PBG Investments Partnership LLC, a group headed by Lee Michael Berg, bought the office building at 5630 Bankers Ave. for $1.66 million in a deal that was filed Friday with the East Baton Rouge Clerk of Court’s office. The move comes a day after PBG sold its Cloverland Avenue complex for $1.2 million to Baton Rouge investors Jacob Richardson and Thomas Lambert.
Berg and his son, Scott, who serves as Baton Rouge market president for the jewelry store, were traveling Friday and unavailable for comment.
Brent Struthers, of Beau Box Commercial Real Estate, who represented Lee Michaels in the sale of its Industriplex area offices and the purchase of the McKernan building, said the plan is to relocate the headquarters. Lee Michaels will lease back its offices from Richardson and Lambert while it gets the Bankers Avenue building ready.
The Bankers Avenue building, which became available when McKernan recently moved into a new office on Hilton Avenue that’s visible from Interstate 10, is just under 14,000 square feet. That’s about as much space as Lee Michaels has spread across 11240 Cloverland, 11304 Cloverland and 11314 Cloverland, Struthers said. “This space is just a lot more efficient,” said Struthers, who had the listing for the Bankers Avenue building. It’s also close to the Lee Michaels’ store at Corporate Boulevard and Bocage.
Lee Michaels Fine Jewelry, which was founded in 1978, has eight stores in six markets: Baton Rouge; New Orleans; Lafayette; Shreveport; Jackson, Mississippi; and San Antonio, Texas.
The company is relocating its Lafayette store from Acadiana Mall to a free-standing location in the Ambassador Crossing Shopping Center set to open in early 2016.
The company also operates three franchise Pandora jewelry stores in Baton Rouge, Metairie and San Antonio, along with the Baton Rouge Gold Market.
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