Brookwood Financial Partners L.L.C.,a private equity firm based in Massachusetts, has acquired Four Points Business Park, a three-building, multi-tenant property in Kearny Mesa.
The deal marks the third San Diego-area transaction in the past 20 months for Brookwood, which previously added the Mission Valley Crossroads and Bernardo Executive Center properties to its holdings.
Located at the corner of Ruffin Road and Chesapeake Drive, the 124,712-square-foot Four Points complex was 86 percent occupied at the time of the acquisition.
The area is a favorite of professional service firms, regional sales offices and back office operations of national and regional corporate tenants. According to the buyer, the San Diego office market has seen 12 consecutive quarters of positive absorption, with the Kearny Mesa submarket also seeing constant improvement over the past several years.
Brookwood represented itself in the transaction while the seller was represented by Bob Prendergast and Lynn LaChapelle of Jones Lang LaSalle Inc. Terms of the deal were not disclosed. The new owner has enlisted CBRE Group Inc. as the property’s leasing agent.
Brookwood has acquired around 10 million square feet of office, retail, flex and R&D properties, as well as 143 hotel guest rooms, 138 condominium units, 572 apartment units and 1,360 residential lots.
Image courtesy of bfplp.com