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.
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