State closes on Ascension site
The state of Louisiana purchased a 43-acre site in the Edenborne development at the intersection of Interstate 10 and La. 44 for the development of the River Parishes Community College. The 43-acre site was purchased Nov. 9 for $2 million, or about $46,500 per acre. The site is accessed off Edenborne Boulevard and is part of a larger proposed mixed-use development. No official date for the start of construction of buildings has been set by the state government.
INDUSTRIAL TRACTS SELL
Two industrial land sales of interest have taken place in the La. 30 area in Geismar. SLC Inc., represented by John Grady Melancon, sold a 23.5 acre site Nov. 14 to PriceCo LLC, represented by Nancy LeBlanc Bondy and Brent Paul LeBlanc, for $1,225,000. The sale calculates to about $52,100 per acre. The property is located on the northeast side of La. 30, just southeast of La. 73. PriceCo recognized the increase in industrial activity in this corridor and speculated on the purchase of the site.
Ascension Commerce Center, represented by L.J. Grezaffi, sold a 35-acre tract on La. 30 for $1,400,000 to Shadetree Realty, represented by Shane Tubre. The property was brokered by Mathew Laborde with Beau Box Commercial Real Estate. The tract is situated on the north side of La. 30, just west of La. 73. It is irregular in shape, but has 282 feet of frontage on La. 30, and is suitable for industrial development. The sale calculates to about $40,000 per acre.
NEW SUBDIVISION PROPOSED
Several years ago, Nick Fakouri and Rick Cappo, doing business as DOXA, had plans to develop an 11.49-acre tract off Coursey Boulevard in Parkview Oaks Subdivision. The property was part of the O.C. Harrell Tract. Fakouri and Cappo had plans for a 52-lot subdivision that was approved by the city, but when market conditions deteriorated in 2008-2009, they decided to put the project on hold. The property has now been sold to DAGR, represented by Jonathan Starns and Brandon Dodson. The 11.49-acre tract sold for $1,000,000, or about $87,000 per acre. The previously proposed plans for 52 lots are going to be used. The lots will measure 50 feet by 120 feet, and will be offered for sale after they are complete.
TIGER MANOR SELLS
The project known as Tiger Manor has sold for $24,425,000. The property, at 3000 July Street, had been converted to condominiums. The total complex consist of 317 units. Recently, Stirling Community purchased 286 of these units in two separate transactions. The seller was TTV, and Ryan Lang with Stirling Properties brokered the transaction. The sale closed in October 2012. The sale equates to about $85,000 per unit. According to Ryan, the property was 98% occupied at the time of sale. It had undergone significant rehabilitation in 2009. Both the interior and exterior of the building were redone. The interiors have granite countertops and wood floors. The exterior improvements include outdoor fireplaces, improved fitness facilities, and improvements to the pool area. Stirling Communities intends to maintain this property in its growing portfolio of multifamily properties.
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