Local real estate broker and developer Chad Ortte and his cousin Duncan Armentor, a river pilot and co-owner/manager of Shamrock Marine, have acquired a 4.7-acre site on North Third Street near the Mississippi River downtown for $960,000.
The cousins acquired the property through their Shop Yard Properties, LLC, from Louisiana Casino Cruises, Inc., (LCC) which owns the nearby Hollywood Casino. The site includes more than 80,000 square feet of industrial office space and warehouse structures.
The property, located north of the State Capitol near Choctaw Drive, was built in the 1940s by Yaun Welding, which manufactured dragline buckets and heavy equipment attachments. LCC Inc. had owned it since the early 2000s, and used it for administrative office, excess parking and records storage.
Under the terms of the sale, which closed July 28, the casino company will continue to lease warehouse space from the new owners.
Still, there’s plenty of available space on the site for lease to other tenants. The property, which is zoned heavy industrial, includes 7,000 square feet of office space and 75,000 square feet of warehouse structures in five separate buildings. LCC is leasing just 5,000 square feet.
“We think it’s ideal for corporate headquarters, a government agency, emergency response or command center,” Ortte says.
Ortte and Armentor, whose marine service company, Shamrock Marine, is based in Belle Chasse and also has operations in Baton Rouge, acquired the property as an investment. Ortte says they hope it will be the first of several riverfront properties they acquire.
“He’s in Belle Chasse and spends time up and down the river,” Ortte says. “I’m here and spend a lot of time along the river. We think there are opportunities—small plays, but definitely things we hope to take advantage of.”