The 45,200-square-foot office building at 400 North Blvd. formerly occupied by Baton Rouge Savings and Loan was sold on Dec. 5 for $3 million, or $66.37 per square foot. According to Jim Allen with Saurage Rotenberg Commercial Real Estate, the building is situated on a 22,144-square-foot site, which includes enough parking spaces for about 18 vehicles. The seller was 400 North Boulevard LLC, represented by Bob Dean. The purchaser was Super Hospitality Owners LLC, represented by Allen. The property was recently approved for a TIF deal and State Historical Tax Credits. According to Allen, the new owner also plans to apply for additional federal tax credits. Allen says the city-parish had at one time considered buying the property for a potential parking garage. The new owners haven’t revealed their plans for the property, but their group name indicates there’s potential for a hotel project.
—Another recent sale of note is a $300,000 deal for a roughly 4,000-square-foot office building at 14858 South Harrell’s Ferry Road, formerly home to TMC Shipping Co. It was purchased by Ryco Enterprises LLC on Dec. 5. The approximately 1.5-acre site had been listed with Andy Batson of Beau Box Commercial Real Estate for as much as $399,000. Tim Smith and Ty Gose with NAI/Latter & Blum Commercial Properties represented the buyer. The sales price on the office space works out to about $75 per square foot. The new owner plans to rehabilitate the office building and offer it for lease, and construct an office warehouse on the excess land on site.
—Crawfish Aquatics has now assembled a 7.2-acre tract off Siegen Lane with the recent closing of a 2.4-acre parcel for $732,294, or approximately $6.95 per square foot. The purchase, which closed last week, comes on the heels of a $1,446,316 deal Crawfish Aquatics made in August for an adjoining 4.8 acres. Mark Hebert of Kurz & Hebert Commercial Real Estate brokered both transactions. Crawfish Aquatics is planning to develop a 40,000-square-foot swimming and recreational facility on the property.
Office Building on North Boulevard sells for $3 Million
December 10, 2013 by