Convenience coming: A Baton Rouge investor has purchased about 2 acres at the corner of Nicholson and Ben Hur drives to develop an Exxon On The Run gas station and convenience store. BR Airline Holdings bought the land for $1.17 million in a deal that closed last week. The seller is listed as University Pud LLC. The buyer plans to develop the property to expand his portfolio of convenience stores, according to a Berkshire Hathaway Commercial Real Estate news release. Travis Thornton with Berkshire Hathaway Commercial Real Estate-Louisiana represented the buyer. Andrew Batson with Beaux Box Commercial Properties represented the seller.
A growing list: Add pipeline companies to the list of individuals and entities upset provisions in the GOP tax bill, FuelFix.com reports. In a letter last week the Interstate Natural Gas Association of America, which represents the likes of Enbridge and Kinder Morgan, asked House Republican leaders to adjust a provision within the Senate version of the bill limiting how much interest they can deduct. INGAA President Don Santa said projects require billions of dollars in capital investments and the provision could result in significant debt for companies. The cost could be passed along to consumers, he added. It’s unclear if the provision has been adjusted. House and Senate Republican leaders reached a deal on a compromise tax plan today. Read more.
On the rise: The Federal Reserve is raising its key interest rate for the third time this year and foresees three additional hikes in 2018, a vote of confidence that the U.S. economy remains on solid footing more than eight years after the end of the Great Recession. The Fed said today that it’s lifting its short-term rate by a modest quarter-point to a still-low range of 1.25% to 1.5%. It is also continuing to slowly shrink its bond portfolio. Together, the two steps could lead over time to higher loan rates for consumers and businesses and slightly better returns for savers. Read more.
