Cook: Downtown properties sell; Hancock sells another B.R. property
Doug Garland, a commercial broker with Gully, Phelps and McKey Realtors, brokered two separate transactions downtown earlier this month. The first sale was a 12-plex apartment project in Spanish Town at 805 Spanish Town Road consisting of furnished studio units. It sold on June 28 for $760,000, and the deal also included two rental houses at 642 Lucilla Lane and 820 North Eighth St. The 12-plex is known as The Hannie Building which, according to Garland, has an interesting history; it was allegedly a brothel in the 1950s. The sellers, E&W LLC, did not own the property at that time. The property was purchased by Ville Espagnole Properties LLC, represented by Cheri Smith Harrison of Regency Real Estate. The second transaction took place on July 9, and the seller was also E&W LLC, which sold a triplex at 821 North Eighth St. for $140,000. The buyer is a local university employee who intends to live in one unit and keep tenants in the other two. Originally this property consisted of six units, and even served as an LSU fraternity house when the campus was downtown. Garland says the purchase enables the new owner to have a nice place to live downtown and generate some rental income.
—Longtime Baton Rouge residents will surely remember the bank building that was constructed at the corner of Florida Boulevard and South Foster Drive as the American Bank–Mid City Branch. Later, Hancock Bank occupied the 33,000-square-foot building, alongside other various office users. On July 9, the building was sold for $640,000 to D & H Investments, who was represented by B. Clarke Heebe. Austin Earhart, Branon Pesnell and Mathew Laborde with Beau Box Commercial Real Estate teamed up to broker the property. The building was at one time listed as high as $1,395,000. The property has frontage on Florida Boulevard, South Foster Drive and Convention Street. The first floor consists of a branch bank, while the second, third and fourth floors were made to function as office space. At $640,000, the sale price works out to about $19 per square foot. The property is in relatively close proximity to Baton Rouge Community College.
(Appraiser Tom Cook owns Cook Moore and Associates. Reach him at 293-7006 or [email protected].)
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