SAN DIEGO-Brookwood Financial Partners, LLC, has acquired Four Points Business Park, a multi-tenant office property located in San Diego.
The 124,712 square foot, three-building business park, which is effectively 84% occupied, is located at the intersection of Ruffin Road and Chesapeake Drive in the heart of Kearny Mesa, a preferred location for professional service firms, regional sales offices and back office operations of national and regional corporate tenants.
“We acquired this property due to its central location in Kearny Mesa and the positive trends in the submarket, particularly with respect to Class A properties, which have vacancy rates in the single digits,” said Thomas Brown, director of acquisitions for the Massachusetts-based Brookwood.
According to CB Richard Ellis, the San Diego office market has had 12 consecutive quarters of positive absorption. In Kearny Mesa, the office vacancy rate has recently dropped from a peak of 16.8% in 2009 to 12.5% as of the first quarter of 2013, with the vacancy in class A buildings now down to 8%.
Brown added that Brookwood “is planning to make significant physical improvements to the property, including enhancing the common areas, restrooms, elevators, landscaping and signage. We believe that these improvements will allow us to increase occupancy and rental rates as tenants seek alternatives to the dwindling supply of higher-priced class A space.”
This is the third acquisition by Brookwood in the San Diego area in the past 20 months.
The seller was represented by Bob Prendergast and Lynn LaChapelle of Jones Lang LaSalle. Brookwood was self-represented in the transaction and has hired CB Richard Ellis as its leasing agent.
Brookwood is a Massachusetts-based private equity firm that acquires real estate and invests in private companies. Since 1993, Brookwood has acquired 117 properties totaling over 10 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.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
