Brookwood Takes a Trio in Carlsbad
- Jul 05, 2015
Since re-entering the California real estate market in 2012, Brookwood Financial Partners has continued to expand its holdings in the state, particularly focusing on the San Diego metro. After boosting its management ranks by adding Matthew. Brown, Brian Trout and Jonathan Dayton to key positions, the company completed deals for three office properties in the Carlsbad submarket that expanded its portfolio by 351,928 square feet.
Brookwood acquired Carlsbad Executive Plaza, the Carlsbad Pacific Center, and Plaza I & II. The three assets total nine commercial buildings, taking the company’s San Diego-area portfolio to 24 buildings and more than 1.25 million square feet. In a statement, Brookwood said that it will invest $4.7 million in improvements.
Carlsbad Executive Plaza comprises four three-story buildings and 132,869 square feet. Brookwood will spend about $2.3 million to add new lobbies and common areas, renovate courtyards and remodel restrooms.
Plaza I & II is a two-building, 89,000-square-foot complex and is 89 percent leased. The new owner has lined up $900,000 for upgrades that will include a collaborative outdoor work and entertainment area.
Carlsbad Pacific Center’s 30 percent vacancy rate is the highest of the three properties. To improve that performance, Brookwood plans a $1.5 million renovation that will focus on common areas, fitness facilities and the creation of a collaborative outdoor area comparable to the one planned for Plaza I & II.
Image courtesy of brookwoodfinancial.com