The Latter Center West at 2800 Veterans Blvd. in Metairie and six office buildings in Baton Rouge have been acquired for $52.7 million by Atlanta-based real estate firm Songy HighRoads LLC, which has ties to Louisiana.
The seller was Kimco REIT, of New Hyde Park, N.Y.
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 CEO and co-founder David Songy is a Louisiana native and has strong real estate and business ties in the state.
“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.”
Included in the deal in Baton Rouge are the Acadian Center at 2431 S. Acadian Thruway; Citiplace One at 2600 Citiplace Drive; Citiplace Two at 6300 Corporate Blvd.; Sherwood Oaks Office Park at 4314, 4324, 4334 and 4354 Sherwood Forest Blvd.; Corporate Atrium at 5555 Hilton Ave.; and Corporate Two at 5615 Corporate Blvd.
The Houston office of Jones Lang LaSalle brokered the transaction.
Songy HighRoads LLC specializes in the acquisition and development of office, hospitality and mixed-use projects in the southeastern U.S. Since 1992, its principals have acquired and/or developed more then 5 million square feet with nearly $1 billion in project investment completed or underway.
The acquisition in Baton Rouge and Metairie 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.
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.