509 Market Street

Shreveport,Louisiana

Real Estate Investment

Sealy Real Estate Services
333 Texas Street Suite 1050
Shreveport, LA 71101
318.222.8700
www.Sealynet.com

For More Information

Beth King, SIOR
D: 318.698.1103
M: 318.453.6066
BethK@Sealynet.com

509 Market Street

509 Market Street

Shreveport, Louisiana

10 Story Office Building,

Parking Garage,
& Ground Floor Retail

509 Market Street

509 MARKET STREET

Shreveport, Louisiana

part one | Executive Summary

part two | The Property

one
Property Description 6-8
two
Building Measurements
9
three Floor Plans 10-14

part three | Location

one
two
three
four

Aerial Photograph 16
Location Map 17
Downtown Shreveport Market 18-19
DDA Incentives 20-23

part four | Historic Preservation

24-30

part five | Market Summary

31-35

part six

Agency Disclosure

36

Cover Page Photo Courtesy of Shreveport-Bossier Convention and Tourist Bureau

509 Market Street

Executive Summary
333 Texas Street, Suite 1050 Shreveport, LA 71101
318.222.8700 | www.Sealynet.com

509 Market Street

Executive Summary

Opportunities like this do not come along every day.

ealy Real Estate Services has been exclusively retained to offer the opportunity to
Soffice
purchase 509 Market Street, in Shreveport, Louisiana. This offering is a ten story
building and multi-level parking garage situated on approximately one half acre
of land in the heart of Shreveports Central Business District.

BUILDING HIGHLIGHTS:
74,248 rentable square feet
Multi-level parking garage is striped for 92 parking spaces
Higher window to floor space ratio than average downtown high rise
Unique floor plate design offers window views on all sides of the building
Ground floor retail space
Opportunity for signage at the top of the building and street level
Qualifies for state and federal historic tax credits which could total 45% of
renovation costs

LOCATION HIGHLIGHTS:
Neighboring office buildings, which are the largest and most prestigious buildings in North Louisiana, positively impact the long-term viability for location
in the market
Located at most visible intersection in the Central Business District Market
Street and Texas Street
Within walking distance to:
Shreveports riverfront
Casinos
Convention Center and Hilton Hotel
City, parish, and federal courthouses
Festival Plaza
Apartment and condominium developments
All major downtown office buildings

The highest and best use of the property is multi-tenant office space, office or residential
condominiums, apartments or a hotel.

For MORE INFORMATION: Beth King, SIOR

318.453.6066 (M) | 318.698.1103 (D) | Bethk@sealynet.com

509 Market Street

509 Market is the largest and most richly ornamented
Chicago style skyscraper in Shreveport. It is also one of less
than six examples extant in Louisiana.
-National Register of Historic Places

The Property
333 Texas Street, Suite 1050 Shreveport, LA 71101
318.222.8700 | www.Sealynet.com

509 Market Street

History
he structure was built in 1910 and, at the time, was the tallest building in
Shreveport and remained as such for 14 years. Originally known as the
T
Commercial National Bank building, 509 Market Street was added to the list

of the National Register of Historic Places in 1982. Its design is noted as a

richly ornamented Chicago style skyscraper, designed by Mann and Stern of
Little Rock, Arkansas. 509 Market is one of the Citys most significant historic
properties.

The building is the best example in Shreveport of early Mid-western skyscrapers, a la Sullivans Wainwright Building in St. Louis. Of note is the ornate
terra cotta detailing, typical of its time, on the cornice and bracketing the brick
piers. It should be noted that the building is the largest and most richly ornamented Chicago style skyscraper in Shreveport. It is also one of less than six
examples extant in Louisiana.

The Property

509 Market Street

PROPERTY DETAILS
Site

Location:

Southeast Corner of Market and Texas Streets

Lots 11 & 12 & a portion of lots 9, 10 & 13, Block 50

Size: 21,143 square feet

100 of frontage on the east side of Market Street

163.32 of frontage on the south side of Texas Street

95.32 of frontage on the alley
Utilities:

Water City of Shreveport

Sewer City of Shreveport

Electricity AEP Swepco

Gas CenterPoint Energy
Zoning:
B-4; Central Business District
Flood Zone:
Outside 500 year flood plain
Topography:
Basically level and at street grade with Market Street
and Texas Street

Improvements

Size:
74,248 rentable square feet

(including basement)
Stories: 10 stories
Basement:
3,596 square feet (approx.)
Elevators: Three
Sprinkler System:
Yes

Fire Suppression System installed 2006
Age: Constructed 1911
Renovated 1982

Selective renovations including entire 10th floor 2006
HVAC:
Centralized system

Parking Garage

Level: Three
Number Spaces:
92 (61 covered spaces, 31 rooftop spaces)

The Property

509 Market Street

ARCHITECTURAL DETAIL

The Property

509 Market Street

Building Measurments

Floor
1
M
2
3
4
5
6
7
8
9
10
Basement
Totals/Avg.
Bldg. CAF

Usable
Area
14,621
2,185
6,063
5,560
5,560
5,560
4,625
4,634
5,560
5,560
4,657
3,500
68,085

Per Floor Total Sq.

Common Ft. Per
Area SF
Floor

935
926

903
2,764

15,357
3,790
6,063
5,560
5,560
5,560
5,560
5,560
5,560
5,560
5,560
3,500
70,849

Overall
Building
Common
Area

Individual
Floor
Common
Area

736
1,205

20.22
19.98

1,941
2.85%

Per Floor
Common
Area Factor

Rentable
Area SF

2.85
2.85
2.85
2.85
2.85
2.85
2.85
2.85
2.85
2.85
2.85
2.85
2.85

15,357
3,483
6,229
5,712
5,712
5,712
5,712
5,712
5,712
5,712
5,712
3,596
74,248

The Property

10

509 Market Street

Floor Plans

First Floor

The Property

11

509 Market Street

Floor Plans

Second Floor

Third Floor

The Property

12

509 Market Street

Floor Plans

Fourth Floor
For Information Contact:

SEALY & COMPANY, INC.

318-222-8700

333 Texas Street, Suite 1050

Shreveport, Louisiana 71101

Fifth Floor
509 Market St.

4 th

Floor

The Property

13

509 Market Street

Floor Plans

Six Floor

Seventh Floor

The Property

14

509 Market Street

Floor Plans

Eight Floor

ninth Floor

The Property

15

509 Market Street

Floor Plans

Tenth Floor

The Property

16

509 Market Street

Distance in Miles to Five
Metro Areas
Dallas, Texas
Little Rock, Arkansas
Houston, Texas
New Orleans, Louisiana
Jackson, Mississippi

190
215
245
327
215

Location
333 Texas Street, Suite 1050 Shreveport, LA 71101
318.222.8700 | www.Sealynet.com

17

509 Market Street

LOCATION

hreveport is Louisianas third largest city in the state and the largest city

in northwest Louisiana. Shreveport-Bossiers metropolitan population

is approximately 400,000 and growing. Well situated within a days drive to

reach a population of over 30,000,000 via Dallas-Fort Worth, Houston, Baton

Rouge, New Orleans, Little Rock, Jackson and Memphis, the City of Shreveport is poised to continue attracting new companies and jobs such as Module
X, Benteller Steel and Lubetech, to name a few.

SUBJECT PROPERTY

Shreveports Central Business District is home to over 2,000,000 square feet

of multi-tenant of office buildings with occupancies averaging approximately

85%. Also located in the CBD is a mix of hotels, apartments, government

buildings, casinos and Shreveports Convention Center. This concentration

of businesses and government is easily accessible to Interstate 20, Interstate

49, and Highway 1.

The propertys location within the Central Business District is simply outstanding. Situated on the southeast corner of Texas Street and Market Street

(Main & Main), the building is part of Shreveports skyline and can also be
seen from Interstate 20 and the Red River.

509 Market is located in the most desired area of the Central Business District. Immediately adjacent to 509 Market on the west side is Regions Cen-

ter, the largest and most prestigious office complex in north Louisiana. To
the northwest is Louisiana Tower, also a Class A high rise office building.

To the east are Riverfront Casinos, Riverscape Park and Sci-port Discovery
Center. To the north is Shreveports Festival Plaza and the main entry into
Downtown as well as access to I-20.

Traffic Counts
Northbound
0
Southbound
17397
East Bound
3604
West Bound
5887
Total Daily Average: 26888

Location

18

509 Market Street

LOCATION MAP

Office
Tower

Tower

Tower

509 Market St at corner

of Texas & Market

Location

19

509 Market Street

DOWNTOWN SHREVEPORT MARKET
Office Market (Square Feet)

Office Market
Sq. Ft.
Vacancy SF Vacancy Rate
Class A
1,166,494
53,142
5%
Class B
1,241,449
105,669
10%

Estimated Worker Population
14,000
Number of Parking Spaces

12,929

Number of Metered Parking Spaces

800
U. S. Census Tract Numbers

252, 253, 213

Government Offices

City of Shreveport

Parish of Caddo

State of Louisiana Office of Risk Management

Second Circuit Court of Appeal

State Senator Greg Tarver

State Representative Patrick Williams

Army Recruiting

U. S. Senator Mary Landrieu

Department of Defense/Defense Contract

Administration/Quality Assurance Office

Food & Drug Administration

General Services Administration

Bureau of Immigration & Customs Enforcement

Department of the Interior Bureau of Land Management

Fifth Circuit Court of Appeals

District Court

District Court/Probation Office

Bankruptcy Court

Rate/SF


$11-$17

$9-$15

Federal Public Defender

Justice Department
Bureau of Alcohol Tobacco Firearms & Explosives
U. S. Attorney
U. S. Marshall
U. S. Trustee
U. S. Postal Service
U. S. Secret Service
U. S. Dept. of Housing & Urban Development

Services and Utilities

AEP/SWEPCO (Electrical)

Centerpoint Energy (Gas)

Greater Shreveport Chamber of Commerce

Shreveport-Bossier Convention & Tourist Bureau

Civic Amenities

ArtSpace

Barnwell Art & Garden Center

Festival Plaza

Government Plaza (City/Parish)

J. Bennett Johnston Waterway Regional Visitors Center

Municipal Auditorium

Multicultural Center of the South

Parish Courthouse

Public Library

Robinson Film Center

Riverfront Park

Riverview Hall

Riverview Theater

Sci-Port:Louisianas Science Center/IMAX Dome Theatre

Planetarium

Shreveport Chamber of Commerce

Shreveport Convention Center & Hilton Hotel

Southern University Museum of Art

Location

20

509 Market Street

DOWNTOWN SHREVEPORT MARKET

Spring Street Museum

Stage of Stars Museum
Stageworks of Louisiana
Strand Theatre (Historic Theater)
Tipitinas Music Office Coop Shreveport

Access

Downtown Airport

Excellent access from I-49 and I-20

SporTran Main Terminal (Municipal bus service)

Greyhound Terminal

Parking

Perimeter and core surface lots, street meters, private/public garages

Surface lots: $20 $90/month

Private Garages: $50 $100

Meters: $.50/hour

Entertainment

ArtSpace Gallery & Exhibition space

Downtown National Act Venues: Strand Theatre, RiverView Theater, RiverView Hall, Municipal

Auditorium, Eldorado Resort Casino Shreveport (Casino & 405-room hotel)

Robinson Film Center (Theater & Film Industry Educational Center)

Sams Town Shreveport (Casino & 514-room hotel)

Sci-Port Discovery Center & IMAX Theater

Commerce Street Clubs

Red River District

Museums & Centers
Private Clubs

Petroleum Club

Shreveport Club

Location

21

509 Market Street

Office Of Cultural Development
Division of Historic Preservation

Contact:
National Register Coordinator - Division of Historic Preservation
P.O. Box 44247, Baton Rouge, Louisiana 70804, (225) 219-4595

Office Of Cultural Development

Division of Historic Preservation
Tax incentive Program

National Register of Historic Places in Louisiana

Benefits of the National Register
Honor:
It is a great honor for a property to be listed on the prestigious National Register of Historic
Places. This status can be very useful in helping to save historic buildings and sites because
people typically hold Register properties in high regard and think twice about insensitive
alteration and demolition.

Protection:
The National Register program also provides a measure of protection from federally assisted
projects. For more information, visit the Advisory Council on Historic Preservations web
site. http://www.achp.gov
Financial:
There are several financial incentive programs available for National Register-listed properties
in Louisiana:
1. Federal and State Tax Incentives
2. Restoration Tax Abatement Program: A state property tax relief program
available for renovating owner-occupied homes as well as income-producing
properties. The Louisiana Division of Historic Preservation does not
administer this program.

The Louisiana Division of Historic Preservation administers the Federal Rehabilitation Tax
Credit in conjunction with the National Park Service (NPS) and Internal Revenue Service
(IRS) and two State tax credits in conjunction with the Louisiana Department of Revenue
(LDR). The purpose of tax credits is to encourage the preservation of historic buildings
through incentives to support rehabilitation of historic and older buildings. Since the inception
of the Federal Rehabilitation Tax Credit, Louisiana has been a leader in certified tax credit
projects, generating over $2 billion in private reinvestment in Louisiana communities. The
State Commercial Tax Credit has leveraged more than $350 million in private reinvestment
in Louisiana Downtown Development Districts and Cultural Districts.

What is a tax credit?

A tax credit is a direct, dollar for dollar, reduction in the amount of money a taxpayer must
pay in taxes for a given year. For example, if a taxpayer owes $5,000 in taxes to the Internal
Revenue Service, but has a $3,000 credit, he only pays $2,000. Thus he pockets the $3,000 he
would otherwise have to pay in taxes. A credit is much better than a deduction which merely
reduces a taxpayers income and puts him in a lower tax bracket.
Federal Historic Rehabilitation Tax Credit
The Federal Rehabilitation Tax Credit is for 20% of the costs of rehabilitation
expenses for an income producing building.
The credit is available for income-producing properties that are contributing
elements to a National Register Historic District, or individually listed on the
National Historic Register. All properties must be certified by the National
Park Service.
To qualify, the rehabilitation work must exceed the adjusted basis for the
building (either the purchase price minus the value of the land, or the
current depreciated value).

Historic Preservation

22

509 Market Street

State Commercial Tax Credit
The building must be a contributing element to a Downtown Development
District (DDD) or a Cultural District.
The building must be used for an income-producing purpose.
Eligible expenses must exceed $10,000.
This credit may be used in addition to the Federal Historic Rehabilitation tax
credits, provided that the most stringent program requirements are met. It
may also be combined with the State Residential Tax Credit Program if the
building is mixed-use.

State Residential Tax Credit

Homeowners may qualify for a 25% tax credit (50% for vacant and blighted
properties) against their individual state income taxes when they rehabilitate
their historic home.
The property must be the owners primary residence.
There is a $25,000 credit cap per building, with one credit allowed per
building.
Rehabilitation costs must exceed $10,000.
For more information or first time tax credit inquiries please contact
Nicole Kennelly P.O. Box 44247, Baton Rouge LA 70804 Phone:(225) 342-8154
Email:nkennelly@crt.la.gov

IMPORTANT INFORMATION
The credit is not automatically available to any owner of an historic building. An application
must be filed with DHP. Although not recommended, applications can be accepted after
commencement of rehabilitation work. However, the Part 1 or Part A application must be
submitted prior to the buildings placement in service. It is best for an owner not to start
construction until after the Part 2 application has been approved. If work is begun without
an approved application, the owner proceeds at his own risk.

Approval of a rehabilitation project by any other group, organization, or governmental entity does not insure approval by DHP or NPS.
All applicants are advised to consult with their tax attorneys and/or certified public accountants in developing projects to determine if the credit will work for you.

Historic Preservation

23

509 Market Street

Shreveport-Bossier City
MSA Market Summary
Photo Courtesy of Shreveport-Bossier Convention and Tourist Bureau

333 Texas Street, Suite 1050 Shreveport, LA 71101

318.222.8700 | www.Sealynet.com

24

509 Market Street

North Louisiana: No. 1 Lowest Cost of Doing Business in the Nation and in North
America

Forbes named North Louisiana the most cost

competitive place to do business in the United States. Business Facilities magazine named
North Louisiana No. 3 among Low Cost Manufacturing Centers. KPMG Competitive Alternatives recognized the region as the No.1 most
cost competitive area in North America in
2008 and in 2010. These rankings all point to
the fact that North Louisiana offers a competitive cost structure.

Shreveport Bossier MSA Population

Growth (2000 - 2019)

4% on the first $25,000 of net income

5% on the next $25,000
6% on the next $50,000
7% on the next $100,000
8% on the next $200,000
Louisiana uses single sales factor

State Corporate
Franchise Tax**

$1.50 per $1,000 or major fraction thereof

up to $300,000
$3.00 per $1,000 or major fraction thereof in
excess of $300,000

Unemployment
Insurance Tax

2019

2014

2010

2000
0

100,000

200,000

300,000

400,000

500,000

A COMBINATION OF FACTORS PROVIDE A LOW COST OF DOING BUSINESS IN LOUISIANA:

The state effectively provides a zero corporate income

Shreveport Bossier MSA Demographics
tax environment for items produced in Louisiana and
Estimated
Projected
shipped out of state (single sales tax apportionment).
As of July 2009, electricity, water, natural gas, machin- Year
2014
2019
ery and equipment used by manufacturers are exempt
Population
451,131
465,480
from Louisiana sales tax .
#
Of
Households
180,227
186,923
Louisiana has a low percentage of unionized workers
(4.3 percent reported by U.S. Bureau of Labor Statistics, 2010), and the ratio of worker skill-to-pay favors businesses.
Louisiana businesses have access to a competitive, comprehensive portfolio of state, local and federal incentives that can make a profound impact on a companys bottom line.

Labor Costs

State Corporate
Income Tax

As a right-to-work state, Louisiana offers affordable labor costs with high productivity and retention rates.
The following table shows salaries for various occupations in North Louisiana.

Sales Taxes

State Property
Taxes (Mills*)

Parishes Property
Taxes

Standard rate range is .10%-6.2%

Rate for new employers is the average rate
fro the particular industry
Maximum unemployment weekly benefit is
$258 for 26 weeks
4% sales tax with a local sale tax component,
which combine ranges from 7%-10%
Check out local sale tax rates
As of July 2009, electricity, water, natural
gas, machinery and equipment used by
manufacturers are exempt from Louisiana
sales tax.
15% of assessed valuation
Up to 2% of taxable value
Industrial property and equipment can
receive a ten year full abatment, depending
on circumstances.
Ranges from 58.63-186.59 Mills*
Check out local rates

* To calculate property tax, multiply the assessed value of the property by the appropriate millage rate. The assessed value is the fair market value of the property times 10% for real property or 15% for personal property.
**Assessed on the value of all real and personal property in the state, or the amount of issued and outstanding capital stock, surplus, undivided profits and borrowed capital.
Source: NLEP & LED

Market Snapshot

25

509 Market Street

North Louisianas Strategic Location Allows Businesses to Reach Their Customers
ince even before the Louisiana Purchase, our regions strategic location has been integral to our
success. Historically, our region served as a prominent launching point for expansion-minded settlers
heading west and a vibrant agricultural powerhouse
where commodities were collected and sent via the
Red and Ouachita Rivers to market. Today, North Louisiana continues to act as a strategic distribution hub
for the entire South.

Area Development magazine ranked Louisiana

No. 6 nationally. (September 2011)
Forbes ranked Louisiana No. 30, jumping 14 places from a year ago. (November 2011)
Pollina Corporate Real Estate Inc. ranked Louisiana No. 18, up 22 spots since 2008. (August 2011)
Chief Executive magazine ranked Louisiana No.
27th, moving up 14 places from 2010. (May 2011)

North Louisiana: Lowest Cost of Business

Situated in the south central United States, North Louisiana is within a days travel time to some of the largest markets with 30 million consumers. The region
is connected nationally and globally by a multimodal
system of Class 1 Rail, interstates and federal highways, two regional airports, and four ports.

Our region offers the lowest cost of doing business in

the nation and in North America, as ranked by Forbes
magazine (2011) and KPMG Competitive Alternatives
(2010). North Louisianas cost competitive tax structure, utility rates, transportation and labor costs offer
businesses a sustainable solution for competing nationally and globally.

BEST NATIONAL BUSINESS CLIMATE RANKINGS:

Site Selection magazine ranks Louisiana No. 7 in
the U.S. (November 2011)
Business Facilities has ranked Louisiana No. 2 in
the U.S. (August 2011)

A Business-Friendly Tax Environment

Louisiana encourages business development by
eliminating several taxes and creating a more business-friendly tax structure. In 2008, Louisiana ranked
No. 6 for states with the lowest tax burden (Anderson
Economic Groups State Business Tax Burden State
Rankings)
Louisiana also ranked No. 6 on business taxes to
state profits
Louisiana ranked No. 2 on business taxes to private GSP
Taxes consumed only 12.2 percent of Louisiana
business profits, compared to the national average of 16.7 percent

North Louisianas Business Climate Climbs the National Rankings

North Louisiana and the state are consistently climbing the national rankings for best business climate. In
2011, Louisiana jumped to its highest-ever business
climate ranking by every leading publication that
measures the economic progress of states. Over the
past four years, no state has improved more than Louisiana.

TAXES ELIMINATED:
Sales tax on manufacturing machinery and equipment
Sales tax on natural gas and business utilities
Capital gains tax on the sale of privately held
businesses
Phase out of the franchise tax on corporate debt
by 2011
Minimum corporate franchise tax
Louisiana also deducts federal income tax from state
corporate income tax. These pro-growth policies have
strengthened Louisianas tax environment, making
it a more competitive place to invest and develop a
business. The state has also recently implemented the
largest personal income tax cut in state history, putting more money back into the pockets of Louisianas
taxpayers.

Source: NLEP & LED

Market Snapshot

26

509 Market Street

Market Snapshot

27

509 Market Street

Professional Background

B
Beth King, SIOR
Brokerage Agent

eth King specializes in the selling and leasing of commercial properties in the Shreveport-Bossier market and north Louisiana. She has
been with Sealy & Company for over 29 years and is a consistent top producer within the firm. Her experience and in-depth knowledge of
the local commercial real estate market serve to benefit her clients, which include a wide range of local, regional and national companies.
Beths services include marketing commercial property, buyer and tenant representation and negotiations, market analysis and marketing plans.

318.453.6066 (M)
318.698.1103 (D)
Bethk@sealynet.com

Sealy Real Estate Services

ealy Real Estate Services, LLC, the brokerage division of Sealy & Company, is committed to provide exemplary real estate services to
SWecommercial,
industrial, and investment clients exclusively. These include owner-landlord representation as well as buyer-tenant representation.
provide brokerage services for selling, leasing, site selection, property development, and property management in seven states. In every case, we
represent the best interest of our client. Our ten brokers and sales agents have significant experience in sales, leasing, marketing, and negotiation.
Significant in-house resources include CAD for space planning, desktop publishing services, a comparables database, a tenant database, property
databases, and construction management services.

All information set forth in this brochure has been obtained from the Owner and its representatives, personal observation and/or sources, which are deemed reliable. Sealy & Company, LLC has
no reason to doubt its accuracy, but does not guarantee it, nor are there any representations or warranties, expressed or implied, in this brochure. Information contained herein is subject to change or
withdrawal without notice.

333 Texas Street, Suite 1050 Shreveport, LA 71101

318.222.8700 | www.Sealynet.com

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