CBRE Wins Leasing Assignment With New Four Points' New Ownership

SAN DIEGO-The CBRE Capital Markets team of Mark McGovern and Scott Peterson arranged $17.1 million in financing for the acquisition and upgrading of Four Points Business Park on behalf of the new owners, Brookwood Financial Partners LLC.

The CBRE team of Andrew Taylor, Ryan Grant and Nick Bonner was awarded the leasing assignment.

Located at 5575, 5625 and 5675 Ruffin Road in the Kearny Mesa submarket, Four Points Business Park features three multi-tenant office buildings totaling 124,712 rentable square feet. The financing included a 70% loan-to-purchase price plus additional loan proceeds for capital upgrades, tenant improvements and leasing commissions to stabilize the property.

According to CBRE's Taylor, Brookwood will use the financing to upgrade the project to increase the property's appeal within the submarket. “Brookwood has a successful track record of repositioning assets and increasing value,” Taylor said. “For office and medical office tenants, the addition of planned capital expenditures at Four Points, such as updating the common areas, enhancing landscaping and project signage, painting the exterior and resurfacing the parking lots will complement the project's already stellar location.”

At 84% leased, the project currently has seven suites available for lease ranging from 1,600 square feet to 5,600 square feet. Four Points Business Park is the third acquisition by Brookwood in the San Diego area over the past 20 months along with Mission Valley Crossroads and Bernardo Executive Center in Rancho Bernardo.

Based in Massachusetts, Brookwood is a private equity firm that acquires real estate and invests in private companies. Since 1993, Brookwood has acquired 119 properties totaling over 10.9 million square feet of office, retail, flex and research and development space as well as 143 hotel rooms, 138 condominium units, 572 apartment units and 1,360 residential building lots.