A Las Vegas-based company with ties to Panda Express has purchased an .84-acre site on Siegen Lane for nearly $1.7 million.
CFT NV Developments LLC bought the land in a deal that was filed Friday with the East Baton Rouge Clerk of Court’s Office. The seller was SDP LA Baton Rouge 1 LLC of Oxford, Mississippi.
CFT lists as board members many of the same principals of Panda Express, including Andrew Cherng, who founded the restaurant chain, and David Luo, executive director of real estate development.
Joe Pegram, a partner in Streamline Development Partners, which bought the former TJ Ribs location on Siegen Lane last year for $2.5 million, has said Panda Express will build a 3,000 square foot restaurant with a drive through. Site work is currently underway on the land. Chipotle recently opened a location next door.
This will be the fourth local Panda Express, joining stores on College Drive, in the LSU Student Union and in the Juban Crossing shopping center in Denham Springs.