New Siegen retail planned
Kevin Nguyen has purchased a site on Siegen Lane, just north of Industriplex Boulevard, to develop a retail shopping center. This will be Nguyen's third retail shopping center on Siegen Lane. The success of the other two centers led him to purchase the site and continue developing retail in that area.
The new center, which will be known as Siegen Place Shopping Center, is currently under construction. The first phase of the center will encompass approximately 12,573 square feet, and currently has commitments from Mattress First for about 3,700 square feet and a New Orleans restaurant owner for 1,600 square feet.
Arkel is the contractor and is currently clearing the site. The property should be completed by December of this year.
According to Charlie Colvin with Beau Box Commercial Real Estate, who is marketing the center for lease, there are three 1,600-square-foot spaces available and one end-cap space of 1,800 square feet available.
Colvin has had strong interest at rental rates quoted at $27.00 per square foot and up. “Over 50% is occupied and we haven't even finished clearing the site,” he says. “The traffic counts on Siegen Lane and the high visibility of the center should allow us to fill the space quickly. We have significant excess parking. Parking requirements for retail use mandate three spaces for every 1,000 square feet, and we have six spaces for every 1,000 square feet.”
The construction of the center is unique among shopping centers.
“We have two large towers, and the majority of the center will be masonry construction,” Colvin says. “It will be similar to what Kevin [Nguyen] developed just south of this site, in front of the Target Center, which is occupied by Verizon and Federal Express. The center will be similar in design, only better. With the calls I'm getting, we expect to be fully leased quickly.”
Building brings high price
Scot Guidry and Grey Hammett with Mike Falgoust & Associates brokered the sale of an office warehouse building at 15555 Airline Highway.
The 10,000-square-foot office/warehouse building sold for $1,025,000, or $102.50 per square foot.
According to Scot, the interior office finish was significantly better than average. The interior had hardwood flooring, a kitchen with granite countertops, stainless-steel appliances, and 18 offices.
The building is about 50% office space and 50% warehouse space. The facade is a Mediterranean style with a clay tile roof.
The seller was Garcia Management Group. The purchaser was Jefferson Street Partners. Scot Guidry and Grey Hammett with Mike Falgoust & Associates represented the seller.
Phil Foster with Jerry del Rio Real Estate represented the purchaser.
The sale closed June 19.
Tract on Bluebonnet sells
A 1.07-acre tract on the west side of Bluebonnet Boulevard has sold.
The property was owned by Oceania Mae Cuny Scardina, who sold it to Foothold II. The sale closed on June 19, with the property selling for $450,000, or $10.16 per square foot.
The site offers more than 200 feet of frontage on Bluebonnet Boulevard and is influenced by the overlay district. The site will most likely be developed with an owner-occupied medical office building. Representatives of Foothold II did not reveal their immediate plans for the site.
MidSouth buys two sites
When Hancock Bank merged with Whitney Bank, they were left with several duplicate branch site locations.
MidSouth Bank has purchased two of the branch bank sites, one on South Sherwood Forest Boulevard and the other on Jones Creek Road.
The South Sherwood Forest Boulevard building is at the corner of South Sherwood Forest Boulevard and Bricksome Avenue, and it sold for a total price of $650,000, or $216 per square foot. The 1.8-acre property included the branch bank containing about 3,000 square feet and a drive-thru facility that added another 1,500 square feet.
That sale closed June 6.
In a related transaction that same day, MidSouth Bank also bought a branch bank site on Jones Creek Road previously occupied by Whitney Bank. Sale price was $350,000. This branch bank contained about 3,200 square feet, so the sale price calculates to a little over $109 per square foot.
Matt Laborde and Branon Pesnell of Beau Box Commercial Real Estate represented Whitney/Hancock Bank, and MidSouth Bank was represented by Austin Earhart of Beau Box Commercial Real Estate on both sales.
MidSouth Bank will occupy both branch banks.
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