Brookwood Announces the Acquisition of Tech Ridge Business Park in San Antonio, TX

  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

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

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

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.


Brookwood Financial Partners, LLC
Jayne M. Rice, 978-927-8300
Press spacebar to pause and continue. Press esc to stop.