A retail showroom once home to Teche Electric Supply and Valenti Furniture sold on Saturday for $440,000.
The new owner, TWF Properties LLC, bought the building, located between Greenwell Springs Road and South Choctaw Drive at 3134 Monterrey Blvd., from Noes Properties LLC for $33 per square foot.
The building had been offered for sale for $475,000, but a deal was worked out for TWF to purchase the building under its listed priced, according to Larry Dietz of Saurage Rotenberg Commercial Real Estate.
The property consisted of a 13,300-square-foot building, occupying a 0.80-acre site. The building includes roughly 7,300 square feet of showroom space with an additional 6,000 square feet of warehouse space.
Valenti Furniture occupied the building prior to Teche Electric, though the building functioned well for the electrical supply company. It has 14-inch eave heights, meaning the ceilings were low enough to accommodate a heavy storage user.
The building also is equipped with three grade-level overhead doors, but it doesn’t have a dock or truck well, discouraging another heavy storage user from purchasing the property.
The new owner, TWF Properties, bought the property as an investment and intends to lease it.
“It was a very seamless transaction. We marketed the building, showed it to TWF, and within two or three days had a contract,” Dietz says. “The building is centrally located, was in pretty good condition, and at $33 per square foot it was a good buy for them.”
Appraiser Tom Cook owns Cook Moore and Associates. Reach him at (225) 293-7006 or TCook@cookmoore.com.
