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Warehouse Sells for $3.5M and Surprise, It Won't Be Apts.

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864 S. Peters/photos via M2 Brokerage

Now here's a downtown development of a different ilk. No luxury living or hotel plans to see here, folks. Instead, this 1880s warehouse that just sold for its $3.5 million asking price will be the corporate headquarters for International Shipping Corp. The company was previously based out of New Orleans but split town for Mobile, Alabama after Hurricane Katrina. Of course this is great news for the economy and biz-nas and the city but ahem, the previous owner of the property is a big winner, too. John Cummings III (father of real estate developer Sean Cummings) scooped this S. Peters Street spot up in 2005 for just $420,000 and clearly that was a helluva investment.

· Int'l Shipholding buys Warehouse District property for new HQ [City Biz, sub. req.]
· 1880s warehouse comes with parking lot, asks $3.5M [Curbed NOLA]
· Downtown Developments coverage [Curbed NOLA]