Brookwood makes $43m bet on Florida office portfolio
Massachusetts-based private equity real estate investment firm, Brookwood Financial Partners, has purchased a portfolio of 15 office buildings in southwest Florida for $43.15 million. Trading for just over $102 per sqf, the 421,324 square foot assemblage is currently 83 percent leased. The properties 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. The buyer plans to spend $3 million in targeted capital and cosmetic improvements in order to improve the marketability of the properties and quickly lease up the currently vacant spaces.
“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.