Cook: Pair of shuttered Starbucks to see new life as donut shop, credit union
Several years ago, Starbucks built a multitude of coffee shops in the Baton Rouge area. Some were extremely successful, and some were not. Two were closed and put up for sale, and now they're both slated for redevelopment, having recently been sold. One of them, located at 9837 Bluebonnet Blvd., near the intersection with Burbank Drive, sold on March 27 to Dunkin Donuts for $875,000. The seller was The Ronald B. Sigel Revocable 2004 Trust, and the purchaser was Ashish J. Patel. Ben Stalter with Maestri-Murrell Real Estate Co. brokered the transaction. According to Stalter, the former coffee shop will be renovated into a Dunkin Donuts later this summer. The building encompasses about 1,750 square feet, and is situated on a lot that's roughly 100 feet (fronting Bluebonnet Boulevard) by 250 feet. The sale price works out to about $500 per square foot.
The other Starbucks that has sold is situated on Airline Highway near Harry Drive, adjoining a Wendy's restaurant. Starbucks sold that location on March 16 for $700,000, or about $400 per square foot. The purchaser was LES Federal Credit Union, and the seller was JLCR Partners/Airline LLC. Ty Gose with NAI/Latter & Blum Commercial Real Estate represented the seller, while Roger Clark with Labarre and Associates represented the purchaser. LES Federal Credit Union plans to convert it into a new branch. Renovations should begin sometime this summer.
(Appraiser Tom Cook owns Cook Moore & Associates. Reach him at 293-7006 or TCook@cookmoore.com.)
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