A local group of investors has scooped up Sherwood Tower and Sherwood II for an undisclosed price, according to property records.
David Roberts, CEO of Excel Group and 2017 Business Report’s Baton Rouge Business Awards and Hall of Fame Businessperson of the Year; Brad Roberts; and Randy Gomez; purchased the property, doing business as Pecan Grove Commercial Properties LLC.
Brian Nicolich, with Saurage Rotenberg Commercial Real Estate, who represented the buyers in the deal, says Roberts and Gomez own several companies in the Baton Rouge area and plan to occupy some of the space in the buildings after making improvements to the properties.
While sales documents listed each of the properties as sold for “$10 and other good and valuable consideration,” online listings for Sherwood Tower advertises the property for nearly $5.7 million and Sherwood II for $1.5 million.
The buildings were sold by the Huey and Angelina Wilson Foundation, doing business as Huey J. Wilson and Associates-Sherwood Tower LLC and Huey J. Wilson and Associates-Sherwood II LLC. The sale price was not disclosed, but Wilson Foundation President and CEO David Beach says the foundation plans to use the proceeds to increase its investments in community.
“The Huey and Angelina Wilson Foundation made the strategic decision to sell our interest in Sherwood Tower and Sherwood II,” Beach says. “The decision allows the foundation to invest these resources into nonprofits in our community who are uplifting those most in need.”
The late Huey Wilson developed the office buildings in the early 1980s, and Sherwood Tower served as corporate headquarters for his companies and, later, the foundation. Wilson was named to Business Report’s Hall of Fame in 2002.
The approximately 76,000-square-foot Sherwood Tower—renting at $17 per square foot—was 72% occupied at the time of the sale, according to Nicolich. The six-story atrium building was finished in late 1981. An online listing for the property names United Networks of America, United Insurance Company of America, RaceTrac Petroleum, eRisk Consulting, and Bill Whittle & Associates among the building’s major tenants.
The nearly 28,000-square-foot, two-story Sherwood II—renting at $16 per square foot—was 70% occupied at the time of the sale. Major tenants, according to an online listing, include Flambeau Lighting, Foxboro Co. and Ivensys. Construction for Sherwood II wrapped up early 1982.
