Three Baton Rouge Office Buildings Sold by SVN | GLL
The sale of investment grade real estate, specifically office buildings in the Baton Rouge commercial real estate market, has seen a recent flurry of activity. Sales prices continue to rise and are at or above all-time highs. The recent sale of three office buildings in Wellington Park Subdivision off of South Sherwood Forest Blvd. near I-12 is the latest example of a real estate investment group seeking quality office properties.
Steve Legendre, CCIM
Represented the purchaser, The Marrero Land And Improvement Association, Limited, in a transaction that closed Thursday, October 1, 2015. At the time of sale, the office building portfolio consisted of three buildings totaling 9,750 sq. ft. +/-. The sale was recorded at $1,200,000.00 or $123.00 per sq. ft.
The buildings are fully leased and the tenants include March of Dimes, PrimeCare, Journey Health and Roger’s Manufacturing.
According to Legendre, the off-market opportunity was a result of excellent timing and strong client relationships developed throughout the years. When asked about the transaction, Legendre said “It was a great opportunity for all parties involved. This sale was a smooth, straightforward transaction, the way it should be. The purchaser intends to hold the properties as a long-term investment.”
Getting Commercial Real Estate Advice
When buying or selling office buildings, or other commercial real estate, it’s best to use a professional. If you have any questions, or just need to be pointed in the right direction, contact the team at SVN | Graham, Langlois & Legendre today for straightforward advice.