3 minute read
Tom Cook: Townhouse development planned
Townhouse development planned
TOM COOK
CEDAR GROVE Townhomes LLC on Sept. 20 purchased a 22.64-acre tract on Old Jefferson Highway for a new townhouse development.
The property, 14810 Jefferson Highway, is on the south side of Old Jefferson north of Antioch and close to the planned extension of Jones Creek Road. The listing identifies it as a four-minute drive from Rouses in Long Farm and six minutes south of the Woman’s Hospital complex. The property had been listed for $4.585 million, or around $5 per square foot.
According to the Louisiana Commercial Database, the property stayed on the market 1,128 days and closed for $4.02 million. The seller was the Safford family and the purchaser was Cedar Grove Townhomes LLC represented by Ross Bruce of Dantin and Bruce Development. The property was listed by Mark R. Segalla and Matthew Laborde with Elifin Realty. At the time of sale, the property had been improved with a single-family residence and multiple barns, which will likely be demolished.
According to the purchaser, the property has been rezoned from rural to allow for townhouse development.
The activity generated by Long Farm and the services provided by Rouses along with nearby restaurants have sparked demand for residential properties in this corridor. Construction of the subdivision should begin later this fall.
RETAIL BUILDING IN ZACHARY SELLS
The three-suite retail building at 4908 Main Street in Zachary just east of La. 19 sold on Sept. 21. The 4,000-square-foot, 20-yearold strip center was listed for $500,000 and closed for $470,000, or about $117.50 per square foot. The property is a fairly standard retail building with a metal structure and a brick veneer facade. The seller was JoAnn Sanchez, and the purchasers were Brandy Ly Tran and Samnang Chuob. Both the seller and the purchaser were represented by Andrew Kennedy with Covington and Associates Real Estate.
“The center had two of the three suites occupied at the time of sale to a hair salon and finance company,” Kennedy says. “The seller had owned the property for over 20 years and decided it was time to sell. The new owner called me as soon as I put my sign on the property and we had a purchase agreement signed very quickly. The new owner is looking to acquire real estate and this fit their portfolio.”
The new owners will continue to rent the property and offer the vacant unit for lease.
Tom Cook of Cook, Moore, Davenport and Associates has been an independent real estate appraiser for more than 20 years.
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