- November 10, 2016
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Current Baton Rouge CRE Market Conditions
Commercial real estate (CRE) brokers, economists, experts and anyone with internet access can research current Baton Rouge CRE market trends. There is a lot of talk about which CRE sector is best performing and which submarket is “the hottest of hot”. Although, the strongest indicator for performance will always be what has sold.
Below we list a few recent Capital Region transactions and explain what we think they indicate for the Baton Rouge CRE market.
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Recent Baton Rouge CRE Sales
11605 Southfork Avenue, Baton Rouge, LA
This property is located at the corner of Southfork Ave. and Westfork Dr. in Sherwood Forest. This 7,773 square-foot, two-suite, fully leased office building was sold in October for $1,000,000.
It’s no surprise that this asset was seen as a great investment. After all, the Sherwood Forest office market has been a steady bet in the Baton Rouge CRE game for decades. Flexing its muscles yet again, this office sub-market consistently sees high occupancy rates and assets that spend a short time on market.
Price: $1,000,000 / $128.65 per square-foot
Purchaser: 11605 Southfork LLC, represented by Jonathan Starns of Berkshire Hathaway-United Properties’ Commercial Division
Seller: SMC Properties LLC, represented by Steve Legendre and Joey Canella of SVN | Graham, Langlois & Legendre (SVN | GLL)
Tract of Land, Gonzales, LA
Located at the corner of Cabela’s Parkway and Outfitters Drive in Gonzales, this vacant tract of land was sold to a group of investors. The investors plan to build a 5,400 square-foot retail center at the 32,162 square-foot site. The shopping center will consist of two 2,700 square-foot suites, which insiders tell us will be leased to two strong regional restaurant tenants.
Activity in the Gonzales sub-market has been on fire. With nine hotels either up and running or under construction, two new shopping centers, Cabela’s and a handful of standalone restaurants, the area has become one of the hottest and fastest growing spots in the Greater Baton Rouge Area.
Price: $500,000 / $15.55 per square-foot
Purchaser: Outfitters Drive Gonzales LLC, represented by Justin Langlois of SVN | GLL
Seller: Tower Capital Holdings LLC, represented by Steve Legendre, Donato Mucciacciaro and Troy Burton of SVN | GLL
6641 Government Street, Baton Rouge, LA
Located in the Government Street corridor, this 2,451 square-foot office and retail property was sold to the owner of The Elegant Needle. The Elegant Needle has been in business in Baton Rouge for over 22 years.
Government Street corridor properties are typically very hard to find. That is why we often think of buying CRE in the Mid-City sub-market as somewhat of a unicorn. We say this because available CRE product just doesn’t seem exist. As soon as this property became available it didn’t last long. That is the theme you can count on in this hot Baton Rouge CRE sub-market.
Price: $307,500 / $125.46 per square-foot
Purchaser: The Elegant Needle LLC, represented by Justin Langlois of SVN | GLL
Seller: Daigrepont & Brian, represented by Steve Legendre and Joey Canella of SVN | GLL
9375 Florida Blvd., Baton Rouge, LA
Located off Florida Blvd. near Sherwood Forest, this 6,800 square-foot office building was sold to a local worker’s compensation lawyer and his wife. The property sold at $325,000 in October of this year. They purchased the asset, which has a total area of 35,000 square-feet, as the home of their third law practice location in Louisiana.
It’s no shocker that once again the Sherwood Forest submarket is seeing transactional action. Tenants seek out this Baton Rouge CRE market due to the area’s reputation for top value. This submarket offers high-quality assets at reasonable prices.
Price: $325,000 / $47.79 per square-foot
Purchaser: Attorney C. Ray Murry and his wife Lois Murry, self- represented
Seller: Mid South Transportation, represented by Donato Mucciacciaro, Troy Burton and Joey Canella of SVN | GLL
Ready to Invest in Baton Rouge CRE?
Commercial real estate is one of the safest investments out there. CRE also produces the highest returns. If you think you are ready to invest in Baton Rouge CRE, contact us today. While you’re at it, go ahead and start your CRE search here.
About Us – The team at SVN | Graham, Langlois & Legendre has over 99-years of combined experience helping clients across the Baton Rouge market get the most value out of their CRE investment. Contact one of our dedicated CRE professionals today with any questions you may have and start seeing the returns in a market that will make sure to give today, tomorrow and for the extended future. To reach us, you can call us at 225.367.1515 or you can send us a message on our website. You can also follow us on Twitter at @svngll or on Facebook.