X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

OAKLAND, CA-Brookwood Financial Partners LP has sold a 50,000-sf two-story office property here for $5.78 million. The Beverly, MA-based private equity is the process of selling some $420 million of real estate and rolling the proceeds into new properties.

The Oakland property, built in 1971, sits on 4.59 acres within the Oakland Airport Business Park. The property address is 8000 Edgewater Dr. Brookwood acquired the property in mid-1998 for $3.4 million.

Brookwood VP John Meedzan tells GlobeSt.com the building is about 50% leased. The new owner, a private individual, was not named by the seller. The buyer’s broker, Ricardo da Silva of locally based LOH Realty & Investments, could not be reached for comment. Greg Hugo and Al Musante of Colliers International represented Brookwood.

Meedzan says Brookwood is planning to unload another $170 million of commercial real estate by the end of March 2006 and over the past year has sold 1.6 million sf in 11 properties for proceeds of $250 million. On the flip side, Meedzan says the company is looking to use its proceeds to acquire additional office properties in places like Boston, Phoenix, parts of Florida and some secondary and tertiary markets. The company’s sweet spot for acquisitions is in the $5- to $20-million range, he says.

In addition to the Oakland property, Brookwood also recently sold the Brookwood Commerce Center in Glendale, AZ, for $20.46 million. The 16.5-acre complex consists of a four-story building connected to a one-story structure for a total of 209,174 sf (net rentable).

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.