An office building on Bluebonnet Boulevard has sold and it may indicate a trend in office building sales. The 2,462-square-foot building near South Glenstone Place sold for $315,000 in a deal that closed Oct. 31. The sale price per square foot calculates to about $128, lower than what the market had been bringing. Office condos in this area have been as high as $175 per square foot and have typically sold in the $150 to $165 per square foot range. The Bluebonnet building sold was 10 years old and in relatively good condition according to Doug Garland at Gully, Phelps and McKey, who brokered the transaction. The Louisiana Commercial Data Base had indicated that the property was listed for sale at $358,000 prior to selling for $315,000. Obviously the $128 price per square foot was influenced by the age of the building and the quality of the build-out but this is one of the lower prices paid in a while for this kind of property in this location.
(Appraiser Tom Cook owns Cook Moore and Associates. Reach him at 293-7006 or TCook@cookmoore.com.)
