Kevin Nguyen, a Baton Rouge retail and residential developer, has purchased the former Capital One branch property on Government Street, near Community College Drive.
Nguyen paid $1.1 million to Capital One for the property, which spans some 1.02 acres from St. Tammany to Acadia streets. The property will be listed soon by Elifin Realty as a new retail development opportunity for lease, but whether the branch will be torn down and replaced with a newly-constructed retail center or will be renovated has yet to be decided.
Right now, all options are on the table,” says Mathew Laborde of Elifin Realty, who represented Nguyen in the deal. “It really will depend on the tenant.”
The property had more than 20 purchase offers, according to a statement from Elifin, and the real estate company has fielded “numerous” calls from prospective retailers about the location, even before the deal closed.
The sale is among many transactions that have occurred on Government Street in the past few months, as the corridor continues transforming amid local investment. In October, a Houma investor purchased property across from Electric Depot, and last week, the owners of Mimosa Handcrafted also bought property along Government Street near the Electric Depot.
Seth Citron and Johnny Tolson of Stirling Properties represented the sellers.