September 25, 2017
Brookwood Financial Partners LLC ended its three-year hold on the two-building, 442,039-square-foot 125 E. John Carpenter Freeway to KBS Strategic Opportunity REIT II. The Newport Beach, CA-headquartered buyer paid $83.4 million to the seller, which is based in Beverly, MA. HFF represented Brookwood.
According to public records, the office asset delivered in the early 1980s, and is currently leased to 22 tenants, with a weighted-average remaining lease term of 7.1 years. KBS acquired the asset with a mortgage loan and cash on hand.
Brookwood’s Thomas Brown indicated that the initial goal in its 2014 purchase and hold of the property was to make major capital improvements. As such, major upgrades were made to the common areas, entryways, restrooms, elevators and parking garage, among others. The improvements helped boost occupancy from 62% to 83%, he added.
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