with the requirements, investors receive a dollar-for-dollar credit against their federal tax liability each year over 10 years. The amount of the annual credit is based on the amount invested in affordable housing. The new owner will continue to operate the apartments under the tax credit program.
Magnolia Crossing is on the east side of Burnside, south of Hwy. 30. The property, which sold for $43,750 per unit, is low density with 5.3 units per acre. Most apartment projects exceed 10 units per acre. It is made up of 22 single-story buildings. The units are a mix of one-, two- and three-bedrooms.
The property was co-listed by Dave Treppendahl and Deane Bryson at NAI/Latter & Blum Realty and The Tax Credit Group with Marcus and Millichap.
Belle Helene batture sale
Carline Fleeting can expand its operation in Geismar by about 35% after purchasing an adjoining 18-acre site on the Mississippi River that includes nearly 2,800 linear feet of river frontage. The property is located on Hwy. 75 at river mile marker 183. The property had poor access from the highway, and was really only usable for barge fleeting, according to Carline’s Lew Parks. Carline had been trying to purchase the property for about the last 13 years from Whitney Bank, which had owned the property since 1937. Carline’s adjoining site at mile marker 182 fleets about 150 barges at a time.
“Carline is trying to get out in front of the industrial growth expected along the river in the next few years,” Parks said. The sale at about $110 per linear foot is much less than most batture tracts have brought in in recent years, most likely because the tract lacks of road frontage. Robert Talbot of the Talbot Realty Group brokered the sale.
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