Jasper Enterprises has sold 6.2 acres on Oak Villa Boulevard to J.J.L. Development for $500,000, or about $1.85 per square foot, in a deal that closed Oct. 14.
The seller was represented by Edward Rotenberg of Sealy & Falgoust Real Estate Company, and the buyer was represented by Jonann Stutzman of JTS Interests. J.J.L. Development is related to Orion Instruments, which designs, manufactures and sells sensing and processing instrumentation that provides protection, information and control to satisfy application needs for customers.
The site includes 400 feet of frontage on Oak Villa Boulevard, which runs east and northeast of Cortana Mall. Orion has expanded and needed additional space, and it plans to build an office to house its instrumentation operation.
Rotenberg says the new owner thought the site was well suited for the development of a new building because of its M1 [light industrial] zoning and central location. Construction should begin by the end of the year.
Mercantile site sells
K.B. Mercantile has purchased two lots totaling 22,571 square feet on Mercantile Drive in Commerce South subdivision from Ruston-based Graham Brothers for $155,000, or about $6.87 per square foot, in a deal that closed Oct. 9.
The buyer was represented by Randy Loupe, and the sale was brokered by Trey Williams of NAI/Latter & Blum Real Estate Company. Graham Brothers had purchased the property several months ago in conjunction with the adjoining office building now occupied by Lincoln Builders. The new owner plans to build a speculative office warehouse building on the site.
Ivy Courtyard condos sell
Wyoming Street has purchased the 22-unit Ivy Courtyard condominiums (below) from Teche Federal Bank for $1.35 million, or $60,000 per unit, in a sale that closed Oct. 15.
Teche had taken back the complex, at 3350 Wyoming St., several months ago in a sheriff’s sale. According to representatives of the bank, the interior of the units had been significantly rehabilitated with granite countertops, custom lighting, tile and stone flooring and upgraded cabinetry and trim work. The targeted sale price for the condos was $120,000 to $130,000.
This was considered a good deal for both parties. Teche was able to recoup its investment, and the new owner appears to be making an excellent purchase.
Marcello’s building sells
Chad Ortte and Michael Lang have purchased the building currently occupied by Marcello’s Wine Cellar for $550,000, or about $138 per square foot of building area, from EMWW in a deal that closed Oct. 17. The transaction consisted of a sale and a lease-back.
The site, at 3911 Perkins Rd., consists of 12,649 square feet, including a 3,982-square-foot building. EMWW is owned by Marcello’s Wine Cellar, which will continue to operate its retail wine operation in the building.
