Brookwood Announces the Acquisition of Tech Ridge Business Park in San Antonio, TX Business Wire BEVERLY, Mass. -- July 10, 2013 Brookwood Financial Partners, LLC (“Brookwood”), a leading real estate investment and asset management company, announced today that it has acquired Tech Ridge Business Park, a multi-tenant office property located in the Northwest submarket of San Antonio, TX. The 118,769 square foot, two-building business park is currently 83% occupied and is located near Interstate 10, between Loop 410 and Loop 1604. “Our goal with this acquisition is to lease the remaining vacant space and retain existing tenants by implementing an aggressive leasing strategy and making selected capital improvements to the property,” stated Thomas W. Brown, Brookwood’s Director of Acquisitions. “The property has a superior location and, given our low cost basis, we will be able to offer prospective tenants very competitive leasing rates and incentive packages. The property, which is in a market that has improving fundamentals and increasing rental rates, is surrounded by numerous amenities and is very appealing to tenants that require quality space with separate entryways, high parking ratios and easy access to major thoroughfares,” he added. According to CB Richard Ellis-Econometric Advisors (“CBRE”), the current vacancy rate in the Northwest submarket is 19.5%, an 11.8% decrease from the peak of 22.1% in the second quarter of 2009. CBRE is forecasting continued positive absorption and declining vacancy rates in San Antonio and attributes the forecasted improvement in market fundamentals to the continued Class A office space absorption, which has been positive in five out of the last six quarters. In addition, there is limited land available for new construction in the immediate area, which, together with the decreasing availability of Class A office space, bodes well for Tech Ridge’s leasing prospects and rental rate increases. Mr. Brown added that “Brookwood intends to make improvements to the property’s two vacant suites, which represent 20,000 square feet, and make various exterior upgrades including painting, landscaping and new signage. The property, which was constructed in 2002-2003, is much newer than the surrounding competitive properties, over 90% of which were constructed before 1986. We believe that these improvements, coupled with our low basis in the property, will allow us to gain a disproportionate share of the demand in this submarket.” The seller was represented by Todd Mills of CB Richard Ellis. Brookwood was self-represented in the transaction and has hired Stream Realty 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 121 properties totaling over 11 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 $518 million in equity to acquire assets with a realized and unrealized value of over $1.4 billion. Contact: Brookwood Financial Partners, LLC Jayne M. Rice, 978-927-8300 email@example.com
Brookwood Announces the Acquisition of Tech Ridge Business Park in San Antonio, TX
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