The 125,000-square-foot Broadmoor Shopping Center, at the southeast corner of Florida Boulevard and Cora Drive, has sold for $1.5 million.
People who have lived in Baton Rouge as long as I have remember this shopping center (below) once housed I.H. Rubenstein’s department store and the Broadmoor Theatre. Those people who are even older than I am [like Brian Andrews] remember when the center once included two grocery stores, A&P and National, Rexall Drug Store, Tic Toc shoe store, TG&Y and a post office.
Broadmoor Shopping Center Redevelopment bought the buildings, says Colin Smith of Kurz & Hebert Real Estate, who along with Mark Hebert represented the sellers, Broadmoor Village Inc., headed by Marion Cangelosi. Austin Earhart of Beau Box Commercial Real Estate brokered the property to Clarke Heebe, a New Orleans investor who specializes in redevelopment.
Some of Heebe’s rehabilitation projects include Rock ‘n’ Bowl in New Orleans, the former Blockbuster location on Government Street and the former Regions Bank on Highland Road that has become Little Caesars Pizza. The redevelopment of nearby Cortana Mall, including a Sam’s Club on the site of a former Walmart and a Virginia College branch on the site of the former Steve & Barry’s, led Heebe to purchase the Broadmoor Shopping Center.
Earhart says the center will receive a facelift, and several buildings will be removed. The center is situated on a 21-acre site and includes about 90,000 square feet of commercial space; 40% of the center currently is occupied, and one of the main tenants is Family Dollar. The acreage has been leased for 99 years, Earhart says, and 42 years remain on the lease.
“The land-lease payment is extremely reasonable, and is fixed for the remainder of the term,” he says.
After the shopping center is rehabilitated, Earhart says he intends to sign leases with discount retailers like Aaron’s Rents, Family Dollar and Stage.
“The demographics surrounding the center would support these type uses,” he says, “and we realized it would be an excellent investment for the new owner.”
University PUD sells site
University Planned Unit Development, represented by Walker Baus, has sold a 22.65-acre site to Thomas Well, Laurie Scott, and David and Jennifer Mulkey in a deal that closed on Nov. 29.
The property, which has about 18.65 acres of usable area, fronts the west side of Ben Hur Road just north of Nicholson Drive. The per-usable-square-foot price was $5.23. Andy Batson and Beau Box of Beau Box Commercial Real Estate brokered the sale.
The property required extensive site work, and additional grading and fill are necessary before development of the proposed apartment complex can take place.
Engineers get new space
Conestoga-Rovers & Associates engineering firm has leased 32,000 square feet in the Lamar building at 5551 Corporate Blvd. Lamar occupied the building until relocating to the former Bank One Operations Center, also on Corporate Boulevard.
Similarly, Conestoga-Rovers, a multidisciplinary engineering, design and consulting firm with offices across the country, had outgrown its space on South Sherwood Forest Boulevard, and the new location is a perfect fit. The new space includes some furniture and fixtures that Lamar didn’t move to its new location.
Conestoga-Rovers was represented by Rob Hebert with ReMax First Commercial Properties. George Kurz with Kurz & Hebert Commercial Real Estate represented the owner.
Regions closes on site
Regions Bank has closed on a Florida Boulevard site in front of Bon Carré Business Park. The bank has operated a branch there for several years, and it had considered constructing a new facility because the existing building sat on leased land. The decision was made to purchase the land, rather than relocate to a new site.
The sale price was $824,715 for 1.26 acres, or $15 per square foot. Grey Mullins with Beau Box Commercial Real Estate brokered the deal.
