Home News Old Champion Insurance building, prime Government Street property, sold for $3.3 million | Business

Old Champion Insurance building, prime Government Street property, sold for $3.3 million | Business

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The former Champion Insurance Complex on Government Street, a prime location in the bustling area of ​​the Baton Rouge, has been sold to a Cajun Ladymix partner group for $ 3.3 million.

CHL Endeavors LLC of Baton Rouge purchased real estate in the 4615 government in a deal signed with the court’s Secretary of East Baton Rouge on Wednesday. The seller was Louisiana.

CHL consists of Steven Cheatham, Ryan Heck and Jason Lyngaas, all listed as partners of Cajun ReadyMix. Holcim US, a global cement, concrete and asphalt maker, announced plans to acquire the Baton Rouge business and rename it last week.

Buyers are planning to redevelop and improve the Government Street site, said Mathew Laborde of Elifin Realty, who represents the buyers. There are no more details to announce, he said.

The complex consists of two buildings facing Government Street, behind an eight-acre building. One building is 40,272 square feet. The other is 17,881 square feet. There is parking space for 242 cars on the premises.

The champion was once the third largest car insurance company in the state until it collapsed in June 1989. It couldn’t be paid with the weight of John M. Claims, the owner of the company. Aisher spent time in federal prison after pleading guilty to postal fraud, counterfeiting, and bribery.

Former insurance commissioner Doug Green served 12 years in federal prison after a 1987 campaign was funded by an Eicher-backed company. Prosecutors said in exchange for support, Green took the opposite view while the champion’s allegations were unpaid.

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The state purchased real estate in December 1990 for $ 372,687. It was occupied by Capital Area Human Services, which provides services for mental health, addiction and developmental disabilities.

CAHS has moved to a new office and real estate has been on the market since September 2020. The state attempted to sell in a sealed bid with a minimum bid of $ 4,255,000. The asking price is based on the appraisal.

However, no one bid on the property. It was said that the timing of the auction (when many companies had just emerged from a forced closure in the midst of a COVID pandemic) was bad at attracting potential buyers. The state then contacted Jonathan Walker and Denis Murrell of Maestri-Murrell Real Estate for a list of properties.

“The state believed that the best process was to get it to market and get the whole community to see it,” Walker said.

Because it is a square area on Government Street, it has received a lot of interest.

“Government Street is still on the rise from a development perspective,” Walker said.

Land will probably be used for multiple purposes, with restaurants and offices in the foreground and apartments and self-storage in the back. “I’m sure it will have several different uses,” Walker said.

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