Brookwood Financial Partners, a private equity real estate investment firm, has acquired a Southwest Florida-based office portfolio for $43.15 million. The portfolio is comprised of 15 office buildings, which include the Renaissance Center in Fort Myers and the Bonita Bay Executive Center in Bonita Springs.
BEVERLY, Mass.–(BUSINESS WIRE)–Brookwood Financial Partners, LLC (“Brookwood”), a Massachusetts-based private equity real estate investment firm, announced today that it has acquired an office portfolio in Southwest Florida (the “Portfolio”) for $43,150,000 or $102.42 per square foot.
The Portfolio is currently 83.8% occupied and is comprised of 15 office buildings in three distinct sub-portfolios totaling 421,324 square feet. The sub-portfolios 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.
“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. Renaissance Center is immediately accessible to Interstate 75 and close to numerous hotels, restaurants, and residential developments. Bonita Bay Executive Center and Riverview Center are both located on State Route 41, also easily accessible to a host of amenities including neighboring shopping malls, upscale residential communities, high-profile hotels, and the Southwest Florida International Airport.
Brookwood’s business plan is to make targeted capital and cosmetic improvements in order to improve the marketability of the properties and quickly lease up the currently vacant spaces. “We plan to invest approximately $3,000,000 to upgrade the properties, including renovating the lobby, elevator cabs, and restrooms of Bonita Bay Executive Center Building 2, and completing numerous other building and system upgrades throughout the Portfolio’s other properties,” added Mr. Zernich.
About Brookwood Financial, LLP– 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.