A group of investors has purchased the former Pepsi distribution center at 18350 Petroleum Dr. in the Highland Business Park for $2.5 million and plan to renovate the investment property for a new tenant.
In a joint venture, Aquila Ventures LLC and Adestra Properties LLC purchased the approximately 5.4-acre site through a limited liability company called Petroleum Drive Investment, according to sales documents. The seller is listed as P-Americas LLC of White Plains, New York. Evan Scroggs of Latter & Blum represented both the buyer and the seller. The deal closed on Thursday.Â
Adestra Properties principal Donato Mucciacciaro says his investment group has already received four letters of intent for the property and they hope to select a tenant soon, possibly within the next month.
The office and warehouse facility spans about 36,125 square feet and has a large laydown yard. Mucciacciaro says the site is ideal for a distributor.
“We love the area—south Baton Rouge. It’s got great access to and from I-10 and Airline Highway,” he says.Â
Mucciacciaro says he and his partners plan to spend between $300,000 and $500,000 on improvements and deferred maintenance for the property.
Adestra Properties, a company Mucciacciaro owns with his father and sister, owns 50% of the investment property. Aquila Ventures, which is owned by Jeff Torrance and Matthew Torrance of Salco Construction, holds the remaining 50% interest in the property.
—Alexandria Burris Â
