Tom Cook: Units in Bois DeChene Condos sell
Ten units in the Bois DeChene development on Perkins Road, including the unit that houses Frankie Marcello’s restaurant, sold Jan. 16 for roughly $1.45 million.
Frankie Marcello’s occupies the old home of Calendar’s restaurant in Bois DeChene, located on Perkins Road near Essen Lane across from Albertsons.
The other tenants in the units sold include Edward Jones, Appraisal Services, Daphne Construction, Frazer and Persac, and GWS Engineering.
The 10 units cover about 12,900 square feet in the development, so the deal works out to about $112 per square foot.
QPS of BR Commercial, represented by Chris Kernion, sold the units, with Scot Guidry of Mike Falgoust & Associates Commercial Real Estate brokering the deal. The purchaser was Zeal Property, represented by Steve Legendre and Joey Canella with Sperry Van Ness | Graham, Langlois and Legendre.
“QPS had owned the property for many years, and he [Kernion] was hesitant to sell as it has been a good investment for him,” Guidry says. “Most of the tenants have been long term, but he is repositioning his investments to other properties, like light industrial use. He did discount the price per square foot slightly because he sold these in bulk. He had sold one and two units at a time for higher prices per square foot.”
The new owner has no immediate plans for its new investment other than to continue renting it.
Retail center on Jones Creek sells
Amazon Properties sold a strip shopping center at 5601 Jones Creek Road to Datta Jones Creel on Jan. 1 for $975,000. The shopping center’s tenants include Salon Tropics, DG’s Bridal, Barbie Nails, Bad Habits and Rukus.
The shopping center encompasses 9,300 square feet, so the sale price equates to about $105 per square foot.
Principal partner Raghavendra Narra represented Amazon Properties in the deal, while principal partner Neal Patel represented Datta Jones Creel.
The property was about 87% occupied at the time of sale. However, Wade Greene of Maestri-Murrell Commercial Real Estate, who brokered the deal for Datta Jones Creel, indicated the purchaser had secured a lease prior to closing with a hair salon called Show Cuts to fill the only vacant space.
Mark Hebert and Troy Burton with Kurz and Hebert Real Estate represented the seller in this deal.
The property was listed for sale for $1.1 million and was only on the market for 59 days before it sold for $975,000. The new owner will hold the property as an investment.
“This was a fairly stable shopping center investment with local tenants that had occupied the property for several years, and it did not stay on the market long,” Hebert says.
Gonzales office building sells
TWD Enterprises has sold a vacant office building at 1227 La. 30-East in Gonzales formerly occupied by Excel Fabrication and Construction.
Highway 30 Gonzales, represented by Melanie Sawyer, bought the building from TWD Enterprises, represented by Thomas Davies. The sale closed on Jan. 7 for roughly $1.26 million.
With the building standing at 9,072 square feet, the deal works out to about $129.61 per square foot. The sale included some excess land.
The building fronts La. 30 East just west of the intersection of South Meadow Avenue and Northwood Street.
The site had a total of 1.08 acres, but roughly 15,714 square feet was vacant and could be sold off for an alternate user or used for expansion, notes Branon Pesnell of Beau Box Commercial Real Estate, who brokered the transaction. The new owner purchased the property as an investment.
Tom Cook of Cook Moore and Associates has been an independent real estate appraiser for more than 20 years.