Two buildings sell
Two buildings owned by STP Fairfax have sold in one transaction. JPO Colorado purchased both buildings for a total of $4,950,000. The one at 9489 Interline Ave., recognized by many Baton Rouge residents as an old credit union building, sold for $3.2 million. The building contained 24,000 square feet; the sale price calculates to about $133 per square foot. The property had been purchased by BR-Interline in 2006 for $2,650,000. The second building, at 5500 Florida Blvd., is the Fairfax building. In the cash sale document, sold for $1,750,000; and also had 24,000 square feet and the price works out to nearly $73 per square foot. Ben Stalter with Maestri-Murrell Real Estate brokered the transaction. According to Stalter, JPO Colorado is a Lafayette investor, represented by Ernest Seneca. JPO Colorado purchased the buildings because a lease was in place with a tenant who had a contract with the Louisiana government. The buyer's interest was in the income generated by the lease. “That's what made the deal attractive”, said Stalter. The sale was recorded Jan. 2.
ADJOINING PROPERTIES SELL
Two retail buildings in Prairieville have sold. The property at 17100 Airline Highway was sold by US 61 Holdings, represented by Blake McGehee, to RAD Properties, represented by Raymond Daigle for $1,057,500. The property has a 4,040-square-foot retail center and sold for about $262 per square foot. Tenants in the center include CC's Coffee, Magic Nail & Spa, and Baskin-Robbins. All of the tenants were well-established and had excellent rental rates. The property was brokered by Justin Langlois at Mike Falgoust & Associates.
US 61 Holdings, represented by Blake McGehee, also sold the adjoining property at 17066 Airline Highway to SMBK Enterprises, represented by Lisa Keller for $1,045,000. It sold for about $174 per square foot.
This retail center is occupied by Little Caesar's, Just Mattresses, and Sunset Smoothies, and contains a total leaseable area of 6,000 square feet. The property was also brokered by Justin Langlois at Mike Falgoust & Associates.
RACETRAC PURCHASES SITE?
Racetrac Petroleum purchased a site at the intersection of Old Jefferson Highway and Airline Highway in Prairieville on?Dec. 20 for $1,140,708.24 from Investment Ascension Properties. Danny Watts with Saurage Rotenberg Commercial Real Estate brokered the transaction.
In 2006, Watts says he sold the seller, Investment Ascension Properties, a 2.05-acre tract that was later combined with some land from the state government for a 3.8-acre site. Investment Ascension Properties leased a portion of the property to a bank in a temporary building, that was later removed.
Watts says Racetrac Petroleum has purchased 89,373 square feet of usable area, so the sale price works out to $12.76 per square foot. The sale contract stipulates Racetrac construct a driveway to run from Airline Highway to Jefferson Highway on its northern boundary. This will be the main entrance to the facility because of a DOTD restriction on curb cuts. Watts says he still has 77,500 square feet available, and has it offered for $14 per square foot. Racetrac should begin construction within the next couple of months with a 6,000- square-foot convenience store.
BARRINGER FOREMAN SITE SELLS
Jesse Henderson with Henderson Development owns a tract that wraps around the corner of Barringer Foreman Road and Airline Highway. He recently sold part of it to Heirline Properties, represented by Stanley Cheatum, for $1.1 million. The property sold has 150,103 square feet and has 182 feet of frontage on Barringer Foreman. The sale price works out to $7.32 per square foot. The contract contains an agreement to develop a road that will run from Airline to Barringer Foreman. Henderson still owns 235,000 square feet available for development, with 692 feet of frontage; he will continue to market the remainder of the property and has had excellent interest. The construction of the road will make the remaining portion even more desirable for a potential purchaser.
RESTAURANT BUILDING SELLS
The building that most recently was occupied by The China Dragon has sold for $550,000. Longtime Baton Rouge residents will remember this as the Jack Saban's restaurant, at 9716 Airline Highway, sold Jan. 2. The property included 18,000 square feet, of which 11,000 square feet was restaurant space and the remaining area was used for office and a townhouse; the sale works out to $30 per square foot. Sources close to the transaction indicated the building was in very poor condition and will require significant rehabilitation. The seller was First Citizen's Bank & Trust Co., and the purchaser was the Church of Scientology Mission of Baton Rouge. The property had been listed by Michelle Ruston with Ruston Properties.
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