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Texas Companies Forge Louisiana Purchases

DALLAS-One is a "north of $5.8 million" purchase of a 220,000-sf, class A high-rise in Shreveport's CBD. The other deal begins as a 43,000-sf pad site sale and ends in a build-to-suit lease with the developer of a retail center in Monroe.

By Connie Gore | Updated on December 11, 2002

DALLAS-Two Dallas-Fort Worth companies have completed Louisiana purchases. One deal nets the deed to a 220,000-sf, class A high-rise in Shreveport.

Dallas-based PNL Cos. spent “north of $5.8 million” for the American Tower at 408 Market St. in Shreveport’s CBD, Dave Stahl, PNL’s senior vice president, tells GlobeSt.com. The tower, built in 1977, is just 65% leased.

The building’s hard times were tied to city decisions that pushed out tenants in 1998 to dedicate space to municipal offices. The city subsequently retreated on the plan and sold the high-rise to Shreveport American Tower Investors LLC, an affiliate of Levin-Menzies & Associates LLC of California. The property came to market in early 2002 after the owner decided it was time to cash in on the upside potential and invest its capital into California properties. The first contract fell out, leaving seven offers on the table, Stahl says.

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