Six office buildings in Baton Rouge and one in Metairie — totaling more than a half-million square feet — have been acquired for $52.7 million by real estate firm Songy HighRoads, of Atlanta, which has ties to Louisiana.
The seller was Kimco REIT, of New Hyde Park, N.Y.
Included in the deal in Baton Rouge are the Acadian Center, 2431 S. Acadian Thruway; Citiplace One, 2600 Citiplace Drive; Citiplace Two, 6300 Corporate Blvd.; Sherwood Oaks Office Park, 4314, 4324, 4334 and 4354 Sherwood Forest Blvd.; Corporate Atrium, 5555 Hilton Ave.; and Corporate Two, 5615 Corporate Blvd.
The Metairie property is the Latter Center West, 2800 Veterans Blvd.
Songy HighRoads co-founder and CEO David Songy is a Louisiana native and has strong real estate and business ties in the state.
Songy HighRoads said the more than 519,000-square-foot portfolio of commercial assets is in two thriving real estate markets with strong economies.
“Songy HighRoads is an active buyer in this market,” Songy said. “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.”
The Houston office of Jones Lang LaSalle brokered the transaction.
Songy HighRoads specializes in the acquisition and development of office, hospitality and mixed-use projects in the southeastern U.S. Since 1992, its principals have acquired or developed more then 5 million square feet with nearly $1 billion in project investment completed or underway.
Kimco, a publicly owned real estate investment trust, owned as of Sept. 30 interests in 855 shopping centers comprising 125 million square feet of leasable space across 42 states, Puerto Rico, Canada, Mexico and South America.