Bardwell Development, represented by Princeton and Scott Bardwell, has a knack for finding properties in excellent locations and then developing projects that exceed most others in the Baton Rouge market. The father-and-son team developed Providence on Highland Road, and it did an excellent job of preserving the live oak trees that were once part of the original Kleinpeter homestead.
A similar plan has been made for Bardwell Development’s latest project, Stanford Oaks. The 5.4-acre parcel at the northeast corner of Stanford Avenue and South Lakeshore Drive was purchased in November from the Jolly family for about $2.2 million, or a little more than $400,000 per acre.
“No doubt we placed a high value on the property,” Scott Bardwell says, “but we see it coming back in spades with our work to preserve the specimen live oaks, the views of University Lake and an unbeatable location.” Fourteen lots will be available, initially priced from $250,000 to $400,000.
The development has set aside about three-fourths of an acre of common area to preserve the live oaks and gigantic cypress trees. A natural area along Stanford Avenue also will have places to view the sunset over the lake. The neighborhood will have homes built to strict architectural standards, similar to Providence, and complementary six-foot brick sidewalks. The roadway—Stanford Oaks Avenue—has been designed to allow for preservation of almost all of the trees of historic value.
“Our family has been developing property in the Baton Rouge area for three generations,” Bardwell says, “and we are committed to bringing a quality project to a very special piece of real estate.”
Dorsey Peek with RE/MAX First will act as listing broker. For more information, visit stanfordoaksbr.com.
Mammoth building sells
Tower Capital Holdings, represented by Nick FaKouri, has sold an 11,200-square-foot office warehouse on Mammoth Drive to Louisiana Commercial Data Base for $446,700, or $29.40 per square foot. The seller was represented by Scot Guidry with Sealy and Falgoust Real Estate.
According to listing information, the building has 9,200 square feet of warehouse space with a loading dock and 2,000 square feet of office space. It also has 16-foot eave heights. The sale included a 4,000-square-foot storage building with a 24-foot eave height.
Louisiana Commercial Data Base reported the property had a net operating income of $44,929, which would indicate an overall capitalization rate of more than 10%. That’s not a bad return for the new owner, and one of the higher returns on this type of building in the Baton Rouge market.
Tower Capital Holdings was updating its inventory, and it had owned this building for several years.
Cane’s buys Cortana site
Flor-Line Associates has sold a .77-acre site on the northwest corner of the Florida Boulevard service road and Centerway Boulevard to CAN-TEC for a new Raising Cane’s restaurant at the entrance to Cortana Mall. The sale price was $345,830, or more than $10.20 per square foot. Mark Hebert with Kurz and Hebert Real Estate brokered the transaction.
The site has 170 feet of frontage on the service road and about 180 feet of frontage on Centerway Boulevard. It is located across the boulevard from a Burger King. Raising Cane’s intends to begin construction within six months.
