Crutcher Tufts Building Metairie, Louisiana

Description

A once in a generational opportunity to Purchase or Ground Lease a combined 4.37 acre site in the heart of Metairie, Louisiana. The owners will consider offers on the entire site or Parcels A and B separately. The 3 story office building situated on Parcel A is currently known as the Crutcher–Tufts Building and contains 30,114 square feet of leasable space. The 1st and 2nd floors are leased to 3 tenants (Enterprise Corporate Office, Stanley Security and State Farm). The 3rd floor is currently vacant. The building on Parcel B is 100% leased to Enterprise for their car rental and sales facility. The leases in both buildings have provision allowing the owner to cancel the leases with either a 6-month or 12-month notice.

This is a perfect redevelopment opportunity with income in place. The zoning will allow for multi-family, hotel, office, retail or medical uses. Copies of leases, survey and Phase I environmental are available for review. The owners will consider an outright sale of the properties as well as a long-term lease with an option to purchase. To assist the Owners in achieving the best price for this property, they have decided a traditional marketing process will allow potential purchasers more time to evaluate their development plan for the site and perform a reasonable due diligence on the site. Accordingly, we will not have a pre-determined timeline for submitting offers, but the offers will be considered on a first come first serve basis, so the sooner received the better. Owner is not required to wait for any specific period of time before accepting a Letter of Intent (“LOI”) and working with that party to a execute a formal Purchase and Sale Agreement (“PSA”). Offers may be placed on the entire site (Parcels A and B combined) or on either parcel separately. While the Owners will consider a straight sale, the Owners would give preference to offers structured as long-term leases (90+ years) with an option to purchase the property within the first 10-20 years of the lease. The structure of 90+ year lease with a corresponding right to purchase creates a perpetual or full ownership by the purchaser allowing for both conventional financing as well as sufficient security for other capital sources.

We will accept detailed LOI’s throughout the marketing process and will respond to each offer on an individual case-by-case basis. We would request that you include the following information in your LOI:

1) Name of the entity and the principals of the entity who will be the Purchaser of the Property.

2) Price which shall be paid to Sellers at the Closing

3) The timing need by the Purchaser for their Due Diligence Period and for the Closing of the Sale.

4) The potential use that the Purchaser has for the Site – as much description of the project as possible will be helpful.

5) The financial structure of the Land Purchase. Is it subject to financing for the entire project, is it subject to financing on just the land purchase or is it an all cash (no financing) offer?

6) If the offer is subject to financing on the entire project, please describe the cost of the entire development, the status of said financing and potential sources of financing, any contingencies on receiving the financing (pre-sales/pre-leasing requirements), the capital stack for the project and any other pertinent information on the project and the investors/ developers.

7) Please describe the financial strength of the Purchaser and their real estate development experience in developing similar projects.

8) Please indicate the amount of the Deposit that Purchase will place with the Escrow Agent and the timing for when said Deposit shall become non-refundable.

While we do not have a specific deadline for offers at this time, we reserve the right to put out a call for offers with a specific due date or change the marketing program to another format at any time in the future.