Sealy Real Estate Services Announces the Sale of 509 Market Street Downtown Shreveport, LA

Sealy Real Estate Services, a division of Sealy & Company, is pleased to announce that it has brokered the sale of 509 Market Street in Shreveport, Louisiana to Market Street Shreveport, LLC an entity of ViaNova Development based out of Chattanooga, TN. The property was sold for $2.2 Million. Beth F. King, SIOR an associate broker with Sealy Real Estate Services represented the seller in this transaction.509 Market Street, is a ten story, 74,248 square foot office building with a multi-level attached parking garage. Formerly known as the United Mercantile Bank building, 509 Market Street was added to the National Register of Historic Places in 1982 and is one of Shreveport’s most significant historic properties. The building is the largest and most richly ornamented Chicago style skyscraper in Shreveport and one of less the six examples that exist in Louisiana.ViaNova Development is a boutique development firm that specializes in multi-family and hospitality development. ViaNova plans to develop this property into luxury loft apartments while remaining true to the properties rich history. Plans for development include ground floor retail space and 70-80 apartments. Renovations are anticipated to begin late summer 2016 and conclude late 2017.“We are excited about acquiring a historic part of Shreveport and will do our best to preserve history while bringing more residential options to the downtown area” said Neil Kapadia, Principal of ViaNova Development. “ViaNova has been great to work with and I am so pleased they are bringing their talents to Shreveport. It will be a beautiful development” stated Beth F. King, SIOR.