Brookwood makes $43m bet on Florida office portfolio

Brookwood makes $43m bet on Florida office portfolio

Published at: 2017-11-14 15:26 | Author: CIJ USA
Massachusetts-based private equity real estate investment firm, Brookwood Financial Partners, has purchased a portfolio of 15 office buildings in southwest Florida for $43.15 million. Trading for just over $102 per sqf, the 421,324 square foot assemblage is currently 83 percent leased. The properties include Renaissance Center, a four-story Class A office building located in Fort Myers; Bonita Bay Executive Center, a five-building Class A business park located in Bonita Springs; and Riverview Center, a nine building Class A office park also located in Bonita Springs. The buyer plans to spend $3 million in targeted capital and cosmetic improvements in order to improve the marketability of the properties and quickly lease up the currently vacant spaces.

“We were attracted to the portfolio due to its diverse array of both building and suite sizes, which will enable us to attract a wide range of potential tenants, its close proximity to major thoroughfares and amenities, and the improving market fundamentals of the South Fort Myers and Bonita Springs office markets,” commented Kurt M. Zernich, Brookwood’s Director of Asset Management.


Similar Stories:

Equity Commonwealth sells Philly office building to AREP
An affiliate of American Real Estate Partners has spent $160 million to acquire a 39 story  »
Morning Calm buys $60m office building near Baltimore's aquarium
Morning Calm Management, based in Boca Raton, has acquired a Baltimore office building for  »
Roybal Bank of Canada backs Northwood's acquisition of NYC asset with $236m loan
The Royal Bank of Canada has approved a $236.6 million loan for the purchase of 1180 Sixth  »
AEW Capital wins financing for 330 Hudson Street
AEW Capital has locked up a $180 million loan for the purchase of the Hudson Square office  »
“Steady,” “healthy,” “robust” and even “outperformed” were some of the adj   »
Orlando’s economic prospects haven’t looked so positive in ages. Not only are Florida   »
From the north to the south of Florida, occupancy rates of the largest office towers are r   »
Tampa mayor Bob Buckhorn was on hand at the groundbreaking ceremony as a show of support f   »