A 50,000-square-foot shopping center, featuring a mix of national and local retailers, will be built at the site of the former Plantation Inn at Airline Highway and Bluebonnet Boulevard. The site also has frontage on Professional Boulevard.
DKA Eight purchased the property for $4.3 million from Zong Gin Group in December 2005. The purchase was based upon its land value, and the price per square foot for land only calculated to more than $20.
Grey Mullins of Beau Box Commercial Real Estate, which is marketing the property, says the $10 million center should be open by summer 2008. Mullins says the center also will serve the Jefferson Highway and Coursey Boulevard areas.
“The visibility, high traffic counts and excellent demographics of the site make it an excellent quality corner,” he says. “We think this deal will be a great addition to the area which is currently underserved.”
Mullins says the developer intends to put a high-visibility commercial retail use on the site—perhaps a bank or restaurant—to go along with the mix of national and local retailers. Mullins would not identify possible tenants.
New retail project planned
The Government Street site that was formerly occupied by Giamanco’s Restaurant, bordered by Moore and Mouton streets, has changed hands for the development of a new commercial retail center.
Montgomery Management Group purchased the 52,455-square-foot property from BCS Holdings, which had acquired the site in January for $475,000. Montgomery Management Group, which is based in Sarasota, Fla., bought the site for $675,000 on Aug. 28, or almost $13 per square foot.
Montgomery Management Group, was represented by Chad Ortte of Donnie Jarreau Real Estate Company. The sellers were represented by Collier Thornton and Chris Dozier at THR Real Estate Company.
The new owners intend to build two upscale retail buildings being 6,500 square feet. The property is zoned for restaurants and has multiple access for retail use. “We have a few tenants we are in negotiations with already for the first building and probably will start construction sometime next year,” Ortte says. “We looked at stuff from Zachary to West Baton Rouge, and nothing was attractive to the Montgomery Management Group than a potential for new retail on Government Street.”
The principal manager for the group said Government Street reminded him of Magazine Street in New Orleans with great potential for retail development given its proximity to downtown, revitalized neighborhoods and that there has been no new retail in the area.
All Star dealership expands
All Star Properties purchased an adjoining 2.02 acres that was improved with three buildings from the Reulet Family Holdings. The sale took place Aug. 30 for $1.15 million.
There were three buildings totaling 28,885 square feet situated on two lots. The property adjoins the rear All Star Chevrolet and is located directly behind Triple A Rent-All on the service road paralleling Airline Highway near South Sherwood Forest Boulevard.
According to Mark Hebert, who brokered the property, the site was perfect for the dealership because one of the metal buildings would be used as a paint and body shop and the other would be used for parts storage. The sale price calculates to $39.81 per square foot of building area, but that price is deceptive because there was excess land involved.
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