Stirling Properties Expands Holdings in United Plaza Office Park
- Dec 05, 2013
Stirling Properties has led a group of local investors in purchasing United Plaza VIII, a three-story Class A office building located in the United Plaza Office Park in Baton Rouge, La. Operating as Stirling Eight United Plaza LLC, the Stirling-led investment group, represented by Stirling Sales and Leasing Executive Scott Macdonald picked up the property from Wink United Plaza LLC in late November. The seller was represented by Branon Pesnell of Beaux Box, a Louisiana-based commercial real estate firm. The 52,606-square-foot office building is currently 91 percent leased. Stirling Properties has announced it will exclusively lease and manage the new asset.
United Plaza VIII is Stirling’s fourth asset in the office park. The company also owns United Plaza I, II and XII, totaling more than 500,000 square feet. Combined with the newest purchase, the company’s United Plaza Office Park holdings boast an overall occupancy rate of 97 percent and are exclusively managed and leased by Stirling Properties. Executive Vice President of Stirling Propertie,s Grady Brame, described the purchase as a “tremendous opportunity” in a strong performing market, adding that “the acquisition … is an excellent investment … and demonstrates Stirling’s commitment to Baton Rouge and our belief in the area’s future growth.”
The acquisition price has not been disclosed. However, The Advocate reports that the purchase price included assuming two existing loans as well as other considerations. The same source also identified Willbros Engineering as the primary tenant of United Plaza VIII. Stirling plans to rearrange the locations of certain tenants within the buildings it owns onsite.
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Image courtesy of Stirling Properties