Date of Sale: 11/28/2017
Seller: Stephen A Hunt Revocable Trust, et al
Buyer: Thara Ventures LLC
Property: 3100 Kilpatrick Blvd. / Office / 10,615 sq. ft.
Source: Clerk of Court / Tax Assessor / The Legal Recorder
Sold: Tower Storage of Monroe
1251 Fulton Drive, Monroe, LA
Seller: Tower Storage of Monroe, LLC
Buyer: Clute Affordable Storage, LLC (Houston, TX)
Note: Sale includes property on Fulton and property behind Walgreen’s on Lamy Lamy. This is information is for reference only and should not be relied upon without proper verification. Source: Ouachita Parish Clerk of Court records.
Sold: 2230 Tower Drive, Monroe, LA
Portico Restaurant / Real Estate Only
Price: $1,150,000 (The Legal Recorder, Inc.)
Book / Page: 2493 / 662
Note: The above information is for reference only and should not be relied upon with proper verification. This is sale is reported to be a sale subject to a lease and tenant occupied status.
As an update to a recent post regarding the transfer of real estate for the Mac’s Fresh Market on Arkansas Road, please note the ownership change was between related parties and the Mac’s Fresh Market operation continues to operate as it has been since it recently opened. There has been no change in management regarding this business operation.
by Sean McDonald, MAI, Baton Rouge, LA
On the other side, Seeking Alpha has an article pointing out that increasing interest rates have not historically resulted in increasing capitalization rates, as spreads have tended to compress when interest rates increase, though cap rate is only half of the equation. Expected income is the other half, with the basic equation being Value = Income / Rate. If rental incomes decrease and cap rates stay flat, values decrease.
I know this is probably not a popular thing for an appraiser to be looking at, but the articles are out there and I think its good for others to be cognizant of them. Maybe now is just the time to be completing your deal or getting a value opinion rather than later.
We’ve not seen much in the way of decreasing values just yet locally, though it does seem that the volume of sales is decreasing and that pricing for some property types has leveled off over the past year. Is it a sign that we are at or near the top for this cycle?
What are you seeing and expecting?
This article was published by Sean McDonald, MAI and shared in this blog.
Follow this link for the original article. Ruth’s Chris in Baton Rouge sells
The Ruth’s Chris Steakhouse on Constitution Avenue, the Baton Rouge institution that has served politicians and city leaders for more than a generation, has been sold to a local businessman.
Christopher Bachman, the sole member of Check B LLC, paid $2.35 million to Texas-based Bekmet Ltd. for the restaurant, according to sale documents filed with the East Baton Rouge Parish Clerk of Court’s Office.
Baton Rouge restaurant icon TJ Moran opened the establishment on Constitution in 1977.