A group of investors has inked a purchase agreement on the building at 4385 Government St. that for nearly 40 years has been home to Sarki’s Oriental Rugs and Antique Gallery.
Originally listed for about $1 million five years ago, the building’s owner slashed the price to $650,000 last February and then further lowered the price to $430,000 earlier this month after getting the property appraised.
Within a week of lowering the price, listing agent Mark Hebert of Kurz & Hebert Commercial Real Estate had an offer on the building. Matthew Laborde of Elifin Realty represents the buyer. He says his client hasn’t yet decided on a use for the property, but sees it as a good investment and is currently working to secure a tenant.
“We’re taking to different people,” Laborde says. “We’ve approached some and some have approached us. It’s kind of all over the board right now but there’s a lot of interest.”
Though Sarki’s operated as a retail establishment in the 10,066-square-foot space since the late 1970s, the building was originally a church, and Laborde says there are plenty of potential uses for the property. It is located along a corridor of Government Street in Mid City that is experiencing something of a rebirth, as exemplified by the nearby Model Block and also the White Star Market, currently under construction.
“Obviously it could be a retail space,” he says. “But there is a lot of interest in putting a restaurant there. That would require rezoning, so that’s a question mark, but I think if done the right way you could do a restaurant there or even an art gallery or creative space.”
Closing the sale isn’t contingent upon securing a tenant, “but obviously, we’d like to have a lease in place,” Laborde says.
While the building’s buyers search for a tenant, the owner of Sarki’s is clearing out the store’s remaining inventory. Over the weekend, the store held a liquidation sale, at which most of the rugs and furniture were sold at auction.
—Stephanie Riegel
