Brookwood Financial sells off three Philadelphia-area office buildings

Private equity investment firm, Brookwood Financial Partners, has closed on the disposition of three office buildings in the firm's suburban Pennsylvania portfolio for a combined $22 million. The buildings are part of a 29-building portfolio acquired in 2015 in Philadelphia's western suburbs and Lehigh Valley areas. The assets traded include a 60,000 sqf class A office building in Allentown, which sold for $209 per sqf, another office building in Bensalem ($112 per sqf) and a 28,894 sqf building in Horsham which changed hands for $122 per sqf. All of the buildings were purchased by the end users.

“The purchase of the three properties by owner/users is a positive sign indicating the pent up demand by tenants looking to own and occupy quality real estate in these submarkets,” stated Kurt Zernich, the Director of Asset Management and General Counsel for Brookwood. “We purchased the portfolio with the intent of performing capital enhancements to improve the quality of the assets, which we have done. With the completion of numerous capital projects, we have been pleased with tenant retention and new leasing activity,”