Success in Finding a Long-Term Bank Tenant

Challenges

The former retail bank branch located on Perkins Road in Baton Rouge, Louisiana consisted of two stories with retail banking operations on the first floor and commercial lending / mortgage division on the second floor. The leasing team was faced with the challenge of finding a tenant, preferably a bank, that did not already have a back office and established presence in Baton Rouge, LA.

Actions

Justin Langlois, CCIM and Foster Murphy made up the leasing team. The duo took advantage of its extensive database of banking contacts throughout Louisiana to identify potential tenants. Langlois and Murphy also needed to showcase their negotiation skills to achieve a favorable outcome for the landlord. Additionally, the leasing team prepared a “Lease vs. Sale” analysis model and discussed its positive and negative outcomes with the landlord.

Results

Justin and Foster were successful in securing a long-term lease with Citizens National Bank out of Bossier City, Louisiana. Lease negotiations included the landlord and tenant working together to come up with several cosmetic upgrades to the property in addition to modernizing the building for today's retail banking climate. The overall lease value was within 4.25% of market lease rates.

Testimonial

"Justin and Foster were proactive in their search for a quality tenant. Several groups toured the property, and we ultimately acquired a fantastic tenant in Citizens National Bank."
- Scott Deumite