SAN DIEGO-Brookwood Financial Partners, LLC, a leading real estate investment and asset management company,announced today that it 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 KearnyMesa, 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,” stated Thomas Brown, Brookwood's director of acquisitions. 

GlobeSt.com has learned that the sale price was $21.2 million and the seller was Four Points Partners LLC.

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.  In October of 2011 and August of 2012, Brookwood acquired Mission Valley Crossroads and Bernardo Executive Center, multi-tenant office buildings located in the Mission Valley and Rancho Bernardo submarkets of San Diego, respectively.

The seller was represented by Bob Prendergast and Lynn LaChapelle of Jones Lang LaSalle. Brookwood was self-represented in the transaction.