A nearly 2-acre tract located less than half a mile from Interstate 10, the Tanger Outlets mall and Cabela’s outdoors superstore has been sold for $463,917 by Big Easy Development LLC of Kendall County, Texas.
The buyer of the property—which includes more than 250 feet of frontage on La. 30, allowing for good visibility and access—is Amazon Properties, represented by Raghavendra Narra, a local investor.
Mark Hebert of Kurz & Hebert Commercial Real Estate brokered the transaction. He says the sale was prompted by a 1031 tax exchange, by which Amazon Properties was able to defer capital gain taxes on another property it recently sold as long as it reinvested in a new property. Amazon Properties plans to hold the site for now, and it’s also considering doing a build-to-suit transaction for the right occupant. The sale price works out to about $5.50 per square foot.
“There is just not a lot of good quality properties available, so when the purchaser saw that a site could be purchased on La. 30 for $5.50-per-square-foot they recognized a good deal and put it under contract,” Hebert says.
Appraiser Tom Cook owns Cook Moore and Associates. Reach him at (225) 293-7006 or TCook@cookmoore.com.
