The building that houses Frankie Marcello’s restaurant and five adjoining office condos in the the Bois de Chene office park at 7520 Perkins Road, near the Staring Lane intersection, have transferred hands from one investor to another in a deal that closed Thursday.
The restaurant’s operations are not expected to be affected by the sale, and the condos—which are fully occupied—will not a see an immediate change in tenants either, says the seller’s real estate agent, Scot Guidry of Mike Falgoust & Associates.
The deal—which includes roughly 12,900 square feet of space, or about 40% of the total space in the office park—closed for just over $1.4 million.
The property was sold by QPS of BR Commercial LLC, whose registered agents are Ken Graffeo, and Chris and Jill Kernion. The new owner is Zeal Property LLC, registered to Quan Wang and Yanfu Zhao. Joey Canella and Steve Legendre with Sperry Van Ness represented the buyer in the deal.
Legendre says his clients were interested in the property as an investment because it offers the flexibility to sell off the condos one by one, rather than all at once. Legendre adds, however, that his clients intend to keep the property for some time and are not looking to flip the condos quickly.
“They own other investment property. I’ve been keeping a look out for something that would be a good deal, something local,” Legendre says.
Guidry says his clients enjoyed owning their share of the park but have recently decided to reposition their investments.
“He owned it for several years and may have kept it if they hadn’t decided to move into other things,” he says. —Kelly Connelly, Baton Rouge Business Report