A family-owned limited liability company has purchased a roughly 9,000-square-foot office building at 1012 S. Acadian Thruway, near Claycut Road, for $580,000 as an investment.
Developer R.W. Day is proposing an 18-story high-rise with 455, six-bedroom units of student housing that would be located on a 5.4-acre tract behind his Southgate Towers mixed-use development on Burbank Drive.
Crawfish Aquatics has purchased a Siegen Lane building adjacent to where its new 40,000-square-foot swimming and recreational facility is under development, in a deal that closed Tuesday evening for $1.32 million.
Westport Investments LLC has sold a portion of its holdings in the Westport subdivision of Port Allen to West Side of the River Holdings LLC. The 34-acre tract adjoins the Community Coffee property on Commercial Drive, west of Allendale Road, and it sold on Feb. 13 for $2.38 million, or about $1.70 per square foot.
The owner of the vacant building at 2978 Government St. that for years was home to Southern Camera and Video hopes the property can be rezoned, a move that would make it easier for a restaurant to move into the space. Real estate developer Geordy Waters, who is marketing the property for longtime owner, Joyce Mcintire, filed an application today with the Planning Commission to rezone the property from C1, or commercial, to CAB-1, which would allow for a full-service restaurant. Mcintire also owns two vacant parcels behind the storefront that could accommodate as many as 30 parking spaces, and Waters says with the Model Block under construction directly across the street the location is ideal for a hip, new eatery.
Central's City Market Shopping Center, located at 18564 Magnolia Bridge Road, has been sold for approximately $2.47 million, says Justin Langlois of Mike Falgoust & Associates Commercial Real Estate, who represented the seller in the deal. Built in 2007 and patterned off of a shopping center in Destin, Florida, City Market is located 2.5 miles from Wax and Sullivan roads, an intersection Langlois calls the "epicenter" of Central. "It's located right at the base of the bridge that takes you from East Baton Rouge Parish to Livingston," Langlois says, "so it's strategically located. If you want to go to Denham Springs, you kind of have to cross over Magnolia Bridge Road." The roughly 18,000-square-foot, 14-suite shopping center houses about eight tenants, he says, including Chris' Specialty Meats and local doggie daycare Smooch My Pooch, but has approximately 3,800 square feet of space available for additional tenants. Because the shopping center is only seven years old, Langlois says the new owners have no immediate plans for renovations. The seller in the deal was Bellingrath Lakes LLC, and the buyer was Gulfport, Miss.-based 2003 Realty Company LLC. Drew Pearson, of Waters & Pettit Commercial Real Estate, represented 2003 Realty in the deal and will market the vacant space in the shopping center. The sale closed Thursday. —Rachel Alexander
Sales of vacant land are few and far between in older established subdivisions like Concord Park, located off College Drive and Perkins Road. Brian Andrews will recognize this as the subdivision that houses the Penthouse Club, just behind Hobby Lobby. Anyway, two lots on Old Forge Drive have sold for $223,800, or just above $6.75-per-square-foot for the 32,895-square-foot site. The property was brokered by Drew Pearson and Robert Pettit with Waters & Pettit Commercial Real Estate. The seller was Colony Spices Limited, represented by Ann M. Naquin, and the buyer was Old Forge Holdings LLC, represented by Donald L. David. According to Pearson, the new owners have no immediate plans for the property.
(Appraiser Tom Cook owns Cook Moore and Associates. Reach him at 293-7006 or TCook@cookmoore.com.)
Baton Rouge Business Report, by Steve Sanoski
A Sonic drive-in restaurant formerly located at 10603 Burbank Dr., which was damaged and closed by a fire in November 2011, will soon be demolished and replaced with a new business. Geaux Clean Express Car Wash, represented by company President Stuart Carter, purchased the site on Thursday for approximately $700,000, according to Chris Pike of Mike Falgoust & Associates, who represented the car wash in the deal. Robert Pettit of Waters & Pettit Commercial Real Estate represented the seller, SDI Development. "By the end of next week, the Sonic should be gone, and construction on the car wash is going to begin immediately after," Pike says. "They hope to have it completed and open by the end of the year." It will be Geaux Clean's third location. Pike says the first opened in Central about a year and a half ago, and a second location opened in February on Highland Road, between Airline and Jefferson highways. The Burbank site is located just across from where Walmart has begun construction on its latest Capital Region store, at the Bluebonnet Boulevard intersection.
Article by Tom Cook, The Baton Rouge Business Report
A 5,329-square-foot office warehouse at 6971 Exchequer Dr. has sold for $512,500, or about $96 per square foot. The seller was Redfield E. Bryan-Exchequer LLC, and the purchaser was KCSF Investments LLC. The buyer was represented by David Palmer of Gully, Phelps & McKey Realtors, and the seller was represented by Drew Pearson of Waters & Pettit Commercial Real Estate. Palmer says the new owners operate the Acadian House Kitchen and Bath Studio, and are relocating their business there from their current location, which is being expropriated with the extension of Stumberg Lane.