Brookwood Financial Partners has sold three office buildings in Pennsylvania for over $22 million. Among the properties are 7360 Windsor Drive, an office building in Allentown and One Greenwood Square, an office building located in Bensalem. The buyers were not specified.
Brookwood Financial Partners, LLC (“Brookwood”), a nationally-recognized private equity investment firm, announced today that it has sold three office buildings in its suburban Pennsylvania portfolio. The buildings are part of a 29-building portfolio that was acquired in 2015 through its affiliates, Brookwood Philadelphia I, LLC and Brookwood Philadelphia II, LLC, and are located in the Philadelphia western suburbs and Lehigh Valley areas. All of the buildings were purchased by owner/users demonstrating a commitment on the part of the buyers to the submarkets in which the properties are located.
The properties include:
7360 Windsor Drive, a 59,910 square foot Class-A office building located in Allentown, sold for $12,400,000 or $206.98 PSF. The property was purchased by the sole tenant, Infinera Corporation. 7360 Windsor is located in the Iron Run Corporate Center at the intersection of I-78, Rte. 100 and the Pennsylvania Turnpike. Brookwood continues to own and manage 11 multi-tenant buildings containing a total of 684,941 square feet in the Corporate Center.
One Greenwood Square, a 60,700 square foot office building located in Bensalem, sold for $6,800,000 or $112.02 PSF. The property was purchased by Police and Fire Federal Credit Union, which will occupy a majority of the building. Located on Street Road, the building is within walking distance to numerous amenities and features easy access to the Pennsylvania Turnpike. Brookwood continues to own two buildings in the Greenwood Square office complex: a 25,000 square foot building that is fully occupied by a single tenant and an 81,575 square foot, multi-tenant building in which Brookwood has performed major capital improvements, including lobby and common area renovations and the addition of a shared conference room and tenant lounge.
630 Dresher Road, a 28,894 square foot Class-A office building located in Horsham, sold for $3,530,000 or $122.10 PSF. The property was purchased by Pliner Properties, LLC, which will occupy the entire building. The two-story building is located at the entrance of the Horsham Business Campus in Horsham. Brookwood still owns nine buildings within the Campus containing 289,243 square feet in Horsham. Since its acquisition, Brookwood has made numerous capital improvements to the portfolio.
“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,” he continued. “With the size of the portfolio, we can offer tenants a variety of suite sizes, layouts and price points.”
About Brookwood Financial Partners, LLC – Brookwood is a nationally-recognized private equity investment firm that specializes in acquiring and managing value-add commercial real estate and related operating businesses on behalf of a select group of institutional investors, family offices and high net worth individuals. Since its founding in 1993, Brookwood has raised over $906 million of equity to acquire a portfolio of 185 commercial real estate properties, seven operating companies, and 73 gas stations and convenience stores, which have a realized and unrealized value in excess of $2.4 billion. The portfolio has spanned multiple asset classes, geographical markets and industries across the United States. www.brookwoodfinancial.com