Worley hangar, office space at Baton Rouge airport sells for $3M

    A 14,755-square-foot hangar with more than 8,000 square feet of office space at the Baton Rouge Metro Airport has sold for $3 million, according to sales documents.

    The hangar was bought by Louisiana Hangar LLC, whose registered officer is Callais Capital Management. Nicholas Callais, managing director and chief administrative officer for Callais Capital Management, represented Louisiana Hangar.

    The hangar was scheduled to be auctioned in U.S. bankruptcy court last month. Callais Capital Management had made a stalking horse offer for $3 million and the minimum bid was set at $3.15 million.

    Michael Worley owned the hangar and two-story office through W Resources LLC, a wholly-owned subsidiary, and filed for Chapter 11 bankruptcy protection in July.

    Worley leased the property through the city-parish through a long-term agreement. Rent for the property, built in 2009, was initially about $7,000 a year.

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