RaceTrac buys site at Burbank and Bluebonnet for $1.6M
RaceTrac Petroleum has acquired a prime tract of undeveloped land on the corner of Burbank Drive and Bluebonnet Boulevard, and plans to open a gas station and convenience store on the site early next year, says Mark Hebert, who represented the Atlanta, Ga.-based buyer in the transaction. The company paid $1.6 million in cash for the 80,000-square-foot property, which it purchased from Pearson Burbank LLC on Aug. 23. When completed, the new RaceTrac will be the company's 13th in the Capital Region. There are more than 500 RaceTrac stations across the Southeast. "They like Baton Rouge, and they're expanding their presence in this market," says Hebert, adding the company has another site in the area under contract and is looking at several others. While a gas station may not seem like the highest and best use for the property—which is on an increasingly busy corner across from the site of a planned Walmart—Hebert says new state regulations governing ingresses and egresses have made it difficult for developers to build on corner parcels, particularly when it comes to driveways. "You can't have a driveway at a corner anymore," Hebert says. "That makes it a nightmare to figure out how to tie in all the parcels on the corner." CVS previously had the property under contract, but both times the deal fell through. —Stephanie Riegel
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