Date: 6/2/22
Price: $2,200,000
The Privette family inherited over 18 acres of land north of Covington, where the only airport in the area was located almost 100 years ago. They sold off small lots themselves for use as fast food locations such as Taco Bell, McDonald’s, PJ’s Coffee and Subway; however, they were unsuccessful in finding a buyer for the larger 18 acres even though they hired top commercial brokers Latter and Blum and also Property One.
We researched who the most likely buyer for the entire parcel, examining what businesses would thrive in the location due to how nearby residents spent their money. We researched the traffic count and zoning, but dove deep into the demographics such as health care spending, discovering that nearby residents spent $27,000,000 annually on health care, and also $10,000,000 on clothes, $10,000,000 on travel and $15,000,000 on dining out.
We also examined population growth in Covington and were able to show prospective buyers how the property was located strategically to be in the dynamic part of Covington for the next 30 years. All the research was compiled into our 18 page marketing presentation which we sent to target markets. We also promoted the property in all 4 top commercial databases: LoopNet, LACDB, MSCREX and Crexi. We worked on finding a buyer for a year and, after receiving an offer, discovered the city of Covington would not provide sewer service to the property, even though our client had a written agreement that the city would. We also had issues with part of the property potentially having wetlands.
We negotiated both issues with the city attorney and mayor and also guided the property through the Corps of Engineers wetland determination process. We quarterbacked a team of attorneys and environmental and civil engineers, with a final determination that the property did not have wetlands and that the city would provide sewer service to the property.
