The Atlanta developer who acquired a portfolio of six office buildings in Baton Rouge and another in Metairie for $52.7 million on Oct. 28 has strong ties to his native Louisiana and wanted to invest in the state because of the potential he sees in its two biggest cities.
So says a prepared statement released earlier today by Songy HighRoads, the firm owned by developer David Songy, who acquired the office buildings, which total 519,000 square feet of space.
“Songy HighRoads is an active buyer in this market,” says Songy. “In particular we like the upside of this portfolio for our investors … both Baton Rouge and New Orleans are strong economies that support a thriving local business class.”
As first reported by Daily Report late last month, local developer Mike Wampold, a personal friend of Songy and partner with him in several out-of-state projects, is among the investors in the deal. The statement also identifies another big-name partner in the deal: Bob Merrick, the longtime chairman and CEO of NAI/Latter & Blum in New Orleans.
“We were fortunate to rely upon and partner with local real estate experts such as Mike Wampold and Bob Merrick to make this happen,” says Songy, who is out of the country today and unavailable for further comment.
The sale, which closed last week in Atlanta, has not yet been recorded in the East Baton Rouge Parish Clerk of Court’s office. Sources say it will be filed in two separate filings and that only four of the building sales will initially show up in the public record. The other three will be recorded separately.
The buildings were sold by New York-based Kimco REIT, which took them over earlier this year from local developer Tommy Spinosa, who previously owned them. They include: Acadian Center, Citiplace One, Citiplace Two, Sherwood Oaks Office Park, Corporate Atrium and Corporate Two in Baton Rouge. Also included is Latter Center West in Metairie. Songy HighRoads says it plans to improve the buildings over the next year to strengthen their market position.
The local acquisition is the latest of several for Songy HighRoads. In March, the firm acquired the 7.6-acre Galleria Plaza complex in Houston, a deal in which Wampold is also an investor. The firm also recently announced the acquisition of a 91,000-square-foot high-rise in downtown Washington, D.C.
