Written by Alexandra Burris for the Baton Rouge Business Report | December 5, 2017
An investor has purchased a Class B office complex on Newcastle Avenue, off South Sherwood Forest Boulevard, for $730,000.
Fletcher-Politz LLC sold the building to Kumar LLC in a deal that closed Friday, according to sales documents.
The building—known as The Oaks—has 18 units and is about one-third occupied, says broker David Vercher of KW Commercial. The current tenant mix includes a nonprofit and a real estate office, among others.
The building was on the market for more than eight months and was listed for $749,000 or $37.83 per square feet.
Despite the plethora of restaurants and offices, properties in the Sherwood Forest area—a commercial hotspot in the late 1980s and 1990s—tend to move slower than in other areas of Baton Rouge, says Vercher.
“South Baton Rouge has kind of taken the spotlight,” he says.
The new owner—represented by Carmen Austin, an associate broker with Saurage Rotenberg Commercial Real Estate—is a small investor who is doing minor upgrades to the property.
The buyer, Austin says, believes the building is in a great location and is already aggressively leasing the available units.
Carmen R. Austin, MBA, CCIM has been a practicing commercial real estate broker since 2001. She is a graduate of the Louisiana State University (LSU) E.J Ourso College of Business and the LSU Flores Masters of Business Administration (MBA) Program with a specialization in Entrepreneurship and Real Estate Finance. Her experience includes past employment as Regional Director of Leasing at Commercial Properties Realty Trust, the for-profit arm of the Baton Rouge Area Foundation. Carmen is a graduate of the Jay W. Levine Leadership Development Academy, Class of 2011, and served as the 2010 President of the Louisiana CCIM Chapter. She currently serves on the National CCIM Institute Board of Directors and the CCIM Institute Education Foundation Board of Directors.
Carmen’s affiliations include Louisiana REALTORS, Greater Baton Rouge Association of Realtors Commercial Investment Division, International Council of Shopping Centers, Commercial Real Estate Women, Certified Commercial Investment Member Institute, National Association of REALTORS, and Urban Land Institute. She is also an active volunteer on the Board of Directors for the Baton Rouge Gallery, LSU MBA Alumni Association, Junior Achievement of Baton Rouge, and the Junior League of Baton Rouge.
Saurage Rotenberg Commercial Real Estate is a member of the Baton Rouge Area Chamber of Commerce (BRAC); the West Baton Rouge Chamber of Commerce; the Baton Rouge Better Business Bureau; the Louisiana Commercial Data Base (LACDB); and the International Council of Shopping Centers (ICSC). Several agents, on an individual basis, are members of the Society of Industrial and Office Realtors® (SIOR), the Certified Commercial Investment Member Institute (CCIM); the National Association of REALTORS® (NAR); and the Greater Baton Rouge Association of REALTORS® Commercial Investment Division (CID).