News alert: Portfolio of 7 buildings sells for $52 million, sources say
A portfolio of seven office buildings in Baton Rouge and Metairie was acquired today by a limited liability company owned by Atlanta developer David Songy and several Louisiana investors for a price that sources say is around $52 million. Songy, a native of Alexandria, La., is a long-time friend of local developer Mike Wampold and the two are partners in several projects, including a Sheraton in Metairie, several Galleria buildings in Houston and a motel in Washington D.C. Sources tell Daily Report Wampold is among the local investors in the buildings—who have collectively purchased the buildings as SHRLA LLC—though he declines to comment. The portfolio of buildings totals some 519,000 square feet of office space and includes some of the city's best-known office properties in the busy Corporate Boulevard corridor: Acadian Centre, Citiplace One, Citiplace Two, Corporate Atrium and Corporate Two. Also included in the portfolio are Sherwood Oaks in Sherwood Forest and Latter Center West in Metairie. The buildings were sold by New York-based REIT Kimco, which took title to the properties earlier this year from Tommy Spinosa, who developed most of them and had been managing them. Sources say Songy Highroad, Songy's company, will now manage the buildings and NAI/Latter & Blum will handle leasing. The sale of the buildings—which are officially being recorded as separate transactions—collectively represent the largest real estate deal in Baton Rouge in recent memory, according to local experts. —Stephanie Riegel
News roundup: Final Sasol permits approved… Symphony names new president and executive director… Rig count up by 18
Level buys 21 Rouzan lots for $1.43M
Will EPA Kill Texas’ Energy Revolution?