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Home Depot purchased a 10.48-acre site in Gonzales on April 30 for $2.2 million. Petron LLC, represented by Steve Ayers, sold the site, which fronts La. 30 just north of Interstate 10.

Beau Box of Beau Box Commercial Real Estate, representing Home Depot, says negotiations had originally taken place for a site near Cabela’s, which is under construction, but changed to a location on the other side of I-10.

At $4.82 per square foot, the price appears to be a relatively good buy, given that the much larger Cabela’s site took place in October 2006 for $5.19 per square foot. Box says Home Depot is responding to the new construction in Ascension Parish and the need for building materials.

Home Depot should be open in nine to 12 months.

Exxon credit union

The Exxon Federal Credit Union purchased a 0.80-acre site May 5 for $315,389, or about $8.95 per square foot. The property fronts Market Street between Coursey Boulevard and Jones Creek Road. The seller was Jennings B. Frye, et al, represented by Zeke Dunaway at Dunaway Real Estate Company. Exxon Federal Credit Union was represented by Bob Kirby at Sealy & Falgoust Real Estate, who said the credit union has purchased several sites in East Baton Rouge Parish to be more accessible to their members. Heightened security at local Exxon plants has made it difficult for credit union family members to access branches, so the credit union is expanding its base. The sale supports rising property values in the area.

Ace in the hole

Ace Holdings, represented by Donnie Jarreau at Donnie Jarreau Real Estate Company, purchased a 2.36-acre tract on Coursey Boulevard, adjoining The Chimes East Restaurant. Ace Holdings LLC bought the property for $1.125 million, or about $10.96 per square foot. The new owner intends to build retail/office condominiums similar to those constructed near the Clerk of Court building on Coursey that houses Nutri-Sports and Donnie Jarreau Real Estate Company. The success of the development supported the purchase of the property. “We have had significant demand for office/retail space on Coursey in our existing development,” Jarreau says.

New office building

If you have driven down Perkins Road near Kenilworth Parkway recently, you may have noticed a single-family residence being moved to make way for a new office development. Florence H. Robinson, et al, sold HRP Development LLC the 2.799-acre site for $1.2 million, or $9.18 per square foot.

CDI’s new home

Bill Gremillion with Latter & Blum Realtor leased a 47,000-square-foot space to CDI Engineering, which currently occupies 30,000 square feet on Westfork Drive off South Sherwood Forest Boulevard, in the CDI Centre. It will move to One United Plaza in a space now occupied by Wells Fargo, which will relocate to Perkins Rowe. CDI Engineering will move into the United Plaza space Jan. 2, 2008. According to our conversations with representatives of CDI Engineering, they had several large spaces they considered. The new entrance ramp to I-12 makes the United Plaza area even more accessible, and this played a part in the CDI Engineering decision.

The Blox, phase 2

Kent Walker with Donnie Jarreau Real Estate is overseeing the renovation of the Blox Condominiums on Brightside Lane, a dilapidated apartment project purchased and completely gutted by Donnie Jarreau Real Estate. The first phase consist of 32 units, which sold for $130,000 to $160,000. The units are sold fully furnished, and the decor is unlike anything else in the Baton Rouge market. The second phase of 72 units is currently nearing completion and available for sale. The 2- and 3-bedroom units are selling for $130,000 to $160,000. According to Walker, 18 of the 72 units in the second phase are under contract. “We expect the remaining units to sell over the summer, as students look for housing for the fall semester,” he says. The former apartment project had gone almost completely vacant and was experiencing vandalism. The Blox renovation has served to upgrade the neighborhood.