Mahi purchased a 1.2-acre site on Home Depot Drive in Denham Springs for the construction of a new hotel. The site sold for $425,000 or about $8 per square foot. Danny Watts and Scot Guidry at Sealy & Falgoust Real Estate brokered the sale. The site is restricted to 20-foot high structures, so the new hotel will be no more than two stories. The property adjoins the Home Depot near Interstate 12 and has 170 feet of frontage on Home Depot Drive. The new owner could not be reached to determine what franchise will occupy the new hotel.
— Barogon Properties has been assembling properties on Main Street in Zachary next to the Wal-Mart Supercenter for more than a year and a half. They purchased a 46-acre tract in July 2007 and then bought adjoining tracts that had frontage on Main Street. After the assemblage Barogon built a private street stub into the property, creating two corner sites. Raising Canes purchased one corner last year for about $13.50 per square foot. Murphy Oil recently purchased the other corner for $625,000 or about $20.50 per square foot. Murphy will construct a convenience store on the site. Construction should begin sometime later in the summer. Grey Mullins at Beau Box Commercial Real Estate and John Johnson at THR Real Estate brokered the site.
(Appraiser Tom Cook owns Cook Moore and Associates. Reach him at 293-7006 or TCook@cookmoore.com.)
