Article posted on November 4, 2013 by NREIOnline.com.
Atlanta-based real estate firm Songy HighRoads LLC has purchased seven office buildings in Baton Rouge and New Orleans, La. for $52.7 million.
Totaling more than 519,000 total square feet, the portfolio includes commercial assets in two thriving real estate markets with strong economies. Songy HighRoads CEO and Co-Founder David Songy is a Louisiana native and maintains strong real estate and business ties in the state.
Included in the deal are high-profile buildings Acadian Center (2431 S. Acadian Thruway, Baton Rouge), Citiplace One (2600 Citiplace Drive, Baton Rouge), Citiplace Two (6300 Corporate Blvd., Baton Rouge), Sherwood Oaks Office Park, (4314, 4324, 4334 and 4354 Sherwood Forest Blvd., Baton Rouge), Corporate Atrium, (5555 Hilton Avenue, Baton Rouge), Corporate Two (5615 Corporate Boulevard, Baton Rouge) and Latter Center West, (2800 Veterans Boulevard, Metairie). The seller was Kimco REIT. The Houston office of Jones Lang LaSalle brokered the transaction.
The move follows Songy HighRoads’ acquisition in March of Galleria Plaza in Houston, which included two office buildings, a multi-tenant retail building and two stand alone retail properties totaling 395,473 square feet of office space and 28,920 square feet of retail space on 7.6 acres in Houston, Texas. The firm also announced the acquisition of 1522 K Street in Washington, D.C., a 91,000-square-foot building located just a few blocks from the White House, this summer.
“Songy HighRoads is an active buyer in this market,” said Songy. “In particular, we like the upside of this portfolio for our investors. We were fortunate to rely upon and partner with local real estate experts such as Mike Wampold from Baton Rouge and Bob Merrick from New Orleans to make this happen.”
Both Baton Rouge and New Orleans (Metairie) are strong economies that support a thriving local business class. Both MSAs recorded unemployment rates that are well below the national average in the first quarter of 2013, and are poised for continued growth. Due to the projected growth in exports and corresponding growth in construction jobs, the Brookings Institution ranked the greater New Orleans MSA as the number one growing region for employment in the United States in 2012.