Commercial real estate is done without a real estate agency daily. Owners and buyers get together work the deal then turn it over to the lawyers. Why pay an agent 6-12% on top of a lawyer? Makes no sense. And the tax issue on commercial real estate is very common and is usually part of the purchase agreement. Schaefer and ACRA made a solid move on this. I’ve seen concerns about the note with this property. No doubt this note will be a part of the deal also and makes zero sense to purchase a property THEN have a note over your head on top of it. BTW, the note is registered in the Parish and I have no doubt ACRA found this (as I did).
I took the opportunity to look up the property while I was there and the paperwork they gave me shows clearly it’s 204, Highway 1011. The owner is listed and no problem there. As is the note, taxes and all. Talking with the tax people at the Parish I knew more two weeks ago the property was about to be sold. They told me the new buyers were just there earlier that day and that an offer for the property was immanent. But they also showed me a recent quit claim from the group who purchased the tax lien. And this is why the property went to the Parish. (First thought was wondering if ACRA had anything to do with the quit claim?)
Also found an interesting piece that the property has been subdivided when they gave me an overview of the plot. I went out to the property and was amazed to see 20 guys working in the building. They were moving equipment, materials and trailers around inside and outside. I parked right at the shipping bay and was able to see everything going on. The foreman told me they’d been the for a few days.
I went to the corner of the lot, right at the intersection of the main road and the road that goes into the back of the property and saw a new building, house-office was recently installed with other buildings ready to be installed right along side the road, opposite of the 2nd building. I also saw a trailer installed on one of the subdivided parcels, with water and power hooked up. Not sure if someone was living there or if it was an office.
I walked around the back and saw fresh track marks of heavy equipment (at least a loader and a dozer) and trucks. Although I didn’t make it to the baggase stack, I could see it from the the 2nd building at the corner of the property. Talking with the guys there at site, they said there are 2 stacks back there.
With all the activity there……Appears to me operations is immanent and wouldn’t be surprised if a PR comes out stating just that very soon.
With all the activities at the site, the number or people and equipment, the PR on the property purchase, there’s an obvious serious investment.
I have more business in Lake Charles and in Houston over the next 3 weeks. I’ll be dropping by again to check on progress. As far as I’m concerned, my investment as a long is quite safe. Would love to meet the suckers selling off at .022 and less the last 2 days. I hope everyone else gobbled up a bunch of those shares.
