Gov. Jindal and Presonus CEO Jim Mack announce completion of new Baton Rouge headquarters

 

Corporate headquarters and research and development center to create 65 new direct jobs Today, Gov. Bobby Jindal and PreSonus CEO Jim Mack announced the completion of the new PreSonus Audio Electronics Inc. corporate headquarters, a 44,000-square-foot facility that included more than $8 million in development costs. The Highland Road headquarters, which replaces the companys former location at the Bon Carré Business Center on Florida Boulevard, represents a project that will create 65 new direct jobs by 2016 with an average salary of $80,000 per year, plus benefits. In addition, LED estimates the project will result in 79 new indirect jobs, for a total of more than 140 new jobs in the Capital Region and surrounding areas. PreSonus retained 80 existing jobs with the Baton Rouge expansion and relocation project. Gov. Jindal joined PreSonus in August 2012 to announce the beginning of construction on the project. Since then, all Baton Rouge employees have relocated to the Highland Road headquarters. PreSonus is a leading manufacturer of digital and analog hardware and integrated software systems.

New Juban's Grille coming to Highland Park area

 

City Park opening second BR location on Jefferson Newk's Eatery considering two BR locations Real estate agent George Kurz and Kean's Fine Dry Cleaning owner Rock Rockenbaugh have filed a permit with the Planning Commission to develop Juban's Grille, a new restaurant that will be located in a retail development adjacent to Alexander's Highland Market, near the intersection of Highland and Old Perkins roads. As its name suggests, the new venture will also be affiliated with the venerable Juban's restaurant in Southdowns, though details remain under wraps for now. Juban's manager, Scott Callais, will say only that the restaurant will make an announcement about Juban's Grille in the next few weeks. According to records filed at the Planning Commission, the new restaurant will be 6,662 square feet and will serve alcohol. This is not Rockenbaugh's first project in the burgeoning area off Highland Road. Last fall, he confirmed plans to open a new Kean's location in the Highland Park shopping center later this year. 

 

-Stephanie Riegel

Cook: Geaux Clean purchases Siegen Lane site for
car wash

 

I can't tell you how happy I am that 2013 is over, because a lot did not go well for me last year. But 2014 is heating up, and if the beginning of the year is any indication what the rest of it will be like, I am excited. LSU and the Saints are winning and Alabama is losing. All is right with world. The local real estate market appears to be showing some signs of continued recovery, too, with more activity taking place in almost all segments of the market. A recent sale of note is that of a Siegen Lane site to Geaux Clean Express Car Wash, which closed on Dec. 30 for just under $702,400, or about $14.50 per square foot for the roughly 1.1-acre site. The property is situated on the east side of Siegen Lane, just south of Cloverland Avenue. "The sale price at $14.50 per square foot was an excellent deal," says Mark Hebert of Kurz & Hebert Commercial Real Estate, who brokered the transaction. "Another site across Siegen Lane from this property is under contract for $25.00 per square foot. I asked the owners of Geaux Clean, Norman Neal and Stuart Carter, if they would be interested in flipping the site, but they recognized they had a great deal." Instead of flipping the property, Hebert says the new owners plan to develop the site with a state-of-the-art automatic car wash similar to the Geaux Clean facility on Highland Road. Construction is expected to begin early this year.

Costco buys Baton Rouge property

 

Costco has completed its purchase of a 28-acre site near Interstate 12 and Airline Highway that will be the retailers first Baton Rouge location. Costco paid $12.15 million for the land, which was the former Coca-Cola bottling plant, said Mark Hebert of Kurz & Hebert Commercial Real Estate. Hebert had the listing for the site, which has been empty since January 2009, when Coca-Cola opened a new plant on Plank Road. Plans are for Costco to open a 150,000-square-foot store by mid-2014. Company officials say it would provide jobs for 250 employees, made up of half full-time and half part-time positions. This will be the second Costco in Louisiana; the first on South Carrollton Avenue in New Orleans is set to open in September. The company is the second-largest retailer in the U.S., behind Wal-Mart. Costco is a warehouse store, customers buy annual memberships that start at $55 that allow them to shop at the store and take advantage of low prices and buying in bulk. In May, the Metro Council voted to give Costco a $7 million incentive package to move into Baton Rouge. The $7 million deal will pay for $5.5 million in road improvements to alleviate traffic back ups in the area, and $1.5 million toward the $4.5 million cost of tearing down the Coca-Cola plant. A portion of the property will be sold to Celtic Studios, which is located nearby. 

 

-Timothy Boone

Highland development continues

 

Now that Alexander's Market has established itself at the intersection of Highland Road and Old Perkins Road near Interstate 10, additional activity in the surrounding area is accelerating. Last month, two sales of interest closed.

 

Investar Bank purchased a site that fronts on Highland Road at the entrance to the retail development known as Highland Market Drive. Investar purchased its 0.688-acre site July 17 for $25 per square foot.

 

That same day, Summa Professional Office Park purchased a 0.846-acre site that fronts on Highland Market Drive, next to Alexander's Market, for $22 per square foot.

 

According to George Kurz, who brokered both transactions, the Summa Professional parcel will be improved with an 8,000-square-foot retail building that is 100% pre-leased.

 

Kurz also indicated an additional 1.58-acre parcel fronting on Old Perkins Road was under contract and should close in August. The pending sale will be improved with a 14,000-square-foot center, which is more than 50% pre-leased.

 

Three out-parcels remain, with another 50,000 square feet of retail proposed for the development.