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Another upscale development has been planned by Jimmy Nunnally of Nunnally Real Estate. Nunnally has purchased a 7.9-acre tract adjoining The Myrtle's subdivision to develop a new gated community called The Estates at Myrtle Hill. The site was purchased for $840,000. It will be developed as an upscale single-family residential gated community with homes of a minimum of 3,000 square feet. The property sold on July 30. The sale at $840,000 calculates to approximately $106,300 per acre. This is one of the higher prices paid on a per acre basis, according to Nunnally, because of the quality of the property, including many trees. Lots will retail from $143,000 to $179,000 and will average 95 feet by 150 feet. The developer intends to construct an electronic gate and put in extremely good quality landscaping. Nunnally said there was 'extremely strong interest for lot purchases.' This interest has taken place with very little advertising. It looks like another development success.

Lamonica's sells

Lamonica's television sets have long been a Baton Rouge institution. The retailer moved from its location in North Baton Rouge to its new location at 9469 Airline Highway in the 1970s. This business will now be relocating and a new occupant, Mattress Direct, will take its place. The property was marketed by the firm of John Doiron Realtors. Chad Broussett with Donnie Jarreau Real Estate sold the property. Mattress Direct will occupy the building, which contains a total of 12,000 square feet, within the next three months. The new retailer intends to rehab the building, install a new facade, and improve some of the interior space. The sale took place for $800,000 on Aug. 12 and included the building, which occupies two lots, and a vacant adjoining lot. The sale price works out to approximately $66.67 per square foot. Broussett said this was an extremely well-built building constructed from concrete pre-cast beams and had an 18-foot eave height. The property was built for owner occupancy; therefore, construction characteristics are above standard retail use. Broussett said Mattress Direct believed the purchase was an exceptional buy.

Cox closes

It was no secret in the real estate industry that Cox Communications was seeking another location to house its home office. The cable company has settled on the purchase of the former Montgomery Ward building in Bon Carr?? Business Center. The 117,000-square-foot building was purchased for $2 million. The property was brokered by Beau Box at Latter & Blum. Box said the sale price per square foot, at approximately $17, included not only the 117,000-square-foot building but also 13.7 acres. Cox will spend a significant amount rehabilitating the building for office use. Box says Jacqueline Vines, vice president of Cox Communications, has an interest in revitalizing this area. The

Jack-in-the-Box purchase