The Melrose area off Florida Boulevard between North Lobdell Boulevard and North Ardenwood Drive, also known as Mall City, has struggled in recent years to maintain sale prices and lease rates.
But the building that formerly housed Spedmill Inc. has been purchased by Gregory Gauthier from Campus Federal Credit Union as an investment. Gauthier bought the 9,423-square-foot building at 1132 N. Carrollton Ave. in a sale that closed Dec. 17 for $185,000, or about $19.63 per square foot.
The building consists of 2,089 square feet of office space and 7,334 square feet of air-conditioned warehouse space.
“The former occupant produced flame resistant clothing, and the building was converted from its original office warehouse use to accommodate the sewing machines and other equipment necessary to facilitate that use,” says Richard Daviet, who brokered the deal with fellow NAI/Latter & Blum broker H. Ben Johnson.
“The 7,334-square-foot warehouse was heated and cooled to accommodate the last user, and it is not easy to find that, especially at less than $20 per square foot,” says Johnson. “You can still get a lot for your money in Melrose.”
Appraiser Tom Cook owns Cook Moore and Associates. Reach him at (225) 293-7006 or TCook@cookmoore.com.
