BusinessReport.com

Richard Preis has been extremely successful in assembling properties formerly owned by his family. He developed a tract in north Baton Rouge originally purchased by his great uncle, Rafe Mayer, in the early 1900s and turned it into Howell Place.

Mayer acquired the site before Exxon’s existence. The family then sold off small portions of the property over the years that Preis reacquired and turned into his development off Harding Boulevard and Interstate 110.

Preis has now done the same thing with a piece of property in downtown. He acquired bits and pieces of land until he purchased the entire block bordered by State Capitol Drive, North 6th Street, North 7th Street and Lakeland Drive. Interestingly, he inherited a portion of the property from descendants of his great uncle.

Preis began acquiring the rest of the block in early 2006, purchasing various interests from the Brousseau family. Last month, he purchased one of the final pieces of the puzzle, a site that looks out onto the State Capitol gardens. The entire site totaled 1.77 acres, and the investment totaled about $733,500.

“I had to deal with about 50 heirs over a five-year period, but I recognized the value of this property,” he says. “Where else in Baton Rouge can you go and purchase a site that overlooks the Capitol grounds?”

Preis’ efforts seemed to have paid off. He is in the city block for less than $11 per square foot when other downtown tracts have sold for more than $50 per square foot—none of those overlooking the Capitol grounds. Preis would not reveal plans for the property, but he intends to do something that would complement the area and take advantage of the demand created by the State Capitol.

Highlandia site re-sells

In April 2002, a partnership headed by Dr. Narashima Reddy Chandamuri purchased a 2.412-acre tract located directly behind a service station and convenience store near Highlandia Drive and Highland Road just off Interstate 10 for $860,000, or about $8.20 per square foot.

The partnership resold the property to Daisy Hill Investments of Shreveport, represented by Turner Industries, for $14 per square foot. The sale closed Oct. 31. The property was brokered by Mark Hebert of Kurz and Hebert Commercial Real Estate.

Hebert says a building designed by Trey Trahan Architects will be built on the site and will be partially occupied by Turner Industries. The building is expected to be 20,000 square feet with 200 parking spaces. The property is zoned C2, and is located outside the flood hazard zone, so it is prime for development.

Gonzales corner site sells

Andy Batson with Beau Box Commercial Real Estate sold a 10-acre site at La. 30 and La. 44 in Gonzales for $1.6 million, or $2.30 per square foot. The seller was Summer Chase Limited Partnership, represented by Trammel Crowe.

Batson says the Narra Family purchased the property strictly as a speculative investment and has no immediate plans for the site. The property measures 400 feet on La. 30 and 1,800 feet on La. 44.

Restaurant building sells

The restaurant building originally constructed for occupancy by Zippy’s and now occupied by Fernando’s Restaurant has sold. Jonathan Starns and Troy Daigle with Donnie Jarreau Real Estate brokered the transaction. The seller was Highlander Development, and the purchaser was Lieux LLC.

The building contains 3,300 square feet and sold for $819,500, or about $250 per square foot. Fernando’s will continue to occupy the building under lease. Starns says the new owner purchased the site as an investment and intends to continue leasing to Fernando’s as long as they wish. Lieux recently sold a building, which was occupied by Wells Fargo on Perkins Road and exchanged into the restaurant building.