Tom Cook on real estate

Lake Park shopping center sells

TOM COOK

THE LAKE PARK strip shopping center sold June 7 for $1.37 million, or about $110 per square foot. Joey Canella with Stirling Properties was the listing agent and represented the seller, Parkland Properties LLC. The purchaser, Oriental Pearl BR LLC, was represented by Steve Gao with REMAX Issue Date: July 2021 Ad proof First. The center has remained #2 • Please respond by e-mail or fax with your approval or minor revisions. fairly well occupied and even • AD WILL RUN AS IS unless approval or final revisions are received within 24 hours maintained a 92% occupancy rate from receipt of this proof. A shorter timeframe will apply for tight deadlines. • Additional revisions must be requested and may be subject to production fees. during the pandemic. Carefully check this ad for: CORRECT ADDRESS • CORRECT PHONE NUMBER • ANY TYPOS This ad design © Louisiana Business, Inc. 2021. All rights reserved. Phone 225-928-1700 • Fax 225-926-1329

“We had one large 3,000-squarefoot tenant vacate and subdivided that space into three 1,000-squarefoot spaces. That brought us a lot of activity,” Canella says.

The center is populated with mostly local tenants including Pocorello’s Cupcake Junkie.

11800 INDUSTRIPLEX BLVD.

This is an interesting deal because of its history. The building sold June 8 for $430,000, or about $66 per square foot. This is Unit 1 in the Metro Center, one of the first, if not the first, light-industrial condominium developments in Baton Rouge. The Metro Center was constructed on a parcel within the Industriplex subdivision. The subdivision was developed in the early 1980s by Jim Sumrow, and was marketed by the real estate brokerage company Reynolds, Sumrow and Scruggs. Mike Falgoust was an agent with the company and marketed much of the development.

“We were marketing the development in the early 1980s, and I remember the interest rate was 18 percent,” Falgoust says. “Mr. Sumrow built the Metro Center speculatively, and it was the first tilt-wall concrete building built speculatively.”

Scott Guidry with Derbes Falgoust Commercial Real Estate acted as listing agent for the seller, Reynolds Metro LLC. “This is the last unit owned by one of the original owners in the Metro Center project,” Guidry says. The buyer was 8865 Property Hold LLC. Phillip Cazayou with Pennant Real Estate represented the purchaser as broker. Representing 8865 Property Hold LLC was Kelwin Clark, president of ISCOLA Inc., an industrial valve company that also owns a building on Sunbelt Court. ISCOLA will expand into the Metro Center unit.

ANTONIA CONDO PLAZA UNIT SELLS

Landsaf Properties LLC, represented by Jason Safford, sold a 2,211-square-foot unit at 4463 La. 1 South in Brusly. The sale closed June 1 for $420,000, or about $198 per square foot. Donnie Jarreau with Jarreau Real Estate acted as broker for the seller. Safford developed Antonia Condo Plaza and has been successful in generating occupants like the Lake After Hours clinic and Peak Performance Physical Therapy. The purchaser was Broaden Properties LLC, represented by Tory Deshotels. Clinton Shepard with NAI/Latter & Blum Commercial represented the purchaser as broker. “The new owner intends to continue to rent the property to Lanoix Insurance and has no plans to change the property at this time.” Shepard says.

Tom Cook of Cook, Moore, Davenport and Associates has been an independent real estate appraiser for more than 20 years.

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