When Richard Preis began developing Howell Place several years ago, the original purchase included a 47-acre portion of the property situated on the south side of 72nd Avenue that was zoned M1. This was one of the last remaining tracts within the city limits that was zoned M1, which allows light manufacturing, fabricating, processing and wholesale distribution activities near or adjacent to major thoroughfares or railroads.
Several interested parties had looked at the property over the last several months, some offers were submitted, and now a sale has taken place. Preis says his company, Maxco Development, sold the site to HP South, which was represented by Gary R. Gibbs, for $6,180,118, or $3 per square foot.
“The other, more recent sales along Howell Boulevard have been in the $8 to $10 per square foot range, but this was a larger tract so I was willing to bulk sale it,” Preis says. “When I closed this sale, we topped $20 million in total sales from the development and nobody believed in me when we started. But they are starting to believe now.”
The new owner will develop the site for several different uses, including a recreational facility, an assisted-living complex that will encompass 269 units, and some mini-storage units.
Preis also indicated that several hotels will begin construction along Howell Place Boulevard by the end of the year. “With the new hospital, clinics, hotels, etc., going into Howell Place, over 4,000 jobs have been created in and area that needs economic development,” he says.
Gonzales site sells
A 2.1-acre Gonzales site at 1226 North Airline Hwy., just south of La. 44, sold for $625,000, or about $7.15 per square foot, to Janean LLC, represented by Naser Abudyak. The seller was Spalco Inc., represented by Pam and Shane Martinez.
Don Hanna with Sealy Falgoust Realtors brokered the transaction. He indicated the new owner intends to develop retail on the site, which has 241 feet of frontage, allowing for a free-standing retail building along Airline Highway and strip retail use to the rear of the property.
Sherwood Commons sale
A two-acre site on Sherwood Commons Boulevard was purchased last month for the construction of some office distribution “flex” space. The seller was an LLC owned by Paul Pirello, and the purchaser was John Young. Bill Simon brokered the transaction for Latter and Blum Realtors. “The idea is to do good quality flex space that can incorporate some storage and office use,” Simons says. The property is located across Sherwood Commons from Mercedes-Benz of Baton Rouge and closed for around $7.50 per square foot.
Perkins site sells
A 15-acre tract located on the north side of Perkins Road between Oakbrook Drive and Oak Creek subdivision has sold to Norman Kane LLC, which was represented by Deumite Construction owner Norman Deumite. The sale price of $2,850,000 calculates to about $4 per square foot. The property was owned by Eugene Haynes Chidester Family.
The property was offered for sale through a request for proposal process, where potential purchasers are contacted and offers are requested. Several other local developers had interest in the site, and the Norman Kane transaction brought the highest price for the seller. Sources close to the transaction indicated that portions of the property will require some rather extensive site work, but the purchaser thought the location supported the price per square foot paid.
The site, located between Siegen Lane and Bluebonnet Boulevard, is prime for several development possibilities. At the time of the sale, the land was zoned A1 for single-family residential development.
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