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News release

HOUSTON, TX

Jones Lang LaSalle Closes Sale and Financing of Louisiana Office Portfolio

Strong portfolio features diverse tenant mix


HOUSTON, Jan. 14, 2014  — Jones Lang LaSalle’s Capital Markets experts today announced the sale of a seven-building, 519,137-square-foot portfolio of office properties in Baton Rouge, La., and New Orleans. Kimco Realty Corporation sold the properties to Songy Highroads.  The team also secured a CMBS loan for the acquisition through Deutsche Bank.  

Managing Director Rudy Hubbard, Executive Vice President Jimmy Board and Vice Presidents Kevin McConn and John Ream led the JLL team on the transaction.

“This is a great portfolio,” Hubbard said. “The buildings are located in two markets that are experiencing strong economies and significant job growth. Furthermore, the portfolio offers opportunities to increase net operating income, and features a diverse tenant mix that includes engineering firms, governmental agencies, software companies and financial institutions--approximately 30 percent of the portfolio is leased to credit tenants.”

The portfolio consists of the following properties:
• the 101,344-square-foot Sherwood Oaks in the Sherwood Forest submarket of Baton Rouge.
• the 96,978-square-foot Latter Center West in the Metairie submarket of New Orleans.
• the 81,923-square-foot Citiplace One in the Acadian/College submarket of Baton Rouge.
• the 76,446-square-foot Corporate Atrium in Acadian/College.
• the 74,086-square-foot Acadian Centre in Acadian/College.
• the 56,844-square-foot Corporate Two in Acadian/College.
• the 31,516-square-foot Citiplace Two in Acadian/College.

Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2012 alone, Jones Lang LaSalle Capital Markets completed $63 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $60 billion in global investment sales and buy-side transactions, equating to nearly $240 million of investment trades completed every working day around the globe. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.

For more news, videos and research resources on Jones Lang LaSalle, please visit the firm’s U.S. media center Web page: http://bit.ly/18P2tkv.

About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $46.7 billion of real estate assets under management. For further information, visit www.jll.com.