Land purchased for subdivision
Dantin Bruce Development purchased a 16-acre site on Anselmo Lane adjoining Homewood subdivision for the development of a new subdivision. The property was purchased Oct. 3 from American Gateway Bank for $550,000, or about $34,000 per acre. According to Ross Bruce, the first phase will include 39 lots with frontage of about 60 feet. The lots will sell in the $50,000 to $55,000 range, and a “significant number” have been presold. Construction on the development should start within the next 60 days.
SEASIDE DEVELOPMENT PURCHASES PROPERTY
Seaside Healthcare, a psychiatric/behavioral services provider, has purchased a building on Convention Street at North Beck Street for $1.5 million. The seller was D.B.A. Investments. Seaside Development purchased the facility Oct. 15 in the name of BR Hospital RE. Franklin Roemer, CEO of Seaside Development, represented the purchaser. According to Roemer, the facility could one day fit up to 150 beds, so the sale calculates to about $10,000 per bed. Roemer says the property needs significant rehabilitation, and another $1.5 million will be spent in upgrades and renovations. The facility is currently being utilized as a 30-bed psychiatric care facility, which Seaside intends to increase to about 40 beds, and then up to 100 beds in the future. Seaside has grown rapidly over the last 2.5 years. The purchase of the Convention Street property increases its behavioral health facilities to nine, and is expected to increase its employee base to more than 500.
WILLIE'S RESTAURANT PURCHASES NEW LOCATION
The owners of Willie's Restaurant on Cloverland Avenue have purchased an additional site on Coursey Boulevard. The owners, William and Mary Lee Chapman, purchased the site Oct. 15 for $672,500. The 1.05-acre site sold for $14.59 per square foot. The Coursey site is located along the side the United Community Bank building, across from the Sonic restaurant. Willie's serves a combination of Cajun and Creole food. The sale was brokered by Ellis McKnight at Kurz & Hebert Commercial Real Estate.
INDUSTRIAL SITE SELLS
The sale of an 87-acre tract on La. 30 in Geismar closed late last month. The property was owned by AJL Enterprises, which sold the site to Petrochem Properties. The parcel sold for $1,875,000, or about $21,500 per acre. Ben Graham of Waters & Pettit Commercial Real Estate represented the seller. The purchaser was represented by Ty Harvison and Walt Ketchings III of NAI/Latter & Blum Commercial Real Estate. According to Ketchings, the new owners plan to subdivide the property and sell industrial lots in the near future. The site on La. 30 is just north of its intersection with La. 73. “Industrial development in the corridor and future plant expansions spurred the purchase of this property,” Ketchings says.
BURBANK SITE SELLS
Chris Shaheen with Saurage Rotenberg Real Estate closed Oct. 15 on a Burbank Drive property in the name of Burbank Oasis. The seller, Pie Inc., sold the 9.97-acre site for $700,000, or about $2.64 per square foot. Shaheen intends to develop a four-lot, planned-use development, with a restaurant/bar on the front street and a sand volleyball facility on the rear. He also intends to sell the remaining two parcels for a retail shopping center development and a multifamily residential development. The sale price does not include wetlands mitigation and fill cost. Site work and construction on the recreational portion of the property should begin by the end of the year.
The Clerks of Court Retirement & Relief Fund purchased a pad site Oct. 11 at 10202 Jefferson Highway. The seller, JTC Jefferson, closed for $265,000, or about $66.25 per square foot. This office condominium development includes four separate pad sites. The site for the Clerks of Court Retirement & Relief Fund has visibility from Jefferson. The seller was represented by Justin Langlois of Mike Falgoust & Associates. The purchaser was represented by Scot Guidry of Mike Falgoust & Associates.
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