Village Walk

Office for Sale
Also listed as Retail-Commercial
Catylist Listing ID: 30468281
Property Subtypes: Business Park, Office Building
Building Size (RSF): 73,479 SF
Gross Building Area: See Agent
Sale Price: $13,000,000 - 16,000,000
Unit Price: $176.92 - 217.75 PSF
Property Use Type: Investment
Class of Space: Class A
Sale Terms: Undisclosed
Cap Rate: Undisclosed
Average Occupancy Rate: 83
Last Updated: 11/20/2019

Overview / Comments

Covington’s Village Walk is a master planned development of a 3 story office building, retail centers and six (6) acres of additional developable land. Covington is a beautiful suburb of New Orleans located just north of Lake Pontchartrain.

For a full offering memorandum go to:

https://www.crexi.com/properties/235995/louisiana-village-walk

Offers due on September 13, 2019.

Covington’s Village Walk includes the following components:

1) The Office Building, a +/- 45,000 gross square foot, three story office building, which is currently 83% leased and is home to anchor tenants including Resource Bank, Laporte CPAs & Business Advisors (a large regional accounting firm) and GSA – Department of Labor – the Administrative Law Judges.

2) Covington’s Village Walk Shopping Center, a three building, 28,479 square foot retail strip center, which is 85% leased and is home to anchor tenants including Abita Roasting Company (a local artisan coffee house and café) and Anytime Fitness.

3) Six (6) acres of raw land divided into three shovel ready pad sites where the infrastructure, site improvements, and paved parking are already in place. These sites were originally planned as office building sites for the development of an additional 90,000 square feet of office space. They also could be developed as additional retail space or even residential (townhouse – condo) / multi-family development.

Financials

Finance Data Year 2019
Net Operating Income $712,959 (Annual)
Actual or Proforma Year Proforma

Additional Details

Nearest MSA: New Orleans-Metairie
County: Saint Tammany
Zoning: CBD, HDC-MUOD
Property Located Between: Near downtown Covington
Property Visibility: Good
Highway Access: Just off of Highway 190
Site Description: 10.92 acres total
Total Number of Buildings: 4
Number of Stories: 3
Year Built: 2000
Year Renovated: 2018
Parking Ratio: 8 (per 1000 SF)
Parking Type: Surface
Total Parking Spaces: 576

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 2,470 26,954 56,383
Median Age: 41.84 39.02 39.84
Households: 1,090 10,588 21,467

Contact

Photograph of Listing Agent

Barry H Spizer

SRSA Commercial Real Estate Metairie, LA 70002
LACDB Member
Photograph of Listing Agent

Stephanie Boyd

SRSA Commercial Real Estate Metairie, LA 70002
LACDB Member
Photograph of Listing Agent

Michael Corrigan

SRSA Commercial Real Estate Metairie, LA 70002
LACDB Member
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