Office building sold for $15.5 million

A 65,000-square-foot office building near Jefferson Highway and Corporate Boulevard has been purchased by a Phoenix real estate investment trust for nearly $15.5 million.

Cole Capital bought the CB&I office building at 2370 Towne Center Blvd. in a deal that was filed Monday with the East Baton Rouge Clerk of Court’s office. The seller was Alsation Land Co. Baton Rouge, which is based in Kansas City, Mo.

Ty Gose and Rob Hebert of NAI/Latter & Blum were the local brokers for Alsation, while Rod Jones of Colliers International in Kansas City had the listing broker.

The office building is fully occupied by CB&I, which moved its federal services business unit into the building in October. About 200 people work in the building, and CB&I has a long-term lease on the property. The building has been open since 2006, when State Farm insurance built it as its main local operations center.

Steve Brettell of Alsation, said it was the right time to sell the office building. “The value was not going to get any higher,” he said.

Brettell said he’s bullish on the Baton Rouge real estate market and has two contracts to buy undeveloped tracts of land. “My intent is to reinvest in Baton Rouge,” he said. “It’s a strong market.”

Cole Capital, the private capital business of American Realty Capital Properties, has a real estate portfolio worth $14 billion. The company specializes in acquiring properties that have long-term leases with stable, well-known businesses such as Walgreens, FedEx, General Electric and Proctor & Gamble.