The Cefalu Family enlisted the commercial real estate services of Stirling Properties’ Regional Vice President Justin Langlois to sell a parcel of land in downtown Baton Rouge, Louisiana. The small footprint was 8,331 sq. ft. and had less than 65ft. of linear frontage on 6th Street. Additionally, the property was leased on a month-to-month basis to a parking company. The lease rate was significantly lower than comparable properties in the area and the gross lease value would not support a sales price Langlois knew he could achieve in the market.
Langlois’s research of downtown Baton Rouge properties illustrated the limited availability of usable land in the area. He canvassed all adjacent property owners, gathering contact information for prospective buyers. He then picked up the phone and called the surrounding owners to discuss the available parking lot.
Area owners received Justin’s marketing package within days of the property hitting the market, resulting in the following:
- Five (5) owners were vetted in the first thirty (30) days of marketing the property
- Multiple offers were received, resulting in a total of three (3) purchase agreements
- A sales price in excess of $59.00 per square foot was achieved, obliterating similar comparable sales prices in the area
- The Cefalu Family was ecstatic with Justin’s results—putting the property under contract and sold within forty-five (45) days
“Justin Langlois has patiently and purposefully worked the lease and sale of our assets for over 10 years. He is accessible, reliable and committed to our success. I love knowing I can pick up the phone and call him anytime I have a question or need help with my commercial real estate investments.” – Lucia Cefalu Dilg