Louisiana Commercial Realty announces the sale of their 12,000 warehouse listing near downtown New Orleans for $777,000, after marketing the property for 2 years and bringing the seller 5 offers. The property offers a loading dock, rear rollup door, front rollup door and loading dock with crane, plus a billboard that is leased for $18,000 annually, and was home to Cajun Spirits Distillery, the only New Orleans distillery producing vodka.
Listing broker Robert Hand explains, “The warehouse has a terrific location near downtown New Orleans, and is one of only 4 warehouses in the area. Like many warehouses, the property was constructed almost 75 years ago but was appraised for $1,100,000. We heavily marketed the property, with advertising in the top commercial databases: LoopNet, LACDB and CREXI, along with targeting businesses directly that serviced the hotels and restaurants in downtown New Orleans and would need warehouse space. The feedback we received was that warehouses in Elmwood were not as attractive because the area had become congested and it was time-consuming to get trucks in and out quickly; therefore, we marketed the property to those prospects who were looking for a better location."
Hand says they received more interest in this property than any other listing and their marketing efforts secured 5 offers from $750,000 to over $1,000,000, with some cash offers and one with 15 days to close and another requiring no interest owner financing.
Hand explained, "Every transaction has problems so the most valuable service we offer clients is our expertise at negotiating to overcome obstacles. We have been trained in negotiating by the NASD. We negotiated one offer that included a $50,000 non-refundable deposit but the buyer showed up at closing saying he expected a wire any minute now with the money. It never came. The $50,000 deposit was kept by the seller but that was little consolation. The highest offer was $800,000 from a nearby business who needed that location and we negotiated the sale by excluding the billboard, which produced $18,000 annual income so we estimated that billboard value at $160,000. During inspections, some issues came up and we negotiated a reduction in price to $777,000 if the deposit would be immediately non-refundable. Another issue came up because the distillery still had large tanks in the property that needed to be removed by closing. We negotiated another agreement with which both buyer and seller were happy. Those results confirm that our sophisticated marketing strategy works and our expertise in negotiating for our client gets the job done."
While the property was on the market for 2 years but the average New Orleans industrial property takes 12 months to sell, Hand says the sale price was the highest price for a New Orleans warehouse sale so far in 2025 according to the Moody's LACDB database.
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