BATON ROUGE, LA. — Fountain Residential Partners has broken ground on The Vue on Parker, a 294-bed student housing development located near Louisiana State University in Baton Rouge. The Vue on Parker will offer studio to five-bedroom units with bed-to-bath parity. The fully furnished units will include wood-look flooring, granite countertops, queen-sized pillowtop beds, 60-inch smart TVs, stainless steel appliances, full-sized washers and dryers and an onsite structured parking garage. Community amenities will include a swimming pool, clubhouse, strength training and cardio center and private study rooms. The project is scheduled for completion in fall 2023. Fountain Residential partially raised capital for the project using crowdfunding platform CrowdStreet. First United Bank and Trust is the construction lender for the development. The design team includes Stuart Roosth Architects, Duplantis Design Group and MW Builder.
CHICAGO — Chicago-based Alliant Credit Union has provided over $51 million in financing for three student housing properties located near Louisiana State University (LSU) in Baton Rouge, Baylor University in Waco, Texas, and the University of Tennessee in Knoxville. In Baton Rouge, Alliant provided acquisition financing to Versity Investments for a student housing property comprising 244 residential units and 466 beds. Located one mile south of LSU, the property was 100 percent occupied at the time of sale for the 2021/2022 school year. The undisclosed seller completed renovations to offer interior and community amenities, including lounges, two pools, a coffee bar, fitness center and a grilling area. Josh Perew of Walker & Dunlop referred the transaction to Alliant. In Waco, Alliant Credit closed on acquisition financing for a student housing property located approximately one mile from Baylor. The complex includes 116 apartments in three buildings comprising a combined 455 beds. Community amenities include two resort-style pools and spas, sand volleyball court, basketball court, private jogging trail and a fitness center. Free high-speed internet and expanded cable TV are included in every unit. The flexible loan structure included a three-year term with extension options and a 30-year amortization schedule. Patrick Short …
MANDEVILLE, LA. — Stirling Properties has signed Target to join the tenant lineup at Premier Centre, a 273,000-square-foot shopping center located on U.S. Highway 190 in Mandeville. Target will occupy roughly 58,000 square feet of retail space, backfilling the former Stein Mart store, as well as the adjacent space currently housing Rack Room Shoes and an additional 13,000 square feet of new building expansion area in the rear of the building. Rack Room Shoes will expand and relocate next to Whole Foods Market in the former Forever 21 Red space. Rack Room Shoes is expected to reopen in its expanded space this fall. Premier Centre is located at the corner of U.S. Hwy. 190 and North Causeway Boulevard on the Northshore of Lake Pontchartrain in St. Tammany Parish. The center was 97 percent leased at the time of sale to tenants such as Bed Bath & Beyond, T.J.Maxx, Barnes & Noble, Old Navy, Gap, American Eagle Outfitters, Banana Republic, LOFT, Bath & Body Works, Trek Bikes, Earthsavers, Blu Spero, Buckle, J.Jill, Jose Bali Jewelry, Chili’s, La Madeleine and The Big Squeezy. Electric car charging stations are also available in the parking lot near Whole Foods. Stirling Properties developed Premier Centre …
FRANKLIN, LA. — Marcus & Millichap has arranged the sale of a 14,820-square-foot net-leased retail property located at 2030 Main St. in Franklin. The property, which is net-leased to Walgreens, sold for $4.9 million. Brennan Clegg, Mark Ruble and Chris Lind of Marcus & Millichap represented the seller, a limited liability company, in the transaction. David Cutler, Joshua Johnson and Kirk Trammell of Marcus & Millichap represented the buyer, also a limited liability company. Chris Shaheen of Marcus & Millichap assisted in closing this transaction. The Walgreens property is situated 46.6 miles from Lafayette, about 1.3 miles from Franklin Foundation Hospital and within walking distance to a Walmart. Walgreens has 12.5 years left on its lease.
LIVINGSTON, LA. — Stirling Properties has purchased the Pepsi Distribution Center, a 140,000-square-foot industrial facility located at 28517 S. Front Road in Livingston. Heck Realty/Raymond Heck sold the property for an undisclosed price. Built in 2016, the Pepsi Distribution Center sits on 15 acres and is located along the Interstate 12 corridor. The facility is fully occupied by PepsiCo. Inc. and serves as a logistics hub for PepsiCo brands, including Gatorade, Frito-Lay, Starbucks and Mountain Dew. The facility services the greater Baton Rouge, New Orleans and southeast Louisiana areas. Townsend Underhill of Stirling Properties will serve as the asset manager for the property. Beezie Landry, Justin Langlois and Chad Rigby of Stirling Investment Advisors, a division of Stirling Properties, handled the sales transaction.
BATON ROUGE, LA. — Cooper Commercial Investment Group has brokered the sale of Bluebonnet Parc, a four-building mixed-use center in Baton Rouge. Dan Cooper of Cooper Commercial Investment Group represented the seller, Viking Partners Bluebonnet LLC. Brannon 230 LLC purchased the property for $17.2 million. Located at 5915 Bluebonnet Blvd., Bluebonnet Parc is located close to Interstate 10 and is about 9.8 miles from downtown Baton Rouge. Additionally, the property is about 7.7 miles from Louisiana State University. The 135,367-square-foot property is anchored by Best Buy, buybuy Baby and Havertys, with other tenants including Men’s Wearhouse, David’s Bridal and Richport Technical College.
PRAIRIEVILLE, LA. — SRS Real Estate Partners has arranged the $2.6 million ground-lease sale of a McDonald’s-occupied, 4,268-square-foot retail property located at 15022 Airline Highway in Prairieville, about 22.9 miles south of Baton Rouge. Newly built, the property includes a drive-thru and is situated on 1.4 acres near Interstate 10. The McDonald’s is slated to open by late September. The sale had a record low cap rate. Matthew Mousavi, Patrick Luther and Sabrina Kortlandt of SRS represented the seller, a Baton Rouge-based private investor who has owned the land for more than 60 years. Jeff Li of Colliers International represented the buyer, a private family trust based in California. The newly executed McDonald’s lease has a 20-year term. The property has nearby tenants including Walmart, Lowe’s Home Improvement, Petco and Family Dollar.
BATON ROUGE, LA. — Dwight Capital has provided a $31.4 million HUD-insured loan for Highland Club Apartments, a 279-unit garden-style multifamily community in Baton Rouge. Located at 17505 Jefferson Highway, Highland Club is situated about 15.5 miles from downtown Baton Rouge. Built in three phases between 2003 and 2019, the property includes 28 buildings and a clubhouse situated on over 23 acres. The average square feet of the units is 1,162 square feet. Community amenities include a pet park, swimming pool, poolside cabanas, picnic/barbecue area, business center, fitness center and walking trails. Josh Sasouness of Dwight Capital originated the transaction. The loan benefitted from a green mortgage insurance premium (MIP) reduction set at 25 basis points because the property is Energy Star-certified. The loan was given to HCone LLC, the borrowing entity.
MONROE, LA. — Hunt Capital Partners has invested $8.8 million in construction financing to fund the redevelopment of the Miller-Roy Building in Monroe. The investment includes $6.4 million in Low Income Housing Tax Credit (LIHTC) equity and $2.4 million in state and federal Historic Tax Credit equity. The project will also include the construction of multifamily housing units in a newly built property known as Bayou Savoy Building. Michael Echols Enterprises is the developer for the project. Built in 1929, the historic three-story Miller-Roy Building will be reimagined to feature two studio apartments and 16 one-bedroom units, as well as 3,851 square feet of commercial space on the first floor. The Miller-Roy Building used to be the office for one of the first African American newspapers in the South, and was home to many African American-owned businesses at the time. The newly constructed Bayou Savoy Building will span four stories and comprise 48 two-bedroom units. The property will allow a range of incomes for leasing from 20 percent of area median income up to 80 percent, and 14 units will be in the workforce housing range. Project-based rental assistance will be provided for 24 of the 66 LIHTC units, and …
LAPLACE, LA. — SRS Real Estate Partners’ National Net Lease Group has brokered the $8.9 million sale of a 62,297-square-foot, single-tenant retail property in the New Orleans suburb of LaPlace. The property is on a long-term, absolute triple-net lease to grocer Winn-Dixie. The lease is corporate guaranteed by Winn-Dixie Stores Inc. Sean Lutz and Dan Elliot of SRS represented the seller, a private investor from Baton Rouge, in the transaction. The buyer was a family office also based in Baton Rouge.