Challenges:
Vacant land is one of the toughest assignments in today’s market. Construction costs are sky-high, zoning and entitlements require a heavy lift, and few tenants are willing to pay prevailing rents under current conditions. This particular 11.369-acre parcel at the Lake Charles Power Center had been on the market for years without much traction. The seller required a new approach to create momentum and deliver a result for his investors.
Actions:
Partnering with Seth Citron from our Lafayette office, Justin Langlois moved the property to the CREXi Auction platform. Auctions are always an interesting process—almost like going on a series of first dates. Justin and Seth spoke with prospective investors, learned about their business models, capital sources, and appetite for risk—all without allowing formal due diligence. In most CRE auctions, due diligence is performed before you actually bid. On auction day, the online event lasted nearly two hours as the final three bidders went back and forth in what felt like an epic tennis volley.
Results:
The strategies paid off. Here are a few results from the auction:
The winning bidder ultimately outpaced all others with a price no one else could match. A long-stalled property was transformed into a lively bidding environment that delivered positive outcomes for the buyer and seller.
Testimonial
"After years of this property sitting idle, Justin and Seth brought new energy to the assignment. The auction strategy gave us real traction, and the result spoke for itself."
- John Woodard