Teche Federal branch site sold for shopping center

A 1.7-acre tract of land next to Towne Center, which had been long identified as the site for a Teche Federal Bank branch, was sold Thursday for $1.657 million.

VRE Corporate Blvd. LLC of Southlake, Texas, bought the land off Corporate Boulevard from Teche Federal. VRE plans to build a strip shopping center with outdoor dining on the site and already has two tenants: Starbucks Coffee and Newk’s Eatery. The rezoning for the property is set to go before the city-parish Planning Commission on June 16.

Mathew Laborde, of Beau Box Commercial Real Estate, who represented Teche Federal, said the bank decided to sell the land before it agreed to a merger with IberiaBank Corp. Branon Pesnell of Beau Box also represented the sellers.

Teche Federal bought the site in June 2007 for $1.66 million, with plans of building a branch there. But the branch was never built and IberiaBank’s purchase of Teche Federal’s parent company is set to close soon.

Follow Timothy Boone on Twitter, @TCB_TheAdvocate.