In its 70th year, consumer loan provider Republic Finance had outgrown its headquarters, which it had constructed in 2009 off Corporate Boulevard in Baton Rouge, Louisiana, and decided to sell and lease back the building under a triple-net deal as it relocates to Plano, Texas.
The 27,160-square-foot property at 7031 Commerce Circle sold on Oct. 3, 2022, for $12 million. For its forward thinking and efficiency, the deal earned a 2023 CoStar Impact Award for best sale in Baton Rouge, as judged by real estate professionals familiar with the market.
Republic Finance is currently on a 15-year lease term at $31 per square foot. The two-story property features natural light, partitioned offices, a kitchen and easy access to bus lines.
Republic Finance was founded in 1952 and has been based in Baton Rouge from the beginning. It is building its new headquarters in Plano at 8428 Parkwood Blvd., a four-story, 58,000-square-foot complex that will accommodate approximately 250 employees when it opens. The new building is expected to be ready for by the second quarter of 2023.
About the project: Consumer loan firm Republic Finance sold the 27,160-square-foot property at 7031 Commerce Circle, Baton Rouge, Louisiana, in a sale-leaseback agreement that closed on Oct. 3 for $12 million.
What the judges said: "This project raises the bar for design and execution in our market. Very forward-thinking and efficient," said David Trusty, a commercial realtor at Trusty Commercial.
They made it happen: Grant Palmer and Trent Smith, managing directors, and Eric Biechler, managing principal and shareholder, at Mohr Partners.