When Grey Hammett with Sealy Falgoust Realtors visited Miami last year, he returned to Baton Rouge with a concept that had not been tried in the local market.
Hammett’s idea was to build office warehouse condominiums (below) and make them available for sale. He chose a site at Cloverland Avenue and Cloverland Court, off Airline Highway, for the construction of a 12,000-square-foot complex, which was subdivided into 1,500- to 2,300-square-foot units.
The construction was significantly better than a standard office warehouse. Hammett used post tension slabs, the office areas have 10-foot ceilings with wide crown molding, doors are glass storefront-type and the exterior has architectural metal. The eave heights in the warehouse area are 18 feet.
According to Hammett, the office warehouse condos have all sold for about $98 per square foot, including the most recent sale, which took place Feb. 8. AMH purchased Units D and E, about 4,408 square feet, for $432,000.
“The cost of operating is about $130 per month,” Hammett says, which includes exterior maintenance, insurance, water and sewer service. All of the units were sold before construction was completed, and Hammett intends to develop a similar project in the future.
Perkins tract sold
A 4.45-acre tract on Perkins Road between Essen Lane and Bluebonnet Boulevard has sold for $1.42 million, or about $7.30 per square foot.
The sellers were Hays Town Jr. and Paulson Armstrong, and the buyer was 8220 Perkins Road LLC, a California investor. Ty Gose with NAI Latter & Blum Realtors brokered the deal.
The new owner has no definite plans for the property, Gose says. “The new owner may subdivide the site and resell a portion of the property.”
Sam Vista Apartments sold
A garden apartment complex, Sam Vista, located at 5665 McClelland Drive between Airline Highway and Hollywood Street, sold Feb. 1 for $1.6 million, or about $21,000 per unit for 75 units.
The seller was Sam Vista LLC and was represented by Reggie D. Winfield. The new owner is Paul Judge.
According to sources close to the transaction, the property required about $75,000 in rehabilitated deferred maintenance.
Siegen office condo sold
Gregg Flores with Flores Development purchased a site at 9191 Siegen Lane just south of Perkins Road about 18 months ago in order to develop office condominiums.
Flores says it took a few months for plans to be approved and make the properties available for sale, and construction took about eight months. Since then, six of the eight units have sold, the most recent being the sale of Unit 8 to LJ Palmer Properties LLC to a CPA firm. The 2,420-square-foot building sold for $419,000, or about $175 per square foot.
Flores says the two builders that remain available have had lots of activity, and he expects a sale within 60 to 90 days.
Apartment complexes sell
Two apartment complexes, 313-unit Copper Ridge on Lobdell Boulevard and 246-unit Magnolia Ridge on North Harrell’s Ferry Road, sold last month for $16.5 million, which calculates to $29,500 per unit.
The seller was Sheltering Palms-Baton Rouge LLC. The new owner is NHP LLC. Both complexes are under a regulatory agreement with the Louisiana Community Development Authority to serve low-income tenants under Tax Free Mortgage Revenue Bonds.
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