Editor’s Note: This story was updated to reflect that the tracts purchased were Thad Cain Development LLC were rezone to light industrial. Daily Report regrets this error.
Four tracts of land near the intersection of Highland Road and Airline Highway have been purchased for $925,000 for future industrial development.
The tracts, roughly 9.24 acres in all, are located on Thad Cain Lane near Albertsons.
Thad Cain Development LLC, represented by Ryan Temple and Leon Audibert III, bought the tracts from seven members of the same family living in four different states.
The deal was finalized on Friday.
Audibert, a commercial real estate broker for Property One in New Orleans, says the land was purchased as an investment and was recently rezoned from rural to light industrial. It did not flood, he says.
“(There) will be some sort of industrial there—either office warehouses or office warehouse with laydown yards,” says Audibert, who specializes in industrial real estate.
He adds that he and Temple are in talks with a couple of potential tenants for industrial build-to-suits and are also looking at the possibility of developing the sites into smaller lots. They are even open to selling some of the sites, but the talks are in the early stages now, he says.
Except for a vacant house that will be torn down, the land is mostly wooded, Audibert says, adding that it should be cleared by the end of the year.
—Alexandria Burris
