A Denham Springs commercial development company has purchased an empty, single-story office building on O’Neal Lane for $1.43 million and has leased the building to a tenant for specialized clinical use.
3 B Development LLC, represented by broker Michael Pou of the New Orleans-based Talbot Realty Group, bought the roughly 11,000-square-foot building at 2077 O’Neal Lane from Stateland LLC.
Douglas Ferris, an associated broker with RE/Max First Real Estate in Baton Rouge who represented the seller, says Stateland purchased the building, located just south of Interstate 12 near Wal-Mart, from State Farm for roughly $1 million several years ago.
3 B Development LLC, on the other hand, paid $130 per square foot for the building. “They got a pretty good return on their investment,” Ferris says.
Pou says the purchase was not a speculative buy.
The office building was initially available for lease, he says. However, 3 B Development LLC already had a tenant lined up and chose the O’Neal Lane building after searching the market for a suitable site for the tenant.
The limited liability company negotiated the sale price through the listing agent, Pou says, adding that the deal was attractive because of the end user.
“We had a tenant lease already signed by closing,” he says.
Ferris won’t divulge that tenant’s identity, except to say the building will be for medical use and is undergoing renovations.
The deal closed Dec. 9 and was filed with the East Baton Rouge Parish Clerk of Court on Wednesday.
—Alexandria Burris
