Juban Court condos sell

December 31, 2015 by

The Juban Court Condominiums in Livingston Parish have been sold for $9 million to Juban Crossing Condominiums LLC. The group, represented by Bubba Lewis, purchased the the 83-unit condominium at $108,433 per unit from Wolf et. al. LLC, represented by Charles Bondy, in a sale that closed Dec. 23.

Wolf et. al. LLC purchased the condos and a 2.65-acre commercial use parcel in July 2013 for $7.2 million, and then did some minor renovations and instituted two rent increases. The parcel, valued at about $500,000, was not part of this most recent deal.

The property had not been actively marketed for sale when some brokers with NAI/Latter & Blum approached the group about selling, Bondy says. Deane Bryson, Ty Gose and M. David Treppendahl combined to broker the transaction.

“It worked out to be a good deal for both the buyer and seller. There is so little good quality multifamily property available in the Baton Rouge area that it made good sense to purchase something with a stable income,” Bryson says.

Filed Under: Commercial Real Estate

North Carrollton warehouse/office building sells for less than $20 per square foot

December 23, 2015 by

The Melrose area off Florida Boulevard between North Lobdell Boulevard and North Ardenwood Drive, also known as Mall City, has struggled in recent years to maintain sale prices and lease rates.

But the building that formerly housed Spedmill Inc. has been purchased by Gregory Gauthier from Campus Federal Credit Union as an investment. Gauthier bought the 9,423-square-foot building at 1132 N. Carrollton Ave. in a sale that closed Dec. 17 for $185,000, or about $19.63 per square foot.

The building consists of 2,089 square feet of office space and 7,334 square feet of air-conditioned warehouse space.

“The former occupant produced flame resistant clothing, and the building was converted from its original office warehouse use to accommodate the sewing machines and other equipment necessary to facilitate that use,” says Richard Daviet, who brokered the deal with fellow NAI/Latter & Blum broker H. Ben Johnson.

“The 7,334-square-foot warehouse was heated and cooled to accommodate the last user, and it is not easy to find that, especially at less than $20 per square foot,” says Johnson. “You can still get a lot for your money in Melrose.”

Filed Under: Commercial Real Estate

RaceTrac purchases Capital One branch for new convenience store

December 16, 2015 by

RaceTrac has purchased the 47,000-square-foot Capital One Bank branch on the corner of Coursey and South Sherwood Forest boulevards for $1.55 million. The price comes out to $33 per square foot.

The company plans to demolish the bank building and build a convenience store in the 200-foot by 235-foot property that has access to both major thoroughfares.

“This is a very high visibility corner with excellent traffic counts,” says Mark Hebert with Kurz & Hebert Commercial Real Estate. “RaceTrac has developed a new smaller, more modern  prototype for these high visibility corners. They have another location in close proximity, but this location will serve a different traffic pattern.”

The sale closed Monday, and demolition of the bank branch is expected to begin early in 2016.

Filed Under: Commercial Real Estate

Airline Highway warehouse sold to local kitchen and bath design company

December 9, 2015 by

Truck, Trailer and Equipment LLC sold its retail warehouse building last week to Grabince Cabinetry and Granite, a local company specializing in kitchen and bath design.

Grabince purchased the 12,000-square-foot building under the name of Gulf Coast International Investment LLC for $790,000 in a deal that closed Wednesday. The sale price works out to about $65 per square foot.

Brent Struthers with Beau Box Commercial Real Estate brokered the transaction.

The building occupies a 1.5-acre site at 11218 Airline Highway, just north of its intersection with Siegen Lane. Truck, Trailer and Equipment bought the building in November 2014 from the Flooring Center.

“After they purchased the building in November of 2014 for $750,000, they updated the electrical and improved the showroom area,” Struthers says. “So the building was in fairly good condition and it lays out well for the new owner, because it had been occupied by a flooring and tile retailer prior to the purchase by Truck, Trailer and Equipment.”

Filed Under: Commercial Real Estate

Dantin Bruce sells first building in Offices at City Farm for $1.03M

December 3, 2015 by

Dantin Bruce Development has sold the first building in its Offices at City Farm development on Jefferson Highway, making a deal with Forty-Four Holdings LLC for $1.03 million. Cypress Title will move into the building by the end of the year.

The sale price for the 5,675-square-foot building comes out to about $182.20 per square foot, not including many of the building’s custom upgrade costs that were absorbed by the purchaser.

“We really think we sold the building too cheap, but the purchaser was our first deal and they committed to us quickly,” says Brian Dantin. “That is the reason for the sale price at only $182.20 (per square foot).”

Cypress Title, a commercial and residential title company, is currently located at 17170 Perkins Road, near the Highland Road intersection.

“We are really excited to relocate to this side of town,” says Jason Dupree, who co-owns the business with Johnny McKay and Bryan Denison.

Ritter Maher Architects designed the building and Kenneth Brown Design was responsible for the interior finish package. Tigue Bonneval with Audubon Real Estate Associates brokered the deal.

“The architectural design is unique for our area. It has a ‘business barn’ type feeling,” Bonneval says. “All the modern cutting edge colors and finishes yet it also incorporates old reclaimed planks on the walls.”

This is the first sale to take place within the Offices at City Farm since NAI/Latter & Blum announced in September that it also plans to relocate its offices to the development.

“We really don’t intend to sell any more buildings within the development at this time,” says Dantin. “Demand has been so strong that we are really only entertaining build-to-suit deals right now.”

Filed Under: Commercial Real Estate

Former Whitney bank location near I-12 and Airline sells for $900K

November 11, 2015 by

The former Whitney National Bank building at 9800 Airline Highway, near the intersection of Interstate 12 and Airline, was sold on Monday for $900,000 after sitting on the market for nearly two years and being originally listed for $1.2 million.

The property was purchased by BR Office Space LLC, represented by Mark Estep, who works with Donnie Jarreau Real Estate and represented himself as agent in the transaction. Branon Pesnell and Mathew Laborde with Beau Box Commercial Real Estate represented Whitney Bank in the sale.

The 34,000-square-foot building includes a two-story section that at one time housed the bank, as well as an adjoining four-story structure that was once the home of Evans-Graves Engineers. The building is situated on a roughly 2.8-acre site with plenty of parking. The sale price works about $26.50 per square foot.

“The front building needed about $15 per square foot in renovations, and you could spend a lot more on the rear four-story building, but because the sale price was so low it allows the new owner to do some pretty extensive renovation and have the investment still make sense,” says Pesnell.

The new owner has purchased other office complexes in Baton Rouge, most recently on Government Street and Harrell’s Ferry Road. BR Office Space LLC has renovated the previously purchased buildings for lease, but company officials could not be reached for additional comment on its buy of the former Whitney property as of this afternoon’s deadline.

Filed Under: Commercial Real Estate

Smoothie King to be built on Coursey; Parking lots at Bennington and Valley Creek purchased

October 21, 2015 by

Smoothie King will move into a portion of a recently purchased 42,000-square-foot property on Coursey Boulevard across from the Neighborhood Walmart.

SK Coursey LLC, represented by Troy Daigle with Donnie Jarreau Real Estate, paid $372,000 to Coursey Center LLC for the property. Leon Audibert with Property One represented the sellers. SK Coursey’s manager is S. Kent Walker, according to the Secretary of State’s website. The price comes out to $8.75 per square foot.

The plan for SK Coursey is to have Smoothie King occupy a free-standing space while the rest of the property is developed for other retail businesses.

In another recent deal of note, Bennington Hotel LLC, whose sole member is Peter Patel, purchased two adjacent vacant parking lots at the corner of Bennington Avenue and Valley Creek for $363,760 from MarkMike Enterprises Inc. Patel has hotel and motel interests in the area.

Daigle represented both the buyer and seller in the deal for the 45,470-square-foot tract. The price comes to around $8 per square foot.

Patel, through Daigle, declined to say what his plans are for the site.

Filed Under: Commercial Real Estate

New 110-lot subdivision planned on Coursey following nearly $2M sale of 26 acres

August 19, 2015 by

Jonathan Starns has purchased a nearly 26-acre site on Coursey Boulevard on which he is planning to develop a 110-lot subdivision to be called Coursey Cove.

The new development will be accessed off the north side of Coursey Boulevard, just west of Jones Creek Road, near the Neighborhood Walmart at 14241 Coursey Blvd.

Starns purchased the property under his limited liability company DAGR for $1,993,750 or about $80,000 per acre. The sellers were John K. and Helen C. Cooper, and the deal closed on Aug. 7. Coursey Cove will feature lots measuring about 50 feet-by-125 feet, and will be improved with homes in the $225,000 to $275,000 range. Construction is scheduled to begin this fall.

“We have been working on this for over a year,” says Starns. “We got the  site rezoned to A2.7 for residential development and had to have the plat approved with the city before we could close. All that has been completed, so we were able to close the sale.”

Filed Under: Commercial Real Estate

38-acre tract in Livingston Parish sells for $375K

August 13, 2015 by

Brad Roberts of Land Hawk Commercial Real Estate has sold a 38-acre tract on La.1032, just south of Hilton Hood Road near the new River Ridge Development, to Gerald and Julie Feucht.

The sale closed on Aug. 5 for $375,000 or almost $10,000 per acre. Land Hawk had purchased a larger site in the area several months back and sold a portion of it for the development of River Ridge.

“This was the 38-acre parcel that was left from the subdivision of River Ridge. It was an excellent single-family home site with about four or five acres that were high enough to build a home and some barns on,” says Roberts, who purchased the property as Land Hawk LLC. “The rest of the property was not really suitable for lot development.”

Filed Under: Commercial Real Estate

Urgent care center to be developed on Jones Creek Road following $530K building sale

July 15, 2015 by

The building at 6441 Jones Creek Road that formerly housed The Perfect Bass music store, which specialized in selling bass guitars, amplifiers and guitars, is getting a new owner and a new use.

The building sold Friday for $530,000 to Stat Care Clinic LLC, which will convert it to an urgent care facility.

According to Carmen Austin of Saurage Rotenberg Commercial Real Estate, who represented the seller, GRA Realty LLC, the building is in excellent condition. Originally constructed for a Carquest Auto Parts store, it was later leased to Perfect Bass.

Stat Care Clinic was represented by Dr. Bryan Barrett, who operates an urgent care clinic in Central. Tim Smith with NAI/Latter & Blum served as agent for Stat Care.

“Dr. Barrett was looking for a new location with similar demographics that was underserved by urgent care clinics,” Smith says. “He purchased this building and is leasing another building on South Sherwood Forest Blvd. The building will require extensive renovation for conversion to an urgent care facility, but the purchase price at around $98 per square foot will allow for that to happen.”

Filed Under: Uncategorized
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