Investar Bank has purchased a 0.8-acre tract in Prairieville and plans to open a branch on the site.
The bank bought the lot at the intersection of Airline Highway and Commerce Centre Drive for $550,000 in a deal that closed Friday, said Chris Pike of Mike Falgoust & Associates. Pike represented Investar. Scot Guidry and Grey Hammett, also with Falgoust, represented the seller, Commerce Centre 42 LLC.
Investar plans to start building a full-service branch on the site “immediately” and hopes to have the property open by the end of the year, Pike said.
Investar, which recently filed plans for an initial public offering of stock, is currently building a branch on Highland Road, in front of Alexander’s Highland Market. That branch is set to open sometime in the next few months. In its filing with the U.S. Securities and Exchange Commission, Investar said it plans to open three Baton Rouge branches in the next two years.
Commerce Centre 42 LLC recently bought 16.85 acres at the intersection of Airline Highway and La. 42 and plans to do build-to-suit retail, office and medical space.