Daily Report 3/13/07
Creekstone Development, the developer responsible for the Towne Centre at Cedar Lodge, has sold two sites in their mixed-use project. R&F Investments purchased a 1.7-acre tract next to the Residence Inn by Marriott for about $978,000, or $12.50 per square foot. The new owner intends to construct a 30,000-square-foot, two-story office building, and has about half of it spoken for. The remaining 15,000 square feet will be offered for lease. George Kurz with Kurz & Hebert Commercial Real Estate brokered the transaction.
In a related deal, Creekstone sold a 3.5-acre site to Summa Office Park LLC, just east of The Reserve, for $18.50 per square foot. According to Kurz, the purchasers had no immediate plans for development, but they were negotiating with several build-to-suit type tenants. Kurz says these two sales represent the strong demand for well-located sites in the Baton Rouge market. "Good, quality vacant land is becoming harder and harder to obtain," he says.
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