Quail Run Office Park Condos has been known as a well-established office condominium development since its inception in the late 1990s. One of the nicest units in the development was Unit No. 6, originally constructed for Jim Tanner, a local real estate investor. Tanner sold the unit years ago after he moved out, and Simon Corp purchased the property. Simon Corp has now sold the unit to Z squared, represented by John T. Joubert, a personal injury attorney who will relocate his practice to this building. The sale took place late last month for a total price of $577,500. The building contains about 3,251 square feet, bringing the price to about $177.50 per square foot — one of the higher prices paid for an older unit. According to George Kurz with Kurz & Hebert Commercial Real Estate the building brought a higher price per square foot because of its quality. The unit had 8-foot Cypress doors, slate floors and Cypress crown moldings throughout. “It was nicely appointed executive space, defiantly built for owner occupancy and not for rent,” Kurz says. The sale proves that good quality buildings are still bringing high dollars even in the slower real estate market.
— A few months ago the Shoney’s restaurant on Siegen Lane closed. Shoney’s built the restaurant on an out parcel of Siegen Village Shopping Center several years ago. Andy Batson and Branon Pesnell with Beau Box Commercial Real Estate marketed the 5,350-square-foot building, which sold last week for a total price of $850,000 or $158.88 per square foot. The purchasers were Zheng Pelican Properties, who own and operate several Chinese buffet restaurants around Baton Rouge and New Orleans, including the Chinese Buffet across from the Mall of Louisiana and Super Buffet in Siegen Village, directly behind Shoney’s. According to Box, Zheng Pelican will relocate a Chinese buffet restaurant in Shoney’s as soon as they redo it. The building suffered some roof damage from Hurricane Gustav and the interior will need to be updated. “The buildings bones are good, and the location and visibility are excellent so it should be a good move for the new owners,” says Box.
(Appraiser Tom Cook owns Cook Moore and Associates. Reach him at 293-7006 or TCook@cookmoore.com.)
