BATON ROUGE, LA. — Athens, Ga.-based Landmark Properties has acquired The Lodges at 777, a student housing community located in Baton Rouge, roughly two miles from Louisiana State University (LSU). Constructed in 2011, the property comprises 1,290 beds across 382 units. Amenities at the community, which was 100 percent preleased for the fall 2023 term at the time of sale, include a swimming pool, clubhouse and fitness center. The seller and sales price were not disclosed.
CUT OFF, LA. — Dorsey Development Cos. has signed four new tenants to join the roster at Tarpon Heights Shopping Center, a 57,698-square-foot retail property in Cut Off. The center took a direct hit from Hurricane Ida in 2021, after which Dorsey has replaced the roof, rebuilt the façade and cleaned up debris at the site. Joining Tarpon Heights are Dollar General, which will return to its previous 11,398-square-foot space, as well as Bayou Ju Jitsu, El Viejon and Lafourche Parish Library. Bayou Ju Jitsu is a local martial arts studio, and El Viejon is a Mexican restaurant that is replacing the former El Paso restaurant.
HARVEY, LA. — Marcus & Millichap has brokered the $4.5 million sale of Travelodge by Wyndham – New Orleans, a 212-room hotel located in Harvey, roughly seven miles outside downtown New Orleans. Constructed in 1971 on 3.8 acres at 2200 Westbank Expressway, the hotel comprises 125,539 square feet. David Altman, Adam Sklaver and Philip Kates of Marcus & Millichap marketed the property, which sold in auction, on behalf of the seller, New York-based Hong Park.
GEISMAR, LA. — A joint venture between Stirling and Level Homes plans to develop Arabella at Dutchtown Townhomes, a build-to-rent (BTR) residential development in Geismar. The companies recently acquired a 7.5-acre parcel for the project, which will comprise 48 three-bedroom single-family townhomes, as well as a leasing office and clubhouse. The design-build team includes architect Architectural Studio and general contractor/homebuilder Level Homes. Stirling will be responsible for development, horizontal land improvements and amenities, in addition to asset management and accounting oversight of the project. BH Management will handle daily onsite management and leasing. Construction will begin on the first townhomes later this month, and the development is expected to be complete by the end of 2024.
METAIRIE, LA. — The Feil Organization has signed Louisiana Citizens Property Insurance Corp., a nonprofit residential and commercial real estate insurance organization, to an office lease renewal in the New Orleans suburb of Metairie. The company will continue to occupy its 20,984-square-foot office on the seventh floor of the Galleria office building for another 125 months. Sandra Corrigan of SRSA Commercial Real Estate represented the tenant in the lease negotiations, and Scott Graf of Corporate Realty represented the landlord. Located at 1 Galleria Blvd., the Galleria is a 22-story, 466,110-square-foot office building that offers a fitness center, food service, an ATM, car wash service and onsite security and management.
BOSSIER CITY, LA. — The Cordish Cos. has announced an agreement to acquire Diamond Jacks Casino & Hotel, located in Bossier City in northwest Louisiana. Subject to approval by the Louisiana Gaming Control Board, Cordish plans to redevelop the property into a casino resort and entertainment destination. Closed since March 2020, the development will be the first in the state of Louisiana under Cordish’s Live! brand, which offers dining, entertainment, casino, hotel and sports-anchored entertainment spaces. The seller and acquisition price were not disclosed. Cordish was the development partner for Hard Rock Hotel & Casino properties in Hollywood and Tampa, Fla., and its assets include the Live! Casino & Hotel Maryland in Hanover, Md.; Live! Casino & Hotel Philadelphia and Live! Casino Pittsburgh; and the Texas Live! Development within the Arlington Entertainment District in North Texas, where Cordish is currently underway on $1 billion of construction adjacent to the property. Additionally, the company has new developments in Florida, Alabama, Georgia, North Carolina and Tennessee. Foundation Gaming & Entertainment LLC will partner with Cordish to complete the project. — Hayden Spiess
BATON ROUGE, LA. — Hunt Capital Partners has provided $6.2 million in LIHTC equity for Government Corridor, a 103-year-old affordable housing redevelopment in Baton Rouge. The project will renovate 34 detached single-family and duplex homes that are reserved for families earning up to 30, 50 and 60 percent of the area median income (AMI). Additionally, 30 percent of all homes at Government Corridor will be set aside for special needs households. Originally built in 1920, the campus comprises three clusters that are situated within short distance of the recently overhauled Government Street. Only 15 percent of Government Corridor is occupied, and residents of the occupied units will be relocated until the first phase of the project is complete. The development team for Government Corridor includes general contractor Ethridge Construction; architect Erick Parnell, owner of ArchBoutant; and property manager GHCP Management LLC, an affiliate of nonprofit partner Gulf Coast Housing Partnership (GHCP). Rehabilitation work is underway and scheduled for completion in February 2024. Other capital partners include United Bank, the State of Louisiana Division of Administration Office of Community Development and GCHP.
GONZALES, LA. — J.W. Logistics LLC, a last-mile delivery firm based in Texas, has signed a 30,120-square-foot lease at Pelican Point Commerce Center, a 32-acre industrial park in Gonzales. The tenant will occupy space at 8200 Highway 44, which fronts I-10 adjacent to the Louisiana Regional Airport. The facility features 16-foot clear heights, rear dock doors and surface parking spaces. The Gonzales site marks the third location for J.W. Logistics in Louisiana as the firm has existing locations in Baton Rouge and Shreveport. Kent McCoy of Centric Commercial represented the tenant in the lease negotiations. Todd Pevey represented the landlord, Baltimore-based St. John Properties, on an internal basis. St. John Properties is underway on the buildout of Pelican Point Commerce Center, which will span 265,000 square feet of flex industrial space upon completion. The developer has delivered approximately 100,000 square feet at the park to-date and is currently developing an 83,000-square-foot high-bay warehouse.
RUSTON, LA. — Timberline Real Estate Ventures has sold CEV Ruston, a 432-bed community serving students attending Louisiana Tech University in Ruston. Constructed in 2008, the property offers two- and four-bedroom, fully furnished units. Shared amenities include a fitness center, group and private study rooms, a computer center and swimming pool. The community is situated adjacent to campus at 1812 W. Alabama Ave. Scott Clifton, Stewart Hayes, Teddy Leatherman, Kevin Kazlow and Jack Goldberger of JLL represented Timberline in the disposition of the property to Briar Meads Capital. The sales price was not disclosed.
NEW ORLEANS — Cronheim Mortgage has secured an undisclosed amount of acquisition financing for The California Building in downtown New Orleans. Originally an office building, the property has been converted to Class A multifamily, with units leased as a combination of both multifamily and short-term rentals due to the building’s advantage of holding a hotel license. The sponsor, Servio Capital, plans to convert the building to condos and sell units to both short-term rental investors and owner-occupants. An undisclosed lender provided the loan, which was underwritten at 75 percent loan-to-cost. The California Building is located adjacent to the French Quarter, Superdome and Tulane Medical Center.
