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A pair of College Drive properties have changed hands in separate transactions.
Texas real estate investment firm Stablewood Properties bought the properties housing Capital One Bank and IHOP for a combined $5.1 million, according to a pair of deals filed Wednesday with the East Baton Rouge Parish Clerk of Court’s office.
Stablewood bought the Capital One Bank property through MCP Stable 3110 College Drive Baton Rouge LLC from Bright-Meyers Baton Rouge Associates LP, represented by George Bright, for $2.7 million. Michael Godfrey represented the buyer. Godfrey is the head of retail at Stablewood, according to the company’s website.
In the second transaction, the real estate firm bought the IHOP property through MCP Stable 3006 College Drive Baton Rouge LLC from Bright-Meyers Baton Rouge Associates LP for $2.4 million.
The IHOP restaurant closed temporarily earlier this year after the restaurant chain sued its former franchisee over breach of contract and trademark infringement. IHOP filed its lawsuit against 1930 LLC—the former franchisee—in Baton Rouge federal court on Feb. 10. The restaurant chain voluntarily dismissed the lawsuit on Feb. 20. The business has since reopened.
Established in 2020, Stablewood specializes in commercial real estate, focusing on single-tenant net lease and multitenant retail properties.
The firm integrates advanced analytics and technology into its investment strategies to enhance performance and efficiency. Its services include acquisitions, lending, development and asset management. Stablewood has 10 offices across the U.S., including its Houston headquarters.
