Tom Cook: Industrial purchase in West Baton Rouge

Industrial purchase in West Baton Rouge

TOM COOK

BOULANGER PROPERTIES LLC

has purchased a 118-acre site off La. 415 in Port Allen. The 118-acre site was zoned C-1.4 industrial commercial and was unimproved at the time of sale. The sale closed Sept. 15 for $2.05 million, or about $17,375 per acre. About 50 acres of the site was determined to be jurisdictional wetlands, indicating a price outside of the wetlands of about $30,150 per acre. Larry Dietz, CCIM with Saurage Rotenberg Commercial Real Estate, brokered the transaction.

“This was an excellent site with frontage on both Lobdell Highway (La. 415) and Court Street. It has excellent potential for a variety of commercial and industrial uses.” Dietz says. The new owner intends to hold the property as a longterm investment.

CREATIVE CRAFTS RELOCATING

If you’re old-school Baton Rouge you will remember the building at 9340 Florida Blvd. as Naylor’s Hardware. Naylor’s sold the building to Broadmoor Presbyterian Church a few years ago and the church renovated it into 10 offices. Some of the building was left unfinished and was used for storage. The building has 8,800 square feet of enclosed heated and cooled area and another 2,800 square feet of covered porches.

When Broadmoor Presbyterian had no more need for it, it decided to sell it. Cade Bogan and Andy Batson with Beau Box Commercial Real Estate offered it for sale and Creative Crafts, a wholesaler of ceramic supplies, purchased it Sept. 21 for $360,000. The sale comes to about $41 per square foot. Creative Crafts will relocate from its existing location at 455 Roselawn Ave.

PIERCE HOUSE HAS NEW OWNERS

The historic Pierce House, located at 427 Mayflower near the Central Business District, has a new owner as of Sept. 17. Gregory and Paulette Hamilton acquired the property for $422,000, or about $147 per square foot. The Hamiltons were represented by Glenda K. Daughety at RE/MAX First, while the sellers were represented by George Bonvillain with Elifin Realty. Like so many downtown residences, this one had been converted to a law office. The 120-year-old converted residence has 2,872 square feet and is situated on a .26-acre lot. The property also includes the original carriage house. What I find really interesting about this purchase is that the new owners are going to convert it back into residential use.

“This is a true gem, a fabulous property. Initially, along with contractors, they thought they would rent it as a duplex,” Daugherty says. “However, their love of the home has grown. They have begun to see the property as a renovated home for their residence.”

Residential services like grocery stores and restaurants have made people take a second look at living downtown. This is not the first conversion from office to residence we have seen near the CBD and I doubt it will be the last.

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