JBS Properties has acquired four lots and a 5,000-square-foot building on 6265 Benefit Drive near Cloverland Avenue and plans to develop the lots into four 3,000-square foot office warehouses to be called the Cloverland Business Park.
JBS Properties bought the lots on April 9 from P.H. LLC for $843,000, or $80 per square foot for the existing building and $9 per foot for the additional lots. The existing building has already been leased.
The proposed office warehouses will be styled after the Buckhead Business Center project on Sherwood Common Boulevard. One of the features of the pending project is a common area truck well with access for all the tenants.
Grey Hammett Jr., managing partner with Mike Falgoust and Associates Realtors, brokered the transaction. JBS Properties comprise several investors, including Grey Hammett III, Blake Seguin and Todd McClure.
Sherwood Oaks sells
The Sherwood Oaks Office Complex at 4354 S. Sherwood Forest Blvd. sold earlier this month. While the actual sale price was undisclosed in court records, the property was listed for $7.95 million, according to information in the Louisiana Commercial Database and the marketing package developed by Jonann Stutzman and Ty Gose at NAI/Latter & Blum, who brokered the deal.
The new owner is Sherfoaks LLC, whose mailing address, according to court records, is on State Street in New Orleans. The member signing the sale was Justin Seale.
SHRLA Two had acquired the building as part of a bundle of buildings purchased from JTS Consolidated Properties in December 2013. At that time, the allocated price for the building was $4.2 million.
The complex is made up of four separate buildings totaling about 101,200 square feet, all of which is single story. Tenants include Jacobs Engineering Group, J.P. Morgan Chase, Green Tree Servicing, Paychex, Staples Advantage, Verizon Wireless and CMC Americas.
Occupancy has increased by 11% in the last eight months after some improvements were made, including new paint and common area upgrades. The new owner and the agents involved in the transaction declined to comment on the sale.
Tracts in Ascension sell
Two tracts of land on Airline Highway in Ascension Parish have sold within the last couple of months.
In the most recent deal, C-4 Property Management purchased a 30,797-square-foot tract adjoining the Pecan Grove Office Park at Airline and Old Jefferson highways. C-4 bought the land from Pecan Grove Office Park2 LLC in a sale that closed April 13 for $290,000, or about $9.42 per square foot.
Gary Binns with Realty Executives of South Louisiana represented the seller, and Mark Hebert at Kurz and Hebert Real Estate represented the buyer.
The property has access to parking within the Pecan Grove Office Park, which will allow the new owners to construct about 6,000 square feet of building area without furnishing any additional parking spaces, according to Binns.
In the other transaction, Adam McCarty Properties LLC bought a 2.1-acre tract on Airline just outside the Gonzales city limits from the Succession of Clarence Berteau on March 21 for $570,000, or about $6.25 per square foot.
The site houses a building that was occupied by AAA Rent-All, but the building will be demolished. “The building had no contributory value,” says Binns, who brokered the deal.
The new owner intends to clear the site and develop a 16,000-square-foot center with Adam McCarty State Farm as the anchor tenant.
Tom Cook of Cook Moore and Associates has been an independent real estate appraiser for more than 20 years.
