BEVERLY, Mass.--(BUSINESS WIRE)--Brookwood Financial Partners, LLC (“Brookwood”), a leading real estate investment and asset management company, announced today that it has acquired Lakeside Office Center (“Lakeside”), a five-story, multi-tenant Class A office building located in Plantation, Florida. Lakeside, which has 134,443 square feet of space and sits on a 12.43-acre parcel, was constructed in 1986 and renovated in 2006. The property is located approximately eight miles from downtown Fort Lauderdale, approximately two and a half miles north of Interstate 595, the main east-west roadway that provides access to the Four Lauderdale CBD, airport and other major highways.
“We are acquiring the property at an attractive purchase price at a time when the Plantation submarket is beginning to stabilize, and intend to add value to Lakeside by increasing the property’s occupancy through leasing up the remaining 33,000 rentable square feet of vacant space.”
“The property provides excellent exposure and proximity to a critical mass of business infrastructure, executive neighborhoods, restaurants, entertainment venues and retail centers,” stated Thomas W. Brown, Brookwood’s Director of Acquisitions. “We are acquiring the property at an attractive purchase price at a time when the Plantation submarket is beginning to stabilize, and intend to add value to Lakeside by increasing the property’s occupancy through leasing up the remaining 33,000 rentable square feet of vacant space.” Brookwood anticipates that with no new construction planned for this area, and as the general economy continues to improve, absorption, vacancy rates and rental rates will be positively impacted.
Brookwood plans to renovate the lobby, building entrance and select common areas and to perform upgrades to the mechanical systems and elevators of the building, which they believe will make the property even more attractive to new tenants.
CB-Richard Ellis represented the seller in the transaction, while Brookwood was self-represented.
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 123 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 $529 million in equity to acquire assets with a realized and unrealized value of over $1.4 billion.