Pelican State Credit Union will purchase the South Sherwood Forest Boulevard corporate offices of Piccadilly Cafeteria later this month.
The building, which contains 40,200 square feet of leasable area, will sell for $3.5 million, or about $87 per square foot. Piccadilly will lease back 15,000 square feet and continue to operate their corporate offices at the location. Mark Hebert with Kurz and Hebert Commercial Real Estate Company represented Piccadilly, and Roger Clark of Labarre Associates represented Pelican State.
Hebert says the credit union recognized the location of the building, which is about one-half mile south of Interstate 12, and will freshen the appearance of the building, which was constructed during the 1980s.
He says the bones of the two-story building are excellent, and its design is well-suited to the financial institution. The building features large corporate offices and is employee-friendly, with a large break room and full kitchen, and a central courtyard that includes a water feature.
Fire district purchases land
St. George Fire Protection District No. 2 purchased two tracts of land totaling 8.13 acres from the Kleinpeter family across Airline Highway from the Barringer Foreman Technology Park for $1.8 million, or about $5 per square foot.
Phil Yeates with Yeates & Company represented the buyer, and Bill Gremillion with NAI/Latter & Blum Realtors represented the seller. St. George Fire Protection District plans to construct a training facility on the site, and will temporarily lease space in the technology park to begin operations.
In a related transaction, the Kleinpeter Family also sold 1.5 acres to Thomas Baumann for $350,000, or $7.65 per square foot. The site also fronts Airline Highway near Barringer Foreman Road. Gremillion also brokered the sale.
Creekstone building sells
MMZ has purchased Building One in Creekstone Office Park Condominiums on Lake Sherwood Avenue North from DJ & ER Properties for $702,270, or about $170 per square foot for the 4,131-square-foot building.
Building One consists of two suites: Lofaso Law Firm and Tiger Title will occupy the 2,268-square-foot Suite A, and Cameron-Cole engineering firm will occupy the 1,863-square-foot Suite B.
Steve Legendre with Keller Williams Commercial Real Estate represented MMZ.
Fidelity Homestead buys site
Dutchtown LA 73 purchased a five-acre site on La. Highway 73 between Airline Highway and Interstate 10, and then subdivided the land into three parcels. New Orleans-based Fidelity Homestead Savings Bank purchased Tract B, which fronts La. 73, for $650,000, or $16.67 for about 39,000 useable square feet.
Dutchtown LA 73 intends to sell a second outparcel, and then potentially develop the third for a retail project called Renaissance Plaza. No construction timeline was suggested.
Hebert represented Dutchtown LA 73, and Bennett Davis of Corporate Realty represented Fidelity Homestead.
LKQ Auto Parts leases space
Like, Kind and Quality Auto Parts, a Chicago-based sales and distribution facility, has signed a 10-year lease on 30,000 square feet in the Baton Rouge West Distribution Center on Commercial Drive in Port Allen.
Brandon Rogillio with Rogillio Real Estate Company represented LKQ, and Brent Garrett with Beau Box Commercial Real Estate Company represented Baton Rouge West. Neither agent would divulge the rental rate, but the building had been offered for $5.15 per square foot.
The distribution center consists of 450,000 square feet, with a 210-foot truck court with 80 truck doors, 30-foot clear ceiling height and a dock-high foundation. Its proximity to interstates 10 and 12 make it a desirable location for companies like LKQ.
The center has been relatively successful in leasing since being developed about two years ago, and Garrett says about 225,000 square feet remain available for lease.
