A group of about 14 long-term storage units at Cloverland Avenue and Benefit Drive have been sold for $643,500.
The units, which have nearly 12,000 square feet of space, were purchased by KPNC Properties LLC, according to records filed with the East Baton Rouge Parish Clerk of Court’s office. The sale was filed on Tuesday. The sellers were Stephen and Donna St. Cyr. Stephen St. Cyr is the president and co-founder of Vivid Ink Graphics, which recently spent $1 million on the old Circuit City building on Airline Highway. St. Cyr has said he plans to spend an additional $700,000 to $800,000 renovating the Circuit City building so it can serve as Vivid Ink’s offices.
Mark Hebert of Kurz & Hebert Commercial Real Estate, who helped broker the storage units deal, said the buyers purchased the units as a stable long-term investment.
“There’s not a whole lot of in and out in that property,” Hebert said. Some of the tenants have been renting space in the units since before 2000. “And at $55 a square foot, you couldn’t buy the land and replace the buildings for that much.”