Industrial civil construction firm Five-S Group purchased the Pelican Financial Plaza office building to expand its operations.
The group acquired the property through Andre Smith Venture LLC from Pelican Advisory Group’s 449 LLC for $3.3 million, according to sales documents filed Thursday with the East Baton Rouge Parish Clerk of Court. Andre Smith is the owner and CEO of Five-S Group.
Brian Nicolich with Saurage Rotenberg brokered the transaction for the buyer and David Vercher with KW Commerical-BR represented the seller.
The single-tenant office space is 19,736 square feet. Pelican Advisory Group Inc. bought the property from Sherwood Commons Investments LLC for $2.4 million in 2011.
Vercher tells Daily Report that Pelican Advisory Group is vacating the office property to move to a new site under construction on Jefferson Highway near Airline Highway. The business will be in a temporary location until construction is complete.
Pelican Advisory Group is a comprehensive risk and financial management firm established in 1991.
Nicolich says Five-S Group has offices on Airline Highway and Highland Road. The company plans to relocate most of its employees to the new building immediately, but Nicolich says he does not know the plans for the other office locations.
Five-S Group has worked on public and private projects that include channel reach work for the Comite River Diversion and a taxiway extension at the Baton Rouge Metropolitan Airport.
