"In this case, we found that the tenants there were happy inthat sales were rebounding and sales tax was well above what it wasa year prior to Katrina," Dave Wik, acquisitions director for theCincinnati-based buyer, says about the property at 3100 BienvilleBlvd. "Everyone's seen a large rebound in that area." The purchaseprice could not be obtained by press time.
Built in 1990, the center was sold by a major institutionalowner on the East Coast represented by Doug Molyneaux of Grubb& Ellis Sawyer Commercial in Gulfport, MS. The center was 78%leased at sale time.
Wik tells GlobeSt.com that the FEMA has a 30,000-sf lease set toexpire in September. "We'll take it back when FEMA doesn't need itany more," he adds. "We've talked to a couple of retailers who areinterested in being there."
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