The building at 8056 Airline Hwy., formerly home to Jetstream Rubber—an auto repair and tire center for two generations—has been purchased by Glass Masters. The sales price was $300,000, or $23.45 per square foot, for the 12,792-square-foot building. The deal closed on Nov. 6, with the purchase completed by Glass Masters’ real estate holding company known as Property Ventures of Marin Inc. The seller was Thomas Deavers, the second-generation owner of Jet Stream. “The new owner will occupy the first 3,500 to 4,000 square feet and lease the remaining area in the back,” says Scot Guidry of Mike Falgoust & Associates, who brokered the transaction. The building is in need of a paint job and roof repair, and the interior will be rehabilitated to facilitate the Glass Masters windshield replacement operation. “The building needs a little TLC, says Guidry, “but the location was perfect for Glass Masters, and the building layout allows them to lease the area they don’t need.” He adds, “It is situated on a 100-by-500-foot site, so there is plenty of area to expand.” Headquartered in Oakland, Calif., Glass Masters operates roughly 70 locations nationwide, including one in Baton Rouge on Jefferson Highway. The company’s Airline location is expected to open by the Dec. 1.
Siegen Lane sale recalls pre-recession prices
A 2,420-square-foot office building occupied by Altus Wealth Management sold last week to Paperless Properties LLC for a $420,000, or about $173.50 per square foot. Located in the Versailles Office Park on Siegen Lane, just south of Perkins Road, the building is well-finished, with good quality materials and workmanship, according to Doug Ferris with Re/Max Commercial Properties, who brokered the deal. The relatively high price per square foot is reminiscent of the better real estate economy of 2007, prior to the recession. “We had pretty strong interest in the building, and there appears to be buyers out there now looking for good quality office space,” Ferris says. Paperless Properties currently leases a building across Siegen Lane from its new purchase, and will relocate in the new space. “Paperless Properties was looking to both expand and upgrade the space they were in, and this building allowed them to stay in the same area and do both,” Ferris says. Altus is also expanding and consolidating into space currently under construction on Bluebonnet Boulevard.
Click here to read the article at the Business Report’s website.
