Shuttered hotel sells
The Comfort Suites Hotel on the east side of O’Neal Lane, just north of Interstate 12, has sold. The limited-service hotel had been closed. The property was owned by Divine Light (represented by Sukhdev Sandhu & Randeep Deol), which purchased it in 2004 for $3.1 million. It consists of a 63-room facility containing about 37,500 square feet.
When the property sold in 2004, the average daily room rate was about $62. The property was closed for several months, and on April 19, Maruti purchased it for about $1.83 million. Maruti was represented by Dilipbhai C. Patel. The Patel family owns several hotels in the Baton Rouge market, and most likely will reopen its new property under a new franchise. Neither the buyer nor the seller could be reached for comment.
Tale of two apartment projects
Last month, two apartment projects sold in the Baton Rouge area. Live Oaks at Stumberg Lane, 12901 Jefferson Highway, sold on April 26 for a total price of $17.3 million, or $94,150 per unit. The purchaser, BR Live Oaks, was represented by Jeffrey Feil.
The complex offers one-, two- and three-bedroom units that had been relatively well-occupied and relatively well-maintained. Rental rates ran roughly $820 for a one-bedroom unit, $1,020 for a two-bedroom unit, and $1,300 for a three-bedroom unit. At the time of sale, the property was approximately 95% occupied. The complex was built in 2000 and did not require significant upgrades to continue its operation.
Ardenwood Park Apartments, 650 North Ardenwood Drive, also sold last month for nearly $1.9 million, or $8,950 per unit. This complex has 207 units in 16 two-story buildings. At the time of sale, the property required significant rehabilitation, with reportedly more than half of its units unrentable.
The property was built in 1972. The owner, Ardenwood Properties, sold the property to Renaissance Gateway Associates on April 25. The new owner plans to rehabilitate the property and market it to lower-income tenants.
South Choctaw property
The building occupied by Shamrock Pipe Tools has sold. The 35,790-square-foot industrial facility sold on April 24 for $858,000, or about $24 per square foot.
The seller, Char Holdings, was represented by Kent Walker at Donnie Jarreau Real Estate. The new owner, Choctaw Holdings LA, purchased the property based on the lease in place with Shamrock Pipe Tools. At the time of sale, the building was in relatively good condition.
At the Industriplex
Another building within the Industri-?plex has sold. Troy Daigle with Donnie Jarreau Real Estate sold a 13,000-square-foot building at 11617 Industriplex Boulevard for $785,000, or about $60 per square foot. The building is on a 32,800-square-foot site.
The new owner, Newbill Coffey Properties, was represented by Robert Pettit at Waters & Pettit Commercial Real Estate. The sale at $785,000 calculates to about $60 per square foot. The warehouse includes 3,650 square feet of office space.
Sherwood Forest offices
Fidelity Bank & Trust acquired an office building at 4111 South Sherwood Forest Boulevard last year and marketed the property through Ryan Greene with Maestri-Murrell Inc. The building was at one time occupied by The Mackey Company Realtors. The property was purchased by Verma Realty II on April 18 from Fidelity Bank. The 10,500-square-foot building sold for $592,800, or about $56 per square foot. Verma Realty will occupy the building and is currently renovating it.
First Horizon buys two more
First Horizon, represented by Saun Sullivan, who is also a partner in DSLD, continues to purchase lots in both Ascension and East Baton Rouge parishes. The company closed on two transactions last month.
On April 23, First Horizon purchased 28 lots in Woodstock Subdivision’s first filing in East Baton Rouge, off Planchet Road, for $1.1 million, or about $38,000 per lot. The seller was DAGR (represented by Brandon Dotson and Jonathon Starns). First Horizon will continue to construct first-time homebuyer residences on the Woodstock Subdivision purchase.
In another transaction, First Horizon purchased 27 lots in Courtyard Square, off La. 74 in Ascension Parish. The 27 lots in Courtyard Square sold for $810,000, or about $30,000 per lot. The seller was Gulf Landcorp, represented by Louis Lambert Jr. First Horizon closed on these lots on April 20.
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