DSLD buys Zachary lots
DSLD has purchased 34 additional lots in Windsor Place subdivision in Zachary for $1.479 million, or about $43,500 per lot, in a deal that closed Jan. 6. Saun Sullivan represented the company.
Walter Bankston developed the first filing of Windsor Place, which is located off La. Hwy. 64 near La. 964, and DSLD has purchased additional filings. Lot sizes in DSLD's latest filing average 80 feet by 170 feet, and the company has been successful in targeting first-time buyers with homes ranging from $175,000 to $250,000.
Meanwhile, DSLD plans to purchase lots in blocks of 30 to 50 from Dantin Bruce Development Co., which bought 50 acres on Burbank Drive for a 184-lot subdivision from R.W. Day in mid-December for $2.2 million, or about $44,000 per acre.
The acreage is located next to Meadow Bend subdivision and across the street from Pelican Lakes; it was previously slated to be developed as Grand Oaks subdivision by the previous owner. Brian Dantin of Dantin Bruce says the property was not restricted by wetlands, and all utilities were available.
Dantin Bruce has started work on the subdivision, and it should sell the first lots to DSLD in May or June. The lots will be 60-70 feet wide by 140 feet, and home prices are expected to range from $175,000 to $200,000 for first-time buyers.
Dantin Bruce has several developments that are experiencing success.
I previously wrote about a condominium project, 333 East Boyd, when the company purchased the land. Dantin says 10 of the 28 units, which have two bedrooms and are 980 square feet, have presold.
Asked why he felt the development was having success while similar projects were not, Dantin cited several factors: a price point of $220,000 to $230,000, a gated entry with common-area amenities such as a swimming pool, and that a majority of the units had been presold for student occupancy.
Dantin also touted the success of Perkins Lane, a townhouse development on Perkins Road between Stanford Avenue and College Drive. The project started with the construction of four townhomes, three of which were presold. The townhomes are priced from $400,000 to $700,000, or about $230 per square foot.
Office condo sells
An 3,643-square-foot office condominium at 8280 YMCA Plaza Dr. has sold for $519,000, or about $142 per square foot, in a deal that closed in mid-December. The seller was Patten/Jenkins Family Limited Partnership, and the buyer was HRK Properties, which will occupy one suite. Derek Mitchell with NAI/Latter & Blum and Troy Daigle with Donnie Jarreau Real Estate brokered the transaction.
Coursey building sells
The former Treads & Care building at 10777 Coursey Blvd. has sold for $375,000, or about $107 per square foot, in a deal that closed Dec. 15. The seller was CGE Investments, and the buyer was GL Investments. Troy Daigle and Jonathon Starns, both with Donnie Jarreau Real Estate, brokered the transaction. The property was vacant at the time of the purchase, and the new owner has expressed no immediate plans for the building.
Denham Walmart sells
Brentwood Investors has sold the 236,000-square-foot Walmart Supercenter on Range Avenue in Denham Springs to Wal-Mart Real Estate Business Trust for $4.75 million, or about $20 per square foot, in a cash deal that took place on Jan. 9.
Wal-Mart originally developed the property, sold it to Brentwood Investors, and then leased it back. The leaseback provided for a first right of refusal for Wal-Mart to purchase the property if Brentwood Investors decided to sell. The sale price was exercised based on Wal-Mart's first right of refusal, and the per-square-foot price is likely significantly less than market value.
At one time, the Denham Springs supercenter was one of the largest in the chain, starting as an 85,000-square-foot building before undergoing several expansions to reach its current size.
