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favor of Harvey for an additional 10 years. The payments called
for under the lease were $15,000 per month for the 10-year term
commencing September 28, 1987, and $10,000 per month during the
option term if the lease were renewed. Such payments in part
reflected the sale of the dealership's assets to Harvey.
As of the sale date, the Property was a rectangular corner
parcel with frontage on 3 streets, namely Johnston Street (U.S.
Highway 167), Gerald Drive (formerly Whittington Terrace
Boulevard) and Empire Drive. The Property was legally described
as follows:
that certain tract of land, together with all
improvements thereon, situated in Section 64, Township
10 South, Range 4 East, Ward 8, Lafayette Parish,
Louisiana, having a front on U.S. Highway 167, Johnston
Street, of 283.9 feet with a rear line of 286 feet, a
depth on the Northeast line of 316.8 feet and a depth
on the Southwest line of 310.6 feet. This parcel
contains approximately 2.05 acres, or 89,389 square
feet. * * *
The Property included a large metal-framed sales and service
building consisting of approximately 13,495 square feet for the
building area and 3,499 square feet for the attached canopies.
This main building contained the sales and accounting offices,
parts department, storage and service bay areas, and restrooms.
The Property also included a smaller woodframed, galvanized
metal-clad building (housing the paint and body shop) consisting
of approximately 2,510 square feet, as well as a 68,699 square-
foot asphalt-paved lot for new and used car display, storage, and
customer parking. In addition, the Property contained two
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Last modified: May 25, 2011