Brookwood Announces the Acquisition of Four Points Business Park in San
BEVERLY, Mass. -- June 5, 2013
Brookwood Financial Partners, LLC (“Brookwood”), a leading real estate
investment and asset management company, announced today that it acquired Four
Points Business Park, a multi-tenant office property located in San Diego,
California. The 124,712 square foot, three-building business park, which is
effectively 84% occupied, is located at the intersection of Ruffin Road and
Chesapeake Drive in the heart of Kearny Mesa, a preferred location for
professional service firms, regional sales offices and back office operations
of national and regional corporate tenants.
“We acquired this property due to its central location in Kearny Mesa and the
positive trends in the submarket, particularly with respect to Class A
properties, which have vacancy rates in the single digits,” stated Thomas W.
Brown, Brookwood’s Director of Acquisitions. According to CB Richard Ellis,
the San Diego office market has had 12 consecutive quarters of positive
absorption. In Kearny Mesa, the office vacancy rate has recently dropped from
a peak of 16.8% in 2009 to 12.5% as of the first quarter of 2013, with the
vacancy in Class A buildings now down to 8%.
Mr. Brown added that Brookwood “is planning to make significant physical
improvements to the property, including enhancing the common areas, restrooms,
elevators, landscaping and signage. We believe that these improvements will
allow us to increase occupancy and rental rates as tenants seek alternatives
to the dwindling supply of higher-priced Class A space.”
This is the third acquisition by Brookwood in the San Diego area in the past
20 months. In October of 2011 and August of 2012, Brookwood acquired Mission
Valley Crossroads and Bernardo Executive Center, multi-tenant office buildings
located in the Mission Valley and Rancho Bernardo submarkets of San Diego,
The seller was represented by Bob Prendergast and Lynn LaChapelle of Jones
Lang LaSalle. Brookwood was self-represented in the transaction and has hired
CB Richard Ellis as its leasing agent.
About Brookwood Financial Partners, LLC – Brookwood is a Massachusetts-based
private equity firm that acquires real estate and invests in private
companies. Since 1993, Brookwood has acquired 117 properties totaling over 10
million square feet of office, retail, flex and research & development space
as well as 143 hotel rooms, 138 condominium units, 572 apartment units and
1,360 residential building lots. Brookwood has acquired real estate throughout
the United States including in Arizona, California, Colorado, Florida,
Georgia, Maine, Maryland, Massachusetts, New Jersey, North Carolina, Rhode
Island, Texas and Virginia. In addition, Brookwood has invested in private
companies in the wireless communications, restaurant, software and outsourcing
industries. Brookwood has invested over $511 million in equity to acquire
assets with a realized and unrealized value of over $1.4 billion.
Brookwood Financial Partners, LLC
Jayne M. Rice, 978-927-8300
Press spacebar to pause and continue. Press esc to stop.