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Local businessperson Matthew Newman has purchased several properties along Government Street in a roughly $1 million investment aimed at bringing a new retail concept to the corridor.
Newman acquired three parcels along the Mid City corridor in a coordinated transaction involving three sellers, with the deals closing simultaneously, according to Alex Ruch of Elifin who represented Newman’s Aubota LLC entity in each transaction. The acquisitions include two buildings at 4308 and 4328 Government St., along with adjacent land parcels at 4316 Government St. and 527 Ingleside Ave. Evan Scroggs of Lee & Associates and Austin Loland of Beau Box Commercial Real Estate each represented separate sellers in two of the deals. Newman paid $380,000 for the building at 4308 Government St., $500,000 for the neighboring building at 4328 Government St., and about $150,000 for the surrounding land parcels.
“I think he plans to invest pretty heavily into sort of renovating and bringing new life to both buildings and the surrounding parking and land,” Ruch tells Daily Report.
The concept for the property was not disclosed but was described as a retail venture designed to complement the character of the Government Street corridor. The redevelopment is expected to take shape over the next 12 to 18 months.
Newman, a Mid City resident, owns a Baton Rouge Ace Hardware store and is the managing partner of Optimize Generator People, a provider of residential generator installation and service solutions.
In a separate transaction, he also purchased the former Lettermans property on Government Street from Steven Perret, president and CEO of Lettermans, for an undisclosed amount. Fabian Edwards of Elifin brokered the deal for the seller in that transaction. Lettermans, founded in Baton Rouge in the 1940s, relocated its print production facility to Denham Springs last May. The property has remained vacant since the company’s departure, and there are no immediate plans for the site.
