The St. Francisville Square Apartments at 5778 Commerce Street in St. Francisville have been sold for nearly $3.9 million. Branon Pesnell of Beau Box Commercial Real Estate brokered the deal for the 60-unit complex, which is made up of 15 fourplex buildings. According to Pesnell, there was a mixture of two-bedroom, two-bath flats, and two-bedroom, two-bath townhouses. The sale price calculates to about $66,500 per unit. The purchaser was St. Francisville Square, represented by Donnie Jarreau and partners. The seller was Charles and Victoria Gewalt. The new owner intends to rehabilitate the properties and sell them as condominium units in the $120,000 to $130,000 range.
Another sale of note is the property at 10473 Old Hammond Hwy. Longtime Baton Rouge residents will remember this property as the Wallbanger Court Club that was converted to office use. Triena Properties Inc. owned the 20,000-square-foot property, which was sold to RGR Health Care Properties. The purchase price was for $925,000, or about $46.25 per square foot. The building has some parking issues due to the expropriation for Old Hammond. Troy Daigle at Donnie Jarreau Real Estate Company brokered the sale.
One other notable office building sale is at 422 Colonial Dr. The seller was EJW Properties, and the purchaser was Montegut-Wright Corporation of Houma. The sale price for the 7,110-square-foot building was $615,000, or about $86.50 per square foot. Troy Daigle was the listing agent, and the selling agent was Larry Clark at Lalumandier and Associates Real Estate.
(Appraiser Tom Cook owns Cook Moore and Associates. Reach him at 293-7006 or TCook@cookmoore.com.)
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