Provident Realty Advisors on Wednesday announced it has purchased 66 acres in Gateway Industrial Park in Geismar, for an undisclosed price. Provident Realty plans to develop the acreage for distribution warehousing.
Construction on the first phase of the project, a 192,392-square-foot spec build, will begin in October with an estimated completion date of June 2023.
“The Provident Industrial team has identified the lack of available new distribution space in Southern Louisiana and feel that this will be in great demand for the area,” says Leon Backes, Provident founder and CEO, in a prepared statement.
Following the completion of the first phase, a second-phase facility will bring the total warehouse and distribution space to 486,456 square feet.
Currently, Provident owns 12 industrial sites totaling 648 acres, and has five projects under construction.
The site, which is on La. 30 in Geismar, was sold by Life Tree Investments LLC. Both buyer and seller were represented by Brian Nicolich of Saurage Rotenberg Commercial Real Estate. Nicolich along with Matt Taylor and Leon Audibert of Property One will handle future leasing for the project.