Mike Falgoust of Sealy & Falgoust and four other agents have banded together to open their own commercial real estate firm. Mike Falgoust & Associates is now open on Jefferson Highway. Joining Falgoust, who serves as team leader of the firm, are Grey Hammett, who will serve as managing partner and managing broker, Scot Guidry, Randy Herring and Justin Langlois. "This was an excellent opportunity that came up to open our own firm," says Hammett. "We all decided it was the best thing to do." Hammett says all of the partners bring different strengths to the team, including backgrounds in commercial, industrial, office and warehouse space.

Mike Falgoust and Associates is the city's newest commercial real estate company, composed of four partners who last month broke away from Sealy & Falgoust Real Estate. Grey Hammett, who serves as the new firm's managing partner, has been joined by Scot Guidry, Randy Herring and Justin Langlois. The four partners, who have a combined 70 years' experience, will receive guidance from Mike Falgoust, a longtime commercial broker.

Hammett says each partner offers strong experience in a different sector, including industrial, office and retail, and in different areas, including Baker, Central and Zachary. In spite of the economic downturn, Hammett says the timing was right to open another commercial real estate company in the Capital Region. "The commercial market is still very strong," he says. "We're not going to be where we were post-Katrina, but we're seeing a lot of activity in leasing." Hammett says the partners brought much of their client base with them to the new firm, which has moved into the former RE/MAX building at 10311 Jefferson Hwy.

The firm opened on June 1, two weeks after making the decision to split. Within days, the partners had leased a building, hired staff and created a logo for their business. "To be really successful, you have to go out there and form your own agency," Hammett says. "And we don't look at [other companies] as competitors because we do a lot of deals with them. We cooperate with everyone in town, and we'll continue to."

Neighbors Federal Credit Union has purchased a site in Central to construct a new branch. The site, located near the corner of Wax and Sullivan roads, was purchased last week for just over $1 million, or about $14.65 per square foot. The property was purchased from ExxonMobil and had to receive approval for access to Wax Road from the Louisiana Department of Transportation. According to Mike Falgoust and Justin Langlois with Mike Falgoust & Associates, who brokered the transaction, the closing took over a year to complete. It was difficult to get all the approvals that were necessary, but Neighbors recognized that they could take advantage of the traffic at the intersection of Wax and Sullivan, through which pass over 30,000 cars per day, says Langlois."

A 74-acre tract on Elliot Road has sold. The site is located north of Vignes Lakes subdivision on the west side of Elliot Road. The sale closed Thursday. The seller was represented by Scot Guidry and Grey Hammett with Mike Falgoust and Associates; the purchaser was represented by Chris Pike with Mike Falgoust and Associates. The sale took place for $435,000, or almost $5,900 per acre. Documents indicate the seller was Lucille Francis Christy Gray, and the buyer was MUNNACAL. The purchasers would not reveal their plans for the property, but the site has over 1,500 linear feet on Elliot Road and could easily be subdivided into smaller tracts. The rear of the site adjoins Highland Club and Jefferson Park subdivisions.

South Baton Rouge Presbyterian Church has purchased a 4.8-acre site on Staring Lane just south of Chandler Drive for $500,000, or about $2.40 per square foot. The seller was Charles Tessier, who was represented by Ryan Greene with Maestri-Murrell Commercial Real Estate. Scot Guidry with Mike Falgoust & Associates Commercial Real Estate brokered the deal.

The church previously had a site near Jefferson Highway and Bluebonnet Road under contract. When zoning for that location became a problem, the church began searching for another site. Construction is scheduled to begin next year.

A 12,000-square-foot building at 11200 Cedar Park Ave., which included 10,500 square feet of warehouse area and 1,500 square feet of office space, sold for $465,000, or $38.75 per square foot, in a deal that closed Aug. 18.

The seller was Khanh Nguyen, who was represented by Scot Guidry with Mike Falgoust & Associates. The property had been listed through Louisiana Commercial Database for $599,000; the building had been marketed for 21 days.

The facility had been occupied by Kim's Millworks and had served as a carpentry shop for several years. Guidry says the sale included some carpentry equipment and a significant amount of inventory, including custom-made doors and shutters. The new owner, who was not identified, intends to sell the existing inventory and lease the building.

The sale of a medical building on North Boulevard, about one block west of Baton Rouge Community College, closed on Wednesday. The seller, Olinde Bros Properties, was represented by Michael E. Olinde and Henry D.H. Olinde Jr. The purchaser was Dr. Akwasi Adjare Sefa. This is an older medical building that was developed to support the medical community servicing the Baton Rouge General Hospital on Florida Boulevard. According to Scot Guidry and Justin Langlois of Mike Falgoust & Associates, who teamed up to broker the transaction, the new owner will open a medical clinic in the building after some renovation takes place. The building sold for $415,000; it has a total enclosed area of 4,600 square feet, so the price per square foot calculates to just over $90.

Neighbors Federal Credit Union has acquired an outparcel in front of the Walmart on La. Highway 1 between Port Allen and Brusly for the construction of a new branch. The 47,025-square-foot lot sold for $524,799, or $11.16 per square foot, in a deal that closed Dec. 22. Mike Falgoust and Justin Langlois with Mike Falgoust and Associates represented the purchaser. Ellis McKnight of Kurz & Hebert Commercial Real Estate Company represented the seller, Beaulieu Plantation. The lot has 210 feet of frontage along La. 1. Neighbors recognized the demand for a branch in West Baton Rouge Parish.

The 119-unit self-storage facility known as Southern Mini-Storage, in Denham Springs, has sold. The sale closed last week for a total price of $499,995. The sale price calculates to about $4,275 per rentable unit. The seller was Dan Bar, represented by Barbara Kelly. The purchaser was CCCG Enterprises, represented by Bethany Laukhuff. There are 117 rentable units, 83 of which are climate-controlled; 36 units are dry storage. The property is on La. Highway 16, just north of Magnolia Beach Road. The property includes some vacant land along the rear, which the new owner plans to develop for RV and boat storage. The mini-storage facility was built in 2007, and Justin Langlois with Mike Falgoust & Associates, who brokered the transaction, says it is in excellent condition. Langlois says the property was purchased below what he considered to be its market value and that it represented a relatively high return for the new owners.

Neighbors Federal Credit Union has purchased a site in Central to construct a new branch. The site, located near the corner of Wax and Sullivan roads, was purchased last week for just over $1 million, or about $14.65 per square foot. The property was purchased from ExxonMobil and had to receive approval for access to Wax Road from the Louisiana Department of Transportation. According to Justin Langlois and Mike Falgoust with Mike Falgoust & Associates, who brokered the transaction, the closing took over a year to complete. It was difficult to get all the approvals that were necessary, but Neighbors recognized that they could take advantage of the traffic at the intersection of Wax and Sullivan, through which pass over 30,000 cars per day, says Langlois.

Two land sales of note took place in Ascension Parish this month. Delta Properties purchased from Batiment a 2.5-acre lot, at the corner of South Purpera and East Worthey in Gonzales, for $430,000, or about $4.99 per square foot. The buyer was represented by Grey Hammett and Scot Guidry of Mike Falgoust & Associates Commercial Real Estate, and the seller was represented by Terri Purpera of Re/Max Plus. Hammett says the purchaser has not disclosed how they intend to improve the property or what use they would put it.

The former Sharp's Restaurant location at 112 S. Range Ave. in Denham Springs sold for $180,000 in a deal that closed Feb. 23. The property had been offered at $450,000. According to court records, the buyer was Hima Bindu Yalamanchili, and the seller was First American Bank & Trust. Justin Langlois, Randy Herring and Mike Falgoust with Mike Falgoust & Associates brokered the transaction. The sale price includes all furniture and fixtures. The building is 4,524 square feet and is located on an 11,300-square-foot site near the city's antique village; the per-square-foot price is a little less than $40. This was a bank-owned distressed property, Langlois says, and the buyer had to close within a matter of days and with cash.

BRECO Federal Credit Union purchased an IberiaBank property in Prairieville to begin its Ascension Parish operations. IberiaBank had improved the property with a temporary building and paving. But the location on Airline Highway across from the Wal-Mart Supercenter became vacant several months ago. BRECO Federal Credit Union purchased it last week for $725,000. According to Justin Langlois and Scot Guidry with Mike Falgoust & Associates Real Estate, the property consisted of a 1.1-acre site with approximately 274 feet of frontage on the eastern side of Airline. According to Langlois, of the sale price they estimate about $120,000 is made up in the value of the modular building and site improvements. This would indicate a sale price for the land of about $9.50 per square foot, which is significantly below what most of the land sales in the area have been in recent months. BRECO Federal Credit Union intends to use the existing modular building and open a branch of their credit union within the next few months.

An office warehouse on Opportunity Drive has sold. Garcia Management Group sold the property to H&O Investments. The 4,700-square-foot office warehouse building sold for $435,000 last week. The sale price equates to $92.50 per square foot. The building is situated on a lot measuring 112 feet across the front by 272 feet in depth. H&O Investments, a landscaping company, had leased the property for about a year and had an option to purchase in its lease. The property was brokered by Scot Guidry with Mike Falgoust & Associates. The selling agent was Sherri Rachal at Donna Villar Real Estate Company.

A 4,746-square-foot medical office building on Convention Street has sold for $265,000, or $55.84 per square foot, in a deal that closed Sept. 8. The building originally was listed for $379,680. The seller was Spring Holdings, and the buyer was Infectious Diseases Associates of Baton Rouge. Justin Langlois and Scot Guidry with Mike Falgoust and Associates brokered the transaction. Langlois says the new owner will spend $85,000 to renovate the building, located in close proximity to the Baton Rouge General's Mid City campus. The building housed the office of Dr. David A. Spring, a podiatrist.

A 4,750 square foot office building in the Oaks at Bluebonnet sold for $750,000 or approximately $158 per square foot. The deal closed October 13, 2011. The sale was brokered by Chris Pike and Brad Way, CCIM with Mike Falgoust & Associates. The seller was Bluebonnet Office, LLCand the building was purchased byu T.A. Breaux Investments.  

In 2007, Professional Realty Services developed a shopping center on Florida Boulevard near the Baton Rouge General Medical Center. The Live Oak Shopping Center, at 4065 Florida Blvd., was the first new retail development to be constructed in the area in over 20 years. The 18,900-square-foot retail center is occupied by Evangeline Laundry, Budget Prepay and Rent-A-Center. It was bought by Kimble Development on Dec. 7 for $1,512,040.88, or about $80 per square foot. Chris Pike, a commercial consultant with Mike Falgoust and Associates, represented both the buyer and the seller. According to Pike, there was a lease in the works that would bring the center to close to 100% occupancy. "There is not a lot of new development taking place in the area, but this is a well-built, newer center that was bringing in an excellent cash-on-cash return, and the new owner is very happy with his investment," says Pike.

A two-story, 6,100-square-foot office building at 9542 Brookline Ave. containing six suites has sold for $282,000, or about $46 per square foot. Justin Langlois with Mike Falgoust & Associates brokered the deal, which closed Jan. 13. At the time of the sale, the property was about 50% occupied. "Even with the 50% occupancy, the property generated a reasonable rate of return. When the property is fully occupied, it will generate an excellent rate of return," Langlois says.