Derbes Falgoust Commercial Real Estate
Cook: Louisiana Culinary Institute buys office warehouse
Event Holdings LLC, an affiliate of the Louisiana Culinary Institute, has purchased an office warehouse on a 1 acre site at the corner of Jefferson Highway and Arnold Road. The seller, Topaz of Louisiana Inc., was represented by Scot Guidry of Mike Falgoust & Associates Commercial Real Estate. The culinary institute was represented by Bobby Smith of NAI/Latter & Blum. Topaz was an industrial pipe line contractor and had occupied the building since 1977 when it was constructed for their use. "In 1977 there was very little other development around the building but as the city grew up around it the building began to have more of an upscale potential," Guidry explains. The property is zoned C-2 commercial and includes about 8,500 square feet, of which 2,500 square feet is office space and 6,000 square feet is warehouse. The sale closed for $722,500, or about $90 per square foot. "I don't think we would have gotten $90 per square foot if the building were located inside an industrial park like the Industriplex or Cloverland, but the fact that it had upside potential and being located at the intersection of Arnold and Jefferson made it more valuable" Guidry says. The culinary institute has no immediate plans for the building, but purchased it because of its close proximity to the culinary institute at 10550 Airline Hwy.
Article Provided by the Greater Baton Rouge Business Report | Tim Cook