16500 Chef Menteur Hwy

Special Purpose for Sale
Also listed as Industrial, Business Opportunity
Catylist Listing ID: 30402125
Building Size (RSF): 15,000 SF
Gross Building Area: See Agent
Sale Price: $600,000
In Opportunity Zone? Yes
Property Use Type: Investment, Vacant/Owner-User, Business
Sale Terms: Undisclosed, Cash to Seller, Purchase Money Mortgage, Owner Financing, Build-to-Suit, Sale/Leaseback, Other
Cap Rate: Undisclosed
Last Updated: 11/24/2020

Overview / Comments

OVERVIEW
This property is located in an Opportunity Zone, which means it's ideal for either domestic investors or international E2, L1, or EB5 investors. The seller is VERY MOTIVATED to sell the real estate, trademark, and equipment either as a package or separately. Listing Agent is SFR Certified, so it is the agent's professional opinion that this is the opportune time to get a good deal from the bank on the real estate. This is of particular significance with it being in an Opportunity Zone, likely valued at $700,000, and with a remaining loan value just over $600,000.

Price does NOT include the following:

Trademark (Ashanti) has been registered since 1995. Seller is willing to include recipes, nutrition labels, and image copyrights for the value of the trademark.

Seller is also willing to be hired to train a replacement, rehire former key employees, and reacquire old and new contracts.

HISTORY & ECONOMY
Bridge Foods, Inc., was in full operations since 1995, reaching maximum capacity of about $4MM per year. In 2007, they were at about $2.5MM with a steady decline to about $500k in 2018. After Katrina and perhaps exacerbated by the economic crisis of 2008, revenues likely declined for 2 main reasons. First, the hot sauce industry got squeezed with large manufacturers beginning copacking for medium size businesses and smaller businesses going out of business or copacking for themselves in smaller batches. Second, the owner slowly lost interest in the business and has since began pursuing other opportunities.

TRADEMARK
The ASHANTI trademark is a large part of the value. With a registered trademark since 1995, the Ashanti Foods brand is well known. The business, Bridge Foods, has also won several local awards including from the Mayor of New Orleans and Harrah's Casino (awards which are also important to the EB5 application process, if desired)

WEBSITE
Website: the website is down on purpose. This business is winding down operations, and it does not want phone calls on a regular basis.

INVENTORY
Inventory is noted as having $0 value. However, it does have some value, but the Seller will not try to place a value on it. It is considered a bonus to a buyer.

FACILITIES
Offc SqFt: 3,948
Lot Size: 100 X 300 = 30,000 sqft
Lot Desc: Regular
Building Size 60x250 = 15,000 sqft

Reception area, several offices, conference room, full kitchen, 3 baths, 2 floors, lots of storage space. Huge warehouse with very HIGH ceiling. A room for silos, a room for bottling, 2 freezers, one in the warehouse and another in the back (perfect for fish).

VIDEO
Short video showing bottling line
https://youtu.be/wi5HDL73b1A

KEY ATTRIBUTES
The most attractive attributes are
1. Trademark since 1995
2. Distressed property on which you can get a good deal
3. Valued at $1.2mm, making it possible for 2 EB5 visas
4. Strong population of Vietnamese and Hondurans lives nearby supporting the minimum of 10 employees for EB5 visas
5. Beautiful homes overlooking lakes

RELEVANT TAX PROGRAMS via nolaba.org
QUALITY JOBS
INDUSTRIAL TAX EXEMPTION
FEDERAL OPPORTUNITY ZONES
ENTERPRISE ZONE
ANGEL INVESTOR TAX CREDIT
LED FASTSTART®

Additional Details

Nearest MSA: New Orleans-Metairie
County: Orleans
Total Number of Buildings: 1
Number of Stories: 2

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Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 7,468 27,841
Median Age: 32.97 33.67
Households: 2,339 9,333

Contact

Photograph of Listing Agent

Russell Bernstein

Metairie, LA
LACDB Member
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