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Plaza Caillou, an approximately
68,000 square foot shopping center with 8,800 sqft of
ministorage in Houma, Louisiana was purchased for $1,175,000
all cash in June 2004. The Seller was Jefferson Pilot
Insurance who had foreclosed on the prior owners after
the grocery store went dark, leaving the center with a
36% occupancy, and an NOI of $99,000 representing an 8.25%
cap rate. As of 01-31-07 the property was 97% leased with
an NOI of $326,000. Approximately $700,000 has spent on
tenant improvements to divide the former big box space.
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