Cook: Here’s something else besides the flood (or politics)
Here’s something I said a lot during my Thanksgiving holiday: “Let’s talk about something else.” I even had a banner that hung from my bannister that said “Political Free Zone.”
I am a little weary of writing about the flood and talking about politics, so I am going to leave those two topics alone and think about something else. How about we discuss some recent land sales of interest?
Back on Oct. 28, Bristol Holdings LLC, represented by Arthur P. and Richard R. Metrailer, sold a 2.9-acre site on Siegen Lane to Siegen Retailers LLC, represented by Ernest Michael and Linda Abele Long, for roughly $2.54 million, or $20 per square foot. The site fronts Siegen Lane just south of Bristol Place Boulevard.
The deal was brokered by George Kurz at Kurz & Hebert Commerical Real Estate and David Trusty with Gully, Phelps & McKey Realtors.
The new owners intend to develop the site with a combination of both professional office and retail use. The sale price per square foot was lower than other recent sales along Siegen Lane, but according to Kurz, the property is influenced by a cross-access agreement in favor of other adjoining lots.
“The usable area of the site was impacted by the cross-access agreement, so the seller was willing to take a lower price per square foot,” he explains.
ASCENSION PLOT SELLS
Earlier in the month, Cajun Industrial Design LLC sold an 8.14-acre tract near the intersection of Interstate 10 and La. 73 in Ascension Parish to Office Park 73 LLC for $3.5 million.
The site, located at 14105 La. 73 in Prairieville, is visible from I-10 and has a 6,124-square-foot office building on it. The building will be removed to make way for a 60,000-square-foot medical building.
The sale was brokered by Kurz and Britt Harrison at NAI/Latter & Blum. Kurz actually formed Office Park 73 LLC to purchase the property, and fought through all of the parish and state requirements to get the approvals necessary for the site to be developed.
The property went under contract to be purchased in December 2015, and the contract was subject to the property being rezoned from MU2 to the less restrictive zoning classification of MU. In the end, though, the property was rezoned to a small planned unit development, or SPUD. Under SPUD zoning, the developer submits plans that allow the parish to see more clearly what will be built on the site and have a little more control over the development of the property.
The deal had some other hurdles to get over as well. It required curb cut approval from the parish and state, and it was encumbered with about a half acre of wetlands that will require mitigation. Ascension Parish also requires that drainage mitigation be done on site, so the small pond that exists on the property will be enlarged to do so.
At $10 per square foot, the sale price is pretty healthy for an 8-acre site.
“The site was the right location, and after we got the right zoning and curb cut it met all of our requirements,” says Kurz. “So the deal made good economic sense.”
Tom Cook of Cook, Moore and Associates has been an independent real estate appraiser for more than 20 years.