Melrose East apartment complex sells

Adventure Realty has purchased a 37-unit apartment complex on North Carrollton Avenue in Melrose East for $975,000, or $26,351 per unit. The seller was Accardo Holdings. According to Scot Guidry with Sealy & Falgoust Real Estate, the property consisted of eight two-bedroom units, 18 one-bedroom units and 11 studios. Guidry says the property was attractive to the purchaser because well maintained and near full occupancy...

Tuesday, October 28, 2008 / B.R. Business Real Estate / Tom Cook, MAI

Jamestown Office Complex Sells:

Guidry also represented the sellers as three office buildings on Jamestown Court sold for $850,000 in a deal that closed Monday. Morrie and Charles Eakin sold the 27,000 square feet of office space off College Drive to a company known as 4919 Jamestown, which was represented by Sam Koster and Mark Estep. Guy Gauthreaux with Coldwell Banker Mackey Company brokered the deal for the buyers. Guidry says the purchasers are young and aggressive, and they recognized the upside potential in the project. "Where can you find that type investment for $31.50 per square foot?" he says. The new owners intend to rehabilitate the exteriors and begin leasing immediately; current tenants include Weiser Security Services and Broadband IP. "The property will have some significant vacancies by the first of November, but the market will be looking for inexpensive rents," Guidry says . "The latest tenants have leased at $12 per square foot, and we expect to rent the vacant space relatively quickly.

Tuesday, October 28, 2008 / B.R. Business Real Estate / Tom Cook, MAI

Land on Greenwell Springs sold for apartment development

A 12.6-acre tract on Greenwell Springs Road has been sold to a Louisville, Ky., development company for $1.3 million. LDG Development bought the land, between North Sherwood Forest Drive and Monticello Boulevard, with plans to start construction on Mallard Crossing, a 188-unit apartment complex, by the end of the year, says Ty Gose of NAI/Latter & Blum, who represented the buyer. Gose says the development will be affordable housing, aimed at tenants such as teachers, firefighters and police. Danny Watts of Sealy & Falgoust Realtors represented the sellers. Mallard Crossing has been in the works for awhile, but the project was delayed because of trouble in the credit markets. LDG has built apartment complexes in Louisville and Indianapolis and is working on a project in New Orleans.—Timothy Boone

Tuesday, August 5, 2008 / B.R. Business Report

Retail center in Gonzales sells

The Northgate Plaza Shopping Center on Airline Highway across La. Highway 74 from Sno's Restaurant in Gonzales sold Thursday for $2.2 million. The property, with almost 18,650 square feet, was purchased by a New Orleans investor operating under the name of Northgate Plaza Shopping Center. Justin Langlois and Ellis McKnight with Sealy & Falgoust Real Estate were the listing agents. According to Langlois, tenants in the center include Kamal's Kafé, Anytime Fitness, Nail Divas and Onezia's Cigar Bar. Langlois says the center, which opened in 2005, is in excellent condition. Langlois says the purchaser will achieve a 9.9% capitalization rate based upon the income the center generates.

Tuesday, July 22, 2008 / B.R. Business Real Estate / Tom Cook, MAI

Perkins property sold for seafood market

Second location for LA Boilers: A 1.73-acre tract on Perkins Road near the Associated Grocers offices has been sold for $400,000. LA Boilers and Seafood Market bought the property in a deal that closed Thursday. LA Boilers, which has a location on O'Neal Lane, plans to build its second market, says Randy Herring of Sealy & Falgoust, who represented the buyers. Mark Hebert of Kurz & Hebert Commercial Real Estate represented the sellers, the Anselmo Childrens' Trust.

Tuesday, June 3, 2008 / B.R. Business Report

Lowe's to purchase Wal-Mart site

Lowe's intends to purchase the Wal-Mart site located on Plank Road near Groom Road. Several years ago, Wal-Mart left the building on the northwest corner and built a Wal-Mart Supercenter near the southwest corner of Groom and Pettit roads. Lowe's now has the location under contract, and says it will be ready to open in 112 days. The surrounding area will benefit from the new Lowe's facility. Lowe's has been looking for a new location for the northern part of East Baton Rouge Parish to take advantage of the growth in the Baker-Zachary market. The deal was tenuous because of Lowe's scaling back nationwide due to the slowing U.S. economy, but now appears to be moving forward.
An office warehouse located at 11063 Cloverland Ave. sold Friday for $675,000. The seller was AS&E Holdings, and the purchaser was Baton Rouge Millworks. Justin Langlois with Sealy & Falgoust Real Estate represented the purchaser and seller in the transaction. The new owner will occupy the building, Langlois says.

Tuesday, April 1, 2008 / B.R. Business Report

DeAngelo's building sold

The building at Coursey and Hickory Ridge boulevards occupied by Louis DeAngelo's Casual Italian Dining has sold for $1.06 million, or $212 per square foot for the .75-acre site. The buyer was SGL Enterprises, represented by Angele Luedtke. The 5,000-square-foot building was owned by Mercan Rental, represented by Chris D'Agostino. Edward Rotenberg with Sealy & Falgoust Real Estate Company and Beau Box with Beau Box Commercial Real Estate brokered the transaction. The property also included a billboard that brought in revenue, and contributed to the sale price. The property was purchased with a lease in place to DeAngelo's and there are no plans to relocate the restaurant.
The office warehouse building at 37456 La. Highway 30 in Gonzales has been sold. The seller was Thomas M. Allen, and the buyer was K Investments of Louisiana, a New Jersey-based environmental company. The 7,740-square-foot building contains 4,000 square feet of office space, and has a 3,740-square-foot warehouse with 20-foot eave heights. The property is situated on 2.2 acres, a portion of which was stabilized. The rear of the site also was improved with a cellular tower leased to American Tower Corporation. The building is about 10 years old, but has been renovated, according to Grey Hammett with Sealy & Falgoust Real Estate. Hammett indicated the building was in relatively good condition. The purchaser was represented by Beth Alford of ReMax Properties in Prairieville.

Tuesday, March 25, 2008 / B.R. Business Report

Final Cloverland units sold

When Grey Hammett with Sealy Falgoust Realtors visited Miami last year, he returned to Baton Rouge with a concept that had not been tried in the local market. Hammett’s idea was to build office warehouse condominiums (below) and make them available for sale. He chose a site at Cloverland Avenue and Cloverland Court, off Airline Highway, for the construction of a 12,000-square-foot complex, which was subdivided into 1,500- to 2,300-square-foot units.

The construction was significantly better than a standard office warehouse. Hammett used post tension slabs, the office areas have 10-foot ceilings with wide crown molding, doors are glass storefront-type and the exterior has architectural metal. The eave heights in the warehouse area are 18 feet.

According to Hammett, the office warehouse condos have all sold for about $98 per square foot, including the most recent sale, which took place Feb. 8. AMH purchased Units D and E, about 4,408 square feet, for $432,000.“The cost of operating is about $130 per month,” Hammett says, which includes exterior maintenance, insurance, water and sewer service. All of the units were sold before construction was completed, and Hammett intends to develop a similar project in the future.

Tuesday, February 26, 2008 / B.R.  Business Report

Retail building on Florida sold

The Fred Heroman's Flowers & Gifts building on Florida Boulevard sold last week. The seller was Fred W. Heroman and the buyer was 6868 Florida Boulevard LLC. The two-story property sold for $655,000 and included 17,200 square feet of retail space, which comes to about $38 per square foot. Even with two vacant suites upstairs, the entire building is 90% occupied.
According to Justin Langlois of Sealy Falgoust Realtors, who brokered the transaction, the property was sold with a 3-year lease back from the seller at above a 9% capitalization rate. Fred Heroman's will continue to operate the florist business out of the location, but market conditions were suitable for a sale.

Tuesday, February 12, 2008 / B. R. Business Report

American Gateway purchases Gonzales site

American Gateway Bank purchased a 1-acre site at Highway 30 and Ruby Avenue in Gonzales for $700,000, or about $16 per square foot. The seller was Vince Diez Properties Inc. Diez developed a commercial park along Ruby Avenue. American Gateway was represented by Don Hanna with Sealy Falgoust Real Estate, Diez says. Diez intends to roll the property into a 1031 exchange, and he is still attempting to identify a property for the exchange. Diez has been involved in several high-end investments, including the One American Place property in downtown Baton Rouge.

Hollywood Casino, operated by Penn National Gaming, has purchased a 4-acre site from a limited liability corporation owned by Pete Clements for $22.50 per square foot. The property was brokered by Ben Skillman at Skill Real Estate Company. According to Skillman, the sale price did not include Penn National's agreement to pay for half of a $7 million railroad underpass. Access to the casino can be made difficult by the railroad tracks running parallel to River Road. Skillman says the partnership owned by Clements also has 30 acres adjoining the casino property and has that property offered for sale at $45 per square foot for Mississippi River frontage. There is no levee obstructing the view. There has been interest expressed for construction of a multistory condominium building overlooking the river, but no plans or pending purchase agreements are in effect, Skillman says.

Tuesday, January 22, 2008 / B.R. Business Report

Grace & Hebert purchases Causey building

Grace & Hebert Architects completed the purchase last week of the I.M. Causey and Co. furniture building on Government Street for $1.3 million, or about $80 per square foot. According to Scott Guidry with Sealy & Falgoust Real Estate, the 16,293-square-foot, two-story building will be renovated. The architects plan to occupy about three-fourths of the building and have about 5,000 square feet available for lease. Given the quality of Grace & Hebert's work, this should be one of Baton Rouge’s finer downtown buildings after renovations are completed.
Walt McCann has acquired a Choctaw Drive office warehouse for $700,000, or about $35.25 per square foot. The 19,860-square-foot building sits on a double lot. The seller was Hold This, which was represented by David Trusty at Gully Phelps & McKey Real Estate. According to Buddy Berry, president of Hold This, a leaseback contract was signed with McCann. Hold This operates a concert promotion and rigging company known as Stage Right Production from the building. “This allows me to reduce debt and maintain an operational position on a much more efficient basis. It is great timing to be able to work with Mr. McCann in this way,” Berry said. McCann was represented by Ted Rhorer of Latter & Blum Real Estate.

Tuesday, December 18, 2007 / B.R. Business Report