Sales of undeveloped sites in Beauregard Town are rare because there is so little vacant land available in the downtown area neighborhood. But on Monday an undeveloped site at the northeast corner of America and Napoleon streets sold for $550,000. Clay Johnson and Bobby Smith of NAI/Latter & Blum Commercial Real Estate marketed the site for over two years before it was purchased by Beauregard Quarters LLC from America Street Properties LLC. The site was listed for $570,000, but sold for $20,000 less. At 36,864 square feet, the property’s sale price works out to about $14.92 per square foot. The tract was made up of three adjoining lots and has 192 feet of frontage on both Napoleon and America streets. It is currently zoned A4, which would allow for multifamily development. The purchasers were represented by Chad Rigby with Stream Realty Partners. Rigby declines to say what the new owner intends to do with the site.
(Appraiser Tom Cook owns Cook Moore and Associates. Reach him at 293-7006 or TCook@cookmoore.com.)
