RECENT CLIENT SUCCESS
Long Term Chase Bank Ground Lease Completed
With the recent success of three outparcel sales at Broadmoor Shopping Center in Baton Rouge, LA, the owner/developer, Clark Heebe, again enlisted the services of Justin Langlois, CCIM to guide him in the pursuit of a national tenant suitable for a ground lease. The remaining site was less than one acre, ground lease transactions in the corridor are not prominent, and the need to identify tenants that would not cannibalize existing merchants was paramount.
With the high volume of commercial and private bank deposits in the Broadmoor area, Justin sets his sites on national banks and regional credit unions. Utilizing his extensive database, Langlois compiled a list of lending institutions. He also developed a broad list of national and regional commercial real estate brokers with existing banking clients.
Success for Heebe and Langlois came by way of a long-term ground lease with Chase Bank:
• Four (4) lending institutions were vetted in less than thirty (30) days
• A ground lease with a primary term of twenty (20) years was executed
• The complex ground lease transaction took less than ninety (90) days to complete
• A regional brokerage firm represented Chase Bank resulting in the earnings of a five-figure commission
• The developer adds another national user to its growing tenant mix
"Justin has assisted in the retail development at Broadmoor Shopping Center for several years. With guidance from Justin, we successfully negotiated a long-term ground lease on a parcel I would have otherwise used as a parking lot. I am pumped to have gained another national tenant in Chase Bank."
- Clark Heebe