Recently I reported that A T Management Company, represented by Allen Thomason, purchased 200 lots in Keystone of Galvez. On the heels of that sale, they have purchased another 37 lots in Acadiana of Ascension subdivision, which was developed by Right or Wrong several years ago and had 37 unsold lots remaining. The lots sold to Thomason on June 3 for a total price of about $1.26 million. The sale price works out to exactly $34,000 per lot, which is about what was paid for the Keystone deal. A T Management has been buying lots in bulk, and has been relatively successful in selling starter homes. The lot price looks like a relatively good deal, based upon the fact these lots had sold in the $65,000 to $75,000 range.
The closed Shoney’s restaurant on Airline Highway near Interstate 12 has sold for $565,000. The 6,200-square-foot restaurant is on a site containing about 40,000 square feet, and adjoins the Shoney’s Inn Hotel. The sale price calculates to approximately $90 per square foot. The seller was Sholand Properties out of Nashville, Tenn. The purchaser was TNB Real Estate of Walker. The building is on Gwenadele Drive but visible from Airline Highway. Andy Batson and Branon Pesnell with Beau Box Commercial Real Estate combined to broker the transaction. According to Batson, the new owner will open a Chinese restaurant after renovations take place.
(Appraiser Tom Cook owns Cook Moore and Associates. Reach him at 293-7006 or TCook@cookmoore.com.)
