BEVERLY, Mass., Nov. 15, 2012 (GLOBE NEWSWIRE) -- Brookwood Financial Partners, LLC ("Brookwood"), a leading real estate investment and asset management company, announced today that it acquired the Sabadell United Bank Building, a multi-tenant office property located in West Palm Beach, Florida. This 12-story office building sits on 2.61 acres of land and contains 113,862 rentable square feet with 321 covered parking spaces. Constructed in 1980 and renovated in 2011 and 2012, the property is currently 83.3% leased.
"The Sabadell property is in excellent physical condition and has exceptional access to I-95, downtown West Palm Beach, executive housing and the federal, state and county courthouses," said Thomas W. Brown, Director of Acquisitions for Brookwood. "It is located next to the former Palm Beach Mall, which is being redeveloped and is slated to re-open as a high-end outlet mall over the next 12 – 18 months, bringing one million square feet of premium shopping and retail space to the submarket."
Similar to its recent success in Florida and other U.S. markets, Brookwood will be able to offer some of the most competitive leasing rates and incentive packages in the West Palm Beach area due to the relatively low purchase price of the property. "We continue to execute our strategy of buying fundamentally sound properties at significant discounts to replacement cost. Our low cost basis enables us to complete lease transactions at today's market rents, which are accretive to the value of the property."
The seller was represented by Christian Lee, Scott O'Donnell and Dominic Montazemi at CB Richard Ellis, Inc., and the property was acquired from an entity affiliated with Pebb Enterprises, a regional real estate investment and development firm located in Boca Raton, Florida.
About Brookwood Financial Partners, LLC
Brookwood is a Massachusetts-based private equity firm that acquires real estate and invests in private companies. Since 1993, Brookwood has acquired 114 properties totaling approximately 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. Brookwood has acquired real estate throughout the United States including in Arizona, California, Colorado, Florida, Georgia, Maine, Maryland, Massachusetts, New Jersey, North Carolina, Rhode Island, Texas and Virginia. In addition, Brookwood has invested in private companies in the wireless communications, restaurant, software and outsourcing industries. Brookwood has invested over $484 million in equity to acquire assets with a realized and unrealized value of over $1.3 billion.
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