Cavender's buys site
Cavender's, a retailer of high-end Western wear, purchased a 76,317-square-foot site to develop an 18,000-square-foot store in the Bass Pro Shops development in Denham Springs. Cavender's Boot City is a family-owned operation that has 40 stores throughout mostly Texas and Oklahoma. It also has outlets in Bossier City and Shreveport. This store in the Bass Pro development will be its first in south Louisiana. The site, off La. 16, was assembled in two separate transactions for $763,170, or about $10 per square foot. Cavender's purchased the property in the name of Cavender Real Estate Ltd. The sellers were E.J. I-12 Property L.L.C, and P and R Enterprises Partnership. Joe Moore, division director with Re/Max First Commercial Properties, brokered the transaction. He indicated activity within the Bass Pro development has been extremely strong. “We seem to be having much more activity in the end of 2012 and beginning of 2013. We will be revealing plans for Phase II within the next few weeks,” Moore says. The sale to Cavender's closed Jan. 30. Construction is expected to begin this quarter.
LOVE'S PURCHASES ACREAGE
Love's Travel Stops & Country Stores purchased a site near Interstate 10 and La. 95 in Acadia Parish. The 25.476-acre site was purchased for $1,151,515—a little more than $1 per square foot—in an assembled transaction from two separate sellers. The sale was brokered by Trey Williams III on Jan. 23. Love's intends to construct a truck stop and country store on the site. The company looks for high-visibility locations on heavily traveled interstates. Construction of the truck stop is expected to begin early this year.
OFFICE BUILDING PLANNED IN DENHAM SPRINGS
New development along Florida Boulevard, west of Range Avenue, has been relatively stymied in Livingston Parish, most likely because there has been little land available. The Congregation of Holy Ghost Roman Catholic Church sold a 1.21-acre site on the north side of Florida Boulevard, between Bell Rose and Carrie Drive. The site was purchased Jan. 16 to develop an office building for the Natural Resources Conservation Services. A build-to-suit developer, W.E. Investments LLC, paid for $345,000 for the site, or about $6.55 per square foot. W.E. Investments will construct a 6,000-square-foot building, the majority of which will be for office use, but there will be some rear storage for the Natural Resources Conservation Services to store boats. The developer had a lease in hand before purchasing the property and will start construction early this year.
OLD HAMMOND HIGHWAY SITE PURCHASED FOR NEW RESTAURANT
The restaurant property that had been occupied by Chalet Brandt, Mandina's and Another Broken Egg has sold. The property had been taken back by Whitney Bank. The purchaser, VCBRLAND LLC bought the property to demolish the building and develop a new restaurant. The new restaurant will be known as the Velvet Cactus. The 1-acre site sold for about $19 per square foot, before the cost of demolition. The new owners recognized the location as prime for a restaurant, but the existing building was not functional. According to Beau Box with Beau Box Commercial Real Estate and Mark Hebert of Kurz and Hebert Commercial Real Estate, who brokered the transaction, both the seller and buyer recognized that the existing building had no value but sat on a great location, and the purchase of the land at $19.00 per square foot made sense for a new restaurant. Demolition and construction are expected to begin in the spring.
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