Americana changes hands: A 414-acre site on La. Highway 64 west of Zachary has been purchased by a group of investors from a bankruptcy trustee for $7.1 million. Old Towne Development Group, made up of John Engquist, Patrick Campesi and Michael Campesi, bought the site after getting approval from a bankruptcy judge last week, says Ashley Moore, Engquist’s attorney. New Towne Development Group, the corporate entity that oversaw the proposed Americana TND, defaulted on its mortgage and a suit was filed to put it into involuntary bankruptcy. Old Towne was formed last year to purchase the mortgage and buy the property out of foreclosure. Of the sale price, $6.7 million went toward crediting Old Towne for buying the mortgage.
Still building: Baton Rouge saw a 3% increase in construction jobs over the past year, tied for third-most in the nation, according to the Associated General Contractors of America. Columbus, Ind., was first with 14% growth, while Anderson, Ind., was next with 6%; Baton Rouge was tied with Tulsa, Okla., and Longview, Wash., for job growth from August 2008 to August 2009. The AGC says 324 of 337 metro areas lost construction jobs.
Good investment: Less than a week after it opened, the SpringHill Suites by Marriott in Howell Place has been sold for $15.1 million. Apple REIT Nine, a real estate investment trust based out of Richmond, Va., bought the 119-room hotel in a deal that was filed last week. Apple invests in Marriott and Hilton branded hotels.
