September 25, 2017 Comments Off on Brookwood Ends Three-Year Hold, Sells Office for $83M Views: 1211 Dallas-Fort Worth, Texas News

Brookwood Ends Three-Year Hold, Sells Office for $83M

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.

Read More at Businesswire

Connect with Brookwood Financial

Connect with KBS Strategic Opportunity REIT II

Get CRE News in 150 words

For comments, questions or concerns, please contact Amy Sorter

Tags: ,

Comments are closed.

Send this to a friend