Metairie-based investors Nitin and Aparna Kamath, who manage Aztek Holdings LLC, have purchased a 4,200-square-foot office building on a 0.75-acre lot off of Bluebonnet Boulevard for $726,150, according to records filed with the East Baton Rouge Parish Clerk of Court.
Scot Guidry, a real estate agent with Mike Falgoust & Associates Commercial Real Estate, represented the sellers, Basem A. Mousa and Ghada O. Al-Asadi, who live in Los Angeles.
“The buyer looked at it as a good investment and a place to expand his business,” Guidry says, though he adds that the buyer hasn’t made any final decisions about moving into the space at 10532 S. Glenstone Place.
Nitin Kamath manages a software development and consulting firm, but Guidry says he is not sure how the new owners will use the building should they choose to occupy it.
The building consists of four separate but equal-size units, three of which are occupied. Current tenants include a web graphic design firm, a motorized vehicle related business and a non-profit, Guidry says. The new owner either will occupy the currently vacant space or put it up for lease, he says.
Along with holding an option to occupy space within the building, Guidry says, the new owners were attracted by the area’s stability and potential for continued growth.
“He was attracted to it because it’s a freestanding building with its own parking lot, not part of a condominium regime,” which are common on some stretches of Bluebonnet Boulevard, Guidry says.
Real estate agents in the commercial office market have said they’ve seen office space in the Capital Area become more scarce over the past year, a trend they expect to continue in 2015. According to the economic forecast for this year, published by the Baton Rouge Area Chamber, the functional vacancy rate of office space is expected to drop from 7% in 2014 to 3% this year. —Kelly Connelly
