Dove Creek property sells
Local developer and well-known real estate icon Clark Taylor passed away in February 2010. Clark was probably best known for being an excellent single-family residential subdivision developer and founder of the Baton Rouge Growth Coalition.
However, his professional activities extended beyond development. He owned several pieces of real estate that had to be disposed of. One of the properties in his portfolio was the Dove Creek Apartments at 10920 Airline Hwy. Dove Creek is on a 12-acre site between Siegen Lane and Jefferson Highway.
The property was purchased on?May 15 for a total price of $9.12 million, or $55,275 per unit. The purchaser was Summit Dove Creek Apartments, represented by Jonathan Walker at Maestri-Murrell. Summit is a major multifamily developer based in Montgomery, Ala., that owns and manages more than 100 complexes throughout the southeast.
The Dove Creek acquisition consists of 30 separate buildings and a total of 165 units. There are 60 one-bedroom units, 104 two-bedroom units and one three-bedroom unit.
David Treppendahl and Deane Bryson with Latter & Blum represented the estate of Clark Taylor.
According to sources close to the transaction, the sale generated an overall capitalization rate of about 7%. The former owner had been renovating each unit as it became vacant, and was spending about $10,000 per unit on upgrades, according to Treppendahl. The project was in relatively good condition.
According to Walker, the new owner will continue to upgrade the units, put its own management system in place, and keep the property in its inventory for the foreseeable future.
Shadow Center changes owners
The strip shopping center that adjoins Walmart at Groom and Plank Road in Baker sold last month. The 16,102-square-foot center sold April 30 for $2.2 million, or $135 per square foot.
Tenants occupying the property were typical of those that generally surround the retail giant: GameStop, Its Fusion, Cato, Payless Shoesource, Wings 'N More and The Athletes Foot.
The seller, CP Alabama, was represented by Julie Patterson Anderson. The purchaser was Silva Investment Properties, represented by Riguer R and Neva D Silva.
The new owner purchased the property based upon the overall capitalization rate of about 7.5%.
Zachary office gets new owner
The office building occupied by Keller Williams Realty and Commerce Title at the corner of Old Scenic Highway and Lake Point Avenue in Zachary has sold. The upscale office building at 19850 Old Scenic Hwy. was developed and owned by Dutton Road Building. Dutton was partially owned by some of the principal owners in Commerce Title.
The new owner is Kavitha Properties. Branon Pesnell with Beau Box Commercial Real Estate and Suzi Gautreaux with Keller Williams brokered the transaction.
The sale closed April 3 for $1.02 million, or $95 per square foot. The 10,656-square-foot building with five separate suites occupies a site that encompasses a little more than an acre.
According to Pesnell, the new owner will occupy the suite that formerly housed Commerce Title, as well as an adjoining vacant suite.
“The new owner recognized the growth in the Zachary area and decided to locate his practice to a more visible and accessible location,” Pesnell says. “The sale price at $95 [per square foot] is significantly less than the cost of new construction, so it made a lot of sense for him to purchase rather than build.”
Industriplex Park building sells
Bunky Hughes brokered the sale of a small office building at 6756 Langley Drive, located off Exchequer Drive in the Industriplex Park subdivision.
Peak Performance Properties purchased the 7,536-square-foot building divided into two suites from QPS BR Commercial on May 21 for $512,400, or $68 per square foot. The property had been listed for sale at $574,900 and was on the market for 466 days, according to the Louisiana Commercial Database.
Peak Performance Properties plans to continue to lease the units.
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