Perkins Renaissance Development LLC purchased the Perkins Road Hardware property near the Interstate 10 overpass earlier this month with the intention of redeveloping the building, which had been closed since being gutted by a December 2006 fire.
Chad Ortte with Donnie Jarreau Real Estate Company handled the $575,000 sale, which included 18,500 square feet. Ortte says Chris Remson of Remson Haley Architects has been hired to save the building’s façade.
Perkins Renaissance plans to subdivide the building into three spaces, two for restaurant use and the third for a coffee shop or delicatessen. Ortte says significant interest has been expressed from an upscale New Orleans restaurant (below).
In addition to rehabilitating the building, Perkins Renaissance intends to develop a three-story condominium building, which will house four or five upscale units that should sell for about $200 per square foot.
Ortte says the tried-and-true location has been one of Baton Rouge’s premier retail spots for 50-60 years. “There are still some kinks that we need to work out, but renovation of the building should begin within the next three to six months,” he says.
Bank site sells on Corporate
Teche Federal Bank has purchased the lot between Carrabba’s Italian Grill and Chase Bank on Corporate Boulevard for development of a new branch. The site sold for $22.50 per square foot.
George Kurz of Kurz and Hebert Commercial Real Estate Company represented the seller, Towne Centre, and Bill Gremillion at Latter & Blum Real Estate Company represented the purchaser. “The $22.50-per-square-foot figure is the going rate for Corporate Boulevard frontage,” Kurz says.
Teche has four branches in East Baton Rouge and Ascension parishes, including a new location that opened earlier this month in the Wal-Mart Neighborhood Market at Airline and Old Hammond highways.
O’Neal tracts sell
Two sales took place recently on O’Neal Lane.
The second sale took place June 12. Edward Rotenburg and William Middleton with Sealy & Falgoust Realtors sold a 1.35-acre site to TVD LCC for $593,294, or $10 per square foot. TVD intends to develop an upscale automotive service facility.
On June 4, BDN Properties LLC, represented by Jay Prothro, purchased a 1.2-acre site for $520,000, or $10 per square foot, from Edward Rotenburg, who represented Tower Capital Holdings LLC. A strip retail building is proposed for the site.
The $10 price per square foot is the same that AutoZone paid for its site earlier this year, and the third on the O’Neal Lane corridor south of Wal-Mart that closed for that amount.
Dutchtown acreage sells
Prothro also brokered an $883,524.50 sale for a 91-acre tract on Louis White Road in Dutchtown for Beard Properties. The price is $9,700 per acre, and the sale closed June 11. The seller was Donald Smith. Beard Properties would not reveal their site plans, and Prothro says the company purchased the site for investment.
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