Creekstone offices sell
Edward Rotenberg and Don Joffrion developed the Creekstone Office Park Condominiums on Lake Sherwood Avenue North a few years ago. They proceeded to develop the property with office condominium buildings and office condominium pad sites. Recently, two sales have taken place within the development, one of which I wrote about several weeks ago that occurred in November 2011. It consisted of a 5,664-square-foot building that sold for $143 per square foot. Around the same time, Bill Jeansonne with Saurage Rotenberg Commercial Real Estate, listed a 4,145-square-foot building within the development for $595,000. Steve Legendre with Beau Box Commercial Real Estate brought Zeal Property in, and they purchased the property. This was an office condominium building that had good quality tenant finish, and was in “like new” condition, Jeansonne says. The sale closed on March 2 after being listed for 293 days. According to Jeansonne, the building was 100% occupied, and the new owner purchased the building strictly as an investment, and intends to continue leasing it.
Jeansonne indicated there were only two pad sites left within Creekstone Office Park. One is near the front of the development containing 5,660 square feet; the other is 5,180 square feet. He indicated both pad sites are listed for sale for $50 per square foot each, or Joffrion would enter into a build-to-suit agreement for construction of a new building that could be purchased for $165 per square foot.
Bluebonnet pad site sells
An office building pad site within Bluebonnet Palms Office Park has sold. Bluebonnet Palms Office Park was developed by Victor Dagash, who then built an office building to house his development company, known as the Business Investment Group.
The development included not only the Business Investment Group office, but also seven additional office condominium building pad sites ranging in size from 4,500 to 6,000 square feet. S. Bettis Properties purchased the pad sites and brokered one to Dantin Bruce Construction. S. Bettis Properties was represented by Chris Pike and Brad Way of Mike Falgoust & Associates Commercial Real Estate; the purchaser, Dantin Bruce Construction, was represented by Steve Legendre of Beau Box Commercial Real Estate.
The 4,500-square-foot pad site sold for $279,000, or $62 per square foot. Dantin Bruce Construction will construct an office condominium building on the pad site for owner occupancy. According to sources close to the transaction, the office building is for a local attorney with plans to relocate from downtown.
A corporation owned by Mike Wampold, known as Nicholson Wampold, has snatched up the 10,000-square-foot building that houses the Plasma Center on Nicholson Drive. The site also has frontage on Terrace, Gila and Oklahoma streets. Nicholson Wampold purchased the entire 63,000-square-foot site for $357,500, or $5.70 per square foot. Will Adams with Property One brokered the transaction. The seller, Bluebonnet Highlands Land & Development, was part of the Estate of Clark Taylor. No immediate plans for the property have been disclosed. Wampold has acquired several sites within the Nicholson corridor, a two-mile strip from LSU to downtown Baton Rouge that will one day be rejuvenated.
Family Dollar develops property
Typically, Family Dollar enters into build-to-suit transactions, whereby it contracts with a preferred developer to build its store, then leases it once construction is completed. Recently, however, the corporation completed a build-for-occupancy transaction. Kent Walker of JKW built a 8,320-square-foot store for Family Dollar of Louisiana Inc. Family Dollar purchased this particular property, after it was built for $1.24 million, or about $148 per square foot. The property is situated on the corner of O'Neal Lane and Strain Road. Kent had purchased the land earlier for $330,000.
Stupp Bros. purchases site
Stupp Bros. has bought property at the corner of Thomas Road and Leisure Road. The property, owned by Branton Enterprises, is 8.19 acres and includes 65,070 square feet of industrial buildings for offices, office warehouses, storage sheds and other uses. Purchase price was $1.19 million, or $18 per square foot for the improvements. Stupp Bros. has properties adjoining the Branton Enterprises site, so it made sense to purchase it. Branton Enterprises, the seller, was represented by Bill Gremillion of NAI/Latter & Blum. The purchaser, Stupp Bros, Inc., was represented by Grey Mullins of Beau Box Commercial Real Estate. The deal closed March 6.
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