BusinessReport.com

Two notable sales have taken place on Belleview Road in Plaquemine.

Karl Landreneau with RE/Max First Commercial Real Estate brokered the former Wal-Mart, a 47,750-square-foot building that sold for $795,000, or about $16.65 per square foot.

Weiner Development of Houston—a preferred developer for Tractor Supply, a large hardware store described as a smaller version of Home Depot—purchased the property and is moving into the Baton Rouge area for the first time.

The former Wal-Mart site is across the street from the Belleview Shopping Center, which was sold in early March.

Bill Jeansonne with Sealy & Falgoust Real Estate and Jacobson Richardson with Kurz & Hebert Real Estate teamed up to sell the 83,354-square-foot shopping center, currently occupied by Le-Blanc’s grocery store, The Shoe Source, CVS Pharmacy and Dollar General.

Jeansonne says the property sold for $2.635 million, or about $31.75 per square foot. The seller was Dr. Richard Hill, and the purchaser was GLSK LLC.†The sale closed in early March.

According to Jeansonne, who represented the purchasers, the existing shopping center represents an excellent return on their investment and the potential for increasing returns, based on the sale price per square foot. “It is difficult to find good, quality retail properties at this price per foot,” he says.

Juban Road speculation

A 7.936-acre tract of land on the west side of Juban Road and south of Interstate 12 in Denham Springs sold in early March for $1.25 million. Randy Herring with Sealy & Falgoust Real Estate brokered the transaction to Juban Four LLC. The seller was Leroy Golman.

The site had only 300 feet of frontage on Juban Road but also had access from Penny Lane. It also is 500 feet south of Forrest Delatte Road.

The sale, at $3.61 per square foot, represents escalating property values because of the new Steve Keller development at the intersection of Juban Road and I-12. Herring says the purchaser had no immediate plans for the property.

Brookline building sells

Triena Development sold a Brookline Avenue office building with more than 18,000 square feet to Louisiana Media Services LLC on April 10. Daemon Smith of Louisiana Dream Homes brokered the property.

The $1.15 million sale price calculates to about $63.90 per square foot. The new owner intends to renovate and occupy the building, which was vacant at the time of sale.

Louisiana Media Services is a media-production company that has relocated to the Baton Rouge market and is taking advantage of the special tax credits for this industry.

The property was listed for sale with Troy Daigle of Donnie Jarreau Real Estate, who says the building was prime for owner occupancy, and the location provides access to I-10 and I-12.

“There is very little available in this price range with a good location,” he says.

Gonzales hotel planned

Collier Thornton of THR Real Estate partnered with Ben Stalter of Stirling Properties to sell a hotel site adjoining the new Cabela’s development at Sportsman’s Park in Gonzales. The sale closed in early April.

The 14-acre property off La. 30 sold for $1.04 million, or $16.50 per square foot. The seller was Tower Capital, and the new owner plans to build a Hampton Inn.

The sale price per square foot represents how strong an influence Cabela’s has on the surrounding area.

Another Walgreens

Walgreens continues to expand in the Baton Rouge market with the purchase of a 1.46-acre tract on the corner of La. 30 and La. 44 in Gonzales.

The sale took place earlier this month for $1,488,511, or $22 per square foot. The seller was Miles Pollard, represented by Don Hanna of Sealy & Falgoust Real Estate, and the purchaser was a preferred Walgreens developer, represented by Dottie Tarleton with Stirling Properties.