Tamarac Plaza has a total of 355,269 sf, so the sale price amounts to$104 per sf. Tamarac Plaza consists of one five-story and two six-story buildings and sits on 12.6 acres. It is 88% leased.

The CB Richard Ellis investment team of Mary Sullivan, Ron Urgitus and Tim Swan represented the seller, a joint venture of BetaWest, which once was the real estate arm of US West, now Qwest Communications, and DLJ. This is Brookwood's first purchase in the metro area.

"This was an excellent purchase for Brookwood," Sullivan tells GlobeSt.com. "Tamarac has always enjoyed a high office vacancy rate. And BetaWest and DLJ were very pleased with the price. It was just a good deal all around for all of the parties involved."

Thomas W. Brown, senior managing director and director of acquisitions for Brookwood, couldn't agree more. "Tamarac Plaza is a quality asset with a solid rent roll, which includes tenants such as Farmers Insurance Exchange, One Nation Insurance Co., a subsidiary of Anthem, Inc., and Imagistics International, Inc.," Brown says. "Due in part to its convenient location and the surrounding amenity base, the property has a strong historical tenant retention record and has consistently outperformed the submarket as a whole."

The property is across Hampden from Tiffany Plaza, a shopping center that is undergoing a major redevelopment that will include a Whole Food natural grocer as an anchor tenant. Brookwood did not buy the nearby Tamarac Place, an unanchored retail center.

Brown says he likes the location on the north end of the southeast corridor. "Due to a dearth of new construction and improving demand, we believe the southeast submarket is poised for recovery," Brown says. "We plan to take advantage of that recovery, which we project will produce positive net absorption and increasing rental rates."

Founded in 1993, Brookwood is a private equity firm that, with itsaffiliated entities, has purchased real estate and private corporatesecurities with a total initial value of more than $525 million. Brookwood has acquired 37 properties throughout the US. Its current real estate portfolio consists of 22 properties containing more than three million sf of office, retail, industrial and research and development space.