PRAIRIEVILLE, LA-Following a lengthy escrow, a local developer has bought 90 acres for $5.9 million. The build-out plan is 100,000 sf of retail space and a to-be-determined amount of office product.
The buyer is a partnership led by George Bonfanti of Geaux Real Estate Development & Construction in Baton Rouge. The development site sits at the intersection of Airline Highway and State Highway 42.
The land went under contract in early 2005, but an acreage dispute during due diligence stalled the sale, according to Gary Binns, an agent with Coldwell Banker Commercial Real Estate's Prairieville office. He says the buyer had no problems wading through the lengthy escrow.
Binns says the land continued to attract interest so there was a backup plan if the buyer had backed out. "This is a fantastic location and a beautiful site," says Binns, who represented seller Odom Family Properties LLC in Canada. "The property had been sought after for years, but the family had opted not to sell it until recently."
Binns tells GlobeSt.com that the groundbreaking for land development will be soon now that the deal is completed. "We have the permitting and we're ready to go," he adds. "We have sales commitments on seven of the 21 lots already."
Binns says land is being sold for $8.50 per sf to $22 per sf. Bonfanti also is planning some vertical development on his own although most tracts will go to other developers, according to the seller's broker.
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