The last existing 12,000-square-foot building in Buckhead Business Center—the office warehouse condominium development built by Grey Hammett and Phillip Haddad—has sold for $1.25 million, or about $106 per square foot.
Buckhead Business Center sold the building to Buckhead Business Center II. The investment company purchased the property and will modify the building for an international company. The 10-year lease was brokered by Hammett and Danny Watts at Sealy & Falgoust Real Estate Company.
The developers have permitted and planned the final building, which will be subdivided into 3,000-square-foot suites. Construction will begin later this year.
“All of the existing office warehouse units have been sold,” Hammett says. “Only the retail building fronting on Sherwood Commons Boulevard is still available, so we decided to start the last building.”
Baker storage facility sells
All About Storage, a 50,000-square-foot self-storage facility on Groom Road in Baker, sold on Aug. 24 for almost $2.52 million, or about $50.37 per square foot.
The seller is Mayflower Properties, and the buyer is TSRE II All About, a subsidiary of Tellus Development Company. According to Randy Herring of Sealy & Falgoust, who represented both parties, the property is about 90% occupied. The purchaser also bought an adjoining three-acre parcel for expansion.
Herring says the sale price represented more than an 11% return on the property.
Gonzales land sells
Park Eastbank Inc. has sold a little more than 12 acres behind the Eastbank Shopping Center at La. Highway 30 and La. 44 in Gonzales.
The property was subdivided into two parcels. Auger Services Inc. purchased 7.5 acres for $525,000, or $1.60 per square foot. The site has an 85-foot strip providing access to La. 30 just west of the shopping center property.
The new owner intends to build a 10,000-square-foot industrial office warehouse on the site, which is zoned for new use. Construction should begin in the next few months, says Richie Edmonds of THR Real Estate, who brokered the transaction.
Park Eastbank sold the remaining 4.8 acres fronting Eastbank Drive and adjoining the Auger Services site to A&D Medical, which was represented by Scott Parr of RE/MAX First Commercial Real Estate. The purchase price was $300,000, or about $1.43 per square foot.
Edmonds says the acreage will be subdivided into two parcels. A&D Medical has not announced plans for the site.