Airline Highway warehouse sold to local kitchen and bath design company

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.”

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

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.”

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

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.

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

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.

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

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.”

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

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.”

Majority of Prairieville mixed-use development sells for $1M

The majority of the mixed-use property known as DéGagé Condominiums, located on La. 42 about one mile east of its intersection with Airline Highway in Prairieville, sold last week for $1 million.

The original development consisted of 10 condos, infrastructure and enough land to develop nine additional condos, as well as two commercial lots containing about 20,000 square feet each. Boulle Properties LLC, represented by Robert Dupre, bought the property from First Bank and Trust.

According to Michael Stinson, who represented the seller along with Hank Saurage of Saurage Rotenberg Commercial Real Estate, says the sale includes seven of the 10 existing condos, as well as the land for additional condos and commercial developments. Chris Cramer with Ruston Properties represented the buyer as broker.

“The new owner intends to rezone the condominium lots for a townhouse development and may develop the commercial lots with additional multifamily units,” Cramer says.

Lots sell at Walker Industrial Park for a number of office developments

Tower Capital Corporation recently sold a number of lots at Walker Industrial Park off Florida Boulevard that soon will be developed with office buildings.

Tower Capital, represented by Nick FaKouri, sold a pair of lots totaling 107,450 square feet to RHM Holdings LLC for $128,000, or about $1.20 per square foot. RHM plans to construct a 6,000-square-foot building on one of the lots, which will be occupied by Walker-Hill Environmental. Walker-Hill currently occupies an older building at 11010 Florida Blvd. in Walker. It will relocate to the new building and plans to construct at a later date another building on the second lot it purchased.

Propvest LLC, represented by Philip N. Haddad and Raymond Heck, also purchased in the industrial park a pair of lots totaling 72,465 square feet for $94,000, or about $1.30 per square foot. Haddad and Heck will construct an office warehouse for Comfort Control Heating & Air on the site.

“Activity has been good since the first of the year; we have a purchase agreement for another lot and plans to build a spec building on another lot,” says FaKouri.

Last year, FaKouri purchased 16 lots in the park for $575,000. Most range in size from about one acre to two acres, with one containing 4.85 acres and another 4.11 acres. It looks like the investment is turning out to be a pretty good one for FaKouri, as he has recouped about 40% of his initial investment in about a year—and he still has nine lots and two tracts left to sell.

La Carreta owners latest to ink a lease at upcoming Prairieville shopping center

Construction continues on Commerce Centre 42 Retail, the 34,000-square-foot shopping center going up on Airline Highway in Prairieville, between Commerce Centre Drive and Market Place Drive.

The most recent lease agreement in the center was made by the owners of the La Caretta Mexican restaurants, who will open a Tex-Mex concept on the end cap space with 3,000 square feet and an outside patio. Mike Stinson of Saurage Rotenberg Commercial Real Estate represented the La Caretta owners.

The shopping center project is part of a much larger real estate investment that includes Bouillon Crossing, a residential subdivision, and the Commerce Centre Office Park. A group of investors, spearheaded by Raymond Heck, purchased the property a few years ago. Of the 34,000 square feet available in the center, only about 4,700 square feet—or about 14%—remains unleased.

Other occupants of the center include Geisha, a sushi and hibachi grill that will occupy about 4,500 square feet, and Fit Blends, which will occupy about 1,500 square feet. Rental rates are being quoted in the $18-per-square-foot range.

Scot Guidry with Mike Falgoust & Associates Commercial Real Estate is the center’s leasing agent. The idea to develop a retail center on the Prairieville site was launched last year at the annual Trends in Real Estate Seminar, when Lynn Daigle with NAI/Latter & Blum approached Guidry about doing a build-to-suit for Gold’s Gym. The owners leased 20,000 square feet of the center to Gold’s and started construction.

“We have had a lot of interest from a lot of different users over the last few months, and we expect to be 100% occupied before construction is finished,” says Guidry.

The space is scheduled to be turned over to the tenants sometime in June, and the stores should open by the end of the summer.


Drago’s Seafood BR Location to be built on Highland tract sold for $2.85M

Popular New Orleans restaurant Drago’s Seafood plans to build a Baton Rouge location on a roughly 3.2-acre site in front of the Country Club of Louisiana on Highland Road that has been sold for $2.85 million, according the deal’s broker.

A New Orleans investor, under a limited liability company called Venture Highland, purchased the site for about $20.15 per square foot from Highland Gates Properties. The seller, represented by Jerry Dodson and Haji Bonakchi, had purchased the property in June 2008 for $1.65 million, or about $11.67 per square foot. The sale was brokered by Robby Durham at Durham Real Estate.

According to Durham, the New Orleans investor secured Drago’s Seafood as a tenant prior to the purchase. A mixed-use development will be built on site, he says, with Drago’s occupying about 12,000 square feet.

“The building will be multiple stories and have a combination of restaurant, retail, office and high-end residential on the top floor,” Durham says. “We already have the penthouse pre-sold and are quoting rental rates for the retail space at $25 to $30 per square foot and are having pretty strong interest.”

Construction on the new building will begin sometime this year.