Taco Bell has purchased property located on the north side of Burbank Drive just east of Bluebonnet Boulevard for the construction of a new restaurant.
According to Collier Thornton and Chris Dozier with Thornton, Harvison & Rhodes, who brokered the transaction, Taco Bell had been looking to service this market and decided on a site. Taco Bell paid $728,169 for the 44,838-square-foot site, or about $16.25 per square foot.
The property is located across Burbank Drive from the proposed Wal-Mart Supercenter. Thornton says the success of other fast-food restaurants in the area prompted Taco Bell to purchase this property.
Bank buys Coursey site
Gulf Coast Bank continues to expand its operation, purchasing a 30,000-square-foot site on Coursey Boulevard next to The Chimes East for $480,000, or about $16 per square foot.
The site was owned by Highlander Development LLC, represented by Jonathan Starns of Donnie Jarreau Real Estate Company. Starns says a large tract was subdivided to allow for the selloff to the bank, and the remainder of the property will be developed with a mix of retail and office use.
Gulf Coast Bank’s market president, Gary S. Littlefield, says plans for the site are under development with Grace and Hebert Architects for a 3,000-square-foot office. Those plans should be completed before the end of the year.
Koto relocates to CitiPlace
Chef Derek Chang, who owns Koto of Japan restaurant, had been looking for another site in the area since outgrowing the current location on College Drive just south of Bennington Avenue. Chang settled on the former O’Charley’s/Damon’s site in CitiPlace (below), purchasing the 7,050-square-foot building from JFC Enterprises, in the name of God’s Land LLC, for $1.95 million, or $300 per square foot.
Dottie Tarleton of Stirling Properties, who represented the seller, offered the property for $2 million. George Kurz of Kurz and Hebert Real Estate represented Chang. Kurz says Chang appreciated that the building had been rehabilitated by O’Charley’s. Negotiations are taking place to sell Chang’s existing location.
Industrial activity hot
Several sales have taken place in the Cloverland/Industriplex area.
Ty Gose with Latter & Blum Realtors sold the 12,750-square-foot building currently occupied by Pilkington Glass at 6238 Fieldstone Ave., for $1.17 million, or about $91.50 per square foot. The seller was J&D Cloverland LLC, and the purchaser was J.B. Levert Land Company. Gose says the property was used for a 1031 tax-free exchange.
The building at 11567 Mercantile Dr., that formerly housed DeAngelo’s Casual Italian Dining corporate offices, sold for $120 per square foot. The 4,875-square-foot building was situated on two lots, but the sale included one additional lot that was vacant. The total site area was in excess of 26,000 square feet; the price of $120 per square foot was based on the building size.
The buyer was Ruston-based Lincoln Builders, a commercial builder which plans to relocate from its current site on Pecue Lane. Lincoln’s activity in the Baton Rouge market has increased to the point that it requires more office space. The property was brokered by Trey Williams and Ben Graham with Latter & Blum Realtors.
Comments
Post a comment
(Requires free registration.)