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South Florida

Brookwood pays $23.5M for offices in Fort Lauderdale

One of the two office buildings in the Commercial Place plaza in Fort Lauderdale
One of the two office buildings in the Commercial Place plaza in Fort Lauderdale

Brookwood Financial Partners, an investment company based in Massachussetts, recently sealed a $23.5 million deal to acquire the Commercial Place office complex in Fort Lauderdale.

The office campus includes a pair of low-rise buildings that were constructed in the 1990’s. Combined, they house about 175,088 square feet of space and are located at 3230-32350 West Commercial Boulevard.

Brookwood paid roughly $134 per square foot to acquire the buildings from the Western National Life Insurance Company, which took possession of the buildings in 2012 during a foreclosure lawsuit against the property’s previous owners.

The suit was filed against AEW Capital Management, an investment manager with offices in Boston and Los Angeles. Western National won the suit and then purchased the buildings at auction for an unknown amount, according to Broward County property records.

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Brookwood financed its purchase with an $18.3 million loan from TD Bank. Charles Foschini, Christopher Apone, and Christian Lee of CBRE arranged the financing on behalf of Brookwood, according to a news release.

Lee, along with José A. Lobón, Marcos Minaya, and Nicholas Avalos of CBRE also brokered the sale.

Major tenants at the campus include Progress Corp., Atkins Global, Cisco Systems, Blue Cross Blue Shield Association, Traveler’s Indemnity and Host.net.

According to the company’s website, Brookwood typically holds onto commercial properties for about five years before moving on. The firm is active in 13 states besides Florida. — Sean Stewart-Muniz

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