SRSA Commercial Real Estate has completed the sale of 215 Park Place, one of only two warehouse and distribution facilities within Northpark Business Park in Covington, Louisiana. The property sold for $1,500,000.
Barry Spizer and Steve Reisig of SRSA Commercial Real Estate represented the seller, Ruddigore LLC, which Spizer leads as its managing member. CAP3, a local investment group, was the buyer, represented by Lee Audibert of Property One.
The deal came together after CAP3 made an unsolicited offer to purchase the property, which had only been listed for lease for approximately 30 days. Federal Express, the former occupant, had vacated the building but remains obligated under their lease on the property, giving the buyer an income-producing asset from day one.
The roughly 19,200-square-foot office-warehouse building attracted CAP3 as an investment opportunity given the scarcity of warehouse space within Northpark Business Park and strong demand from distribution and light industrial users in the Covington market. The property's multiple loading doors and easy interstate access make it a practical fit for a range of warehouse tenants.
