Coursey Condos has purchased eight pad sites and two buildings in the Market Plaza Office Park from the developer, Destiny Interests, and plans to begin construction immediately to finish the partially-completed office park.
The 40,000-square-foot space located on Coursey Boulevard, between Airline Highway and South Sherwood Forest Boulevard, sold for $1.75 million in a deal that closed Thursday.
Chris Pike of Mike Falgoust & Associates Commercial Real Estate, who represents Coursey Condos, says Destiny Interests built the other six buildings in the office park, then sold them to Coursey Condos, who in turn leased them to businesses. Pike says his clients saw an opportunity to make some extra money with the purchase.
“They know they are going to own the buildings anyway, so why not build it themselves,” he says.
Before Thursday’s sale, Destiny Interests paid Investar Bank $1 million to buy out its stake in the office park, land records show. The sale was structured as a 1031 exchange, which allowed Coursey Condos to defer capital gain taxes on the recent sale of a strip center in Reserve for $1.875 million, but required it to reinvest in another property on a short timeframe.
Pike says Coursey Condos will sell the pad sites for $50 per square foot before development, or $145 per square foot once built out. The pad sites range from 3,000 square feet to about 6,000 square feet.
—Ryan Broussard
