Discount Tire purchased the southwest corner of Market Place Avenue and Airline Highway in Prairieville on Monday for $852,000, or $18.28 per square foot, from Synergy Bank of Houma. The site will be improved with a 7,400-square-foot Discount Tire store—the first in Louisiana for a company with more than 900 locations nationwide.
Matthew Shirley with Saurage Rotenberg Commercial Real Estate represented the seller, while Charlie Colvin with Beau Box Commercial Real Estate represented the purchaser.
“The site has excellent visibility from Airline, but is a ‘right in, right out’ corner. That is why the sale price per square foot was below what other sites in this corridor have sold for,” says Shirley.
“The location was right in the hot spot of their market study,” Colvin adds. “We had to get an exception for this use because the subdivision restrictions would not originally allow for this type of retail use.”
Headquartered in Scottsdale, Arizona, Discount Tire specializes in tires and wheels and nothing else. They do not do oil changes or repair brakes, or any other automotive repair. They do tires only, which has proven to be quite successful. Discount Tire is an employee-friendly company and has a program that will help pay college tuition for children of any employee.
“All of the people we worked with in the real estate section were long term employees and had all worked their way up within the organization,” Colvin says. “Nobody we worked with had been there less than 30 years.”
Discount Tire intends to develop other stores throughout Louisiana, according to Colvin.
Appraiser Tom Cook owns Cook Moore and Associates. Reach him at (225) 293-7006 or TCook@cookmoore.com.
