BEVERLY, Mass.–(BUSINESS WIRE)–Brookwood Financial Partners, LLC (“Brookwood”), a nationally-recognized private equity real estate investment firm, announced today that it has sold Lakefront I & II (the “Property”), a four-building, 192,654 square foot multi-tenant office complex located in Orlando, Florida. Brookwood purchased the Property on behalf of one of its institutional separate account clients for $11,300,000 in January of 2012 and sold it for $16,700,000.
At the time of acquisition, the Property was 71% occupied. Brookwood’s business plan was to make targeted capital and cosmetic improvements to the buildings and to expand the Property’s parking ratio in order to renew existing tenants at higher rates and to attract new tenants to the Property. “The capital improvements we made at the Property were extensive,” stated Thomas W. Brown, Brookwood’s President and Director of Real Estate Acquisitions. “In addition to upgrading the landscaping, enhancing exterior lighting and improving signage, we also constructed an additional surface parking lot, which proved to be a critical component in our ability to retain and expand a wholly owned, indirect subsidiary of CVS Health Corporation to a long term lease and attract other high density users to the Property,” he added. “Lakefront is very well located in the South Orlando submarket and given its superior parking ratios, the improvements to the Property, and the excellent work of our management and leasing teams, we were able to increase the Property’s occupancy to over 86% and consummate a terrific sale for our client” he continued.
Brookwood has had a long and successful history of investing in Florida. Since 1995, it has acquired 22 properties totaling 2,600,000 square feet of office and industrial buildings, and grocery-anchored shopping centers, throughout south Florida, including Brickell Bayview and New World Tower, in Miami, and Ponce de Leon Building and Gables CitiTower, in Coral Gables, and Plaza 100 in downtown Fort Lauderdale. Brookwood’s current Florida portfolio includes nine office buildings containing 773,992 square feet in Fort Lauderdale, West Palm Beach, Orlando, Boca Raton, Plantation and Maitland. In addition, Brookwood is under contract to acquire a 15-building portfolio of office buildings in Bonita Springs and Fort Meyers, with the closing scheduled for the first week of November.
Marty Busekus of HFF represented Brookwood in the sale.
About Brookwood – Brookwood is a nationally-recognized private equity real estate investment firm that specializes in acquiring and managing value-add commercial real estate and other real estate-related operating businesses. Since its founding in 1993, Brookwood has invested over $900 million to acquire a portfolio of 185 properties, seven operating companies, and 74 gas stations with convenience stores, with a total capitalization of over $2.4 billion. The portfolio has spanned multiple asset classes, geographical markets, and industries throughout the United States. www.brookwoodfinancial.com