Sales in the Walker Industrial Park off U.S. 190 in Livingston Parish have been brisk since being acquired by Tower Capital last year.
Represented by William N. FaKouri, Tower purchased the property in March last year from United Community Bank. The development has since been cleaned up, had a new brick sign installed and is being marketed by Steve Legendre and Joey Canella with Sperry Van Ness. Since last March, seven lots have sold in four separate transactions.
The most recent sale closed Oct. 30. Walker Industrial Real Estate purchased lots 14 and 15 for $1.34 per square foot, with plans to construct a 10,000-square-foot office warehouse on the property and offer it for lease. The company has been successful in building speculative warehouse space in Gonzales and West Baton Rouge Parish and is now making a play in the Livingston Parish market. Walker Industrial was represented by Grey Mullins of Grey Mullins Commercial Properties in the purchase.
On May 14, Propvest LLC purchased lots 17 and 18 in the park for $1.30 per square foot. Lot eight was purchased by Gysot LLC for $1.27 per square foot on April 28, and RHM Holdings closed on lots three and four on April 15 for $1.19 per square foot.
According to Legendre, two more lots are under contract and should close next week. Demand has been so strong, he says, that Tower Capital is in the process of subdividing two larger tracts in the rear of the development into additional lots.
“After we sell those two lots next week we will only have five lots available to sell, so it makes sense for FaKouri to develop the rear tracts,” he says.
Appraiser Tom Cook owns Cook Moore and Associates. Reach him at (225) 293-7006 or TCook@cookmoore.com.
