After only two years carrying the property, Brookwood Financial Partners has sold Fort Lauderdale’s Plaza 100 office building for $46.5 — $14 million more than what the company originally paid.
Brookwood, which is headquartered in Massachusetts, just sold its 330,747-square-foot property to an affiliate of Zurich Asset Management, an alternative investment division of the international Zurich Insurance Group, records show.
The 11-story building is located at 100 Northeast Third Avenue in downtown Fort Lauderdale. Its square footage is split by offices with 165,000 square feet of leasable space and a garage with roughly 580 parking spaces.
According to data from the CoStar Group, it is 92.5 percent leased, with asking rents averaging $23.5 per square foot, triple net. Notable tenants include Comerica Bank, which has its signage displayed prominently on the building, and financial consulting firm RSM McGladrey.
Brookwood came onto the scene in 2014 when it paid $32.5 million to buy Plaza 100 from an affiliate of Accesso Partners, according to county records. Accesso had paid $20.8 million four years earlier.
The Massachusetts private equity company’s purchase price had broken down to nearly $197 per square foot. Now, the company has raked in just under $282 per foot.
CBRE’s Christian Lee, Jose Lobon, Amy Julian and Marcos Minaya marketed the property on behalf of Brookwood.
According to its website, Brookwood has built a portfolio worth $2.2 billion since launching in 1993. Office properties in central business districts like Plaza 100 make up a relatively small chunk of Brookwood’s real estate purchases, equating to about 8 percent of its portfolio.
The Plaza 100 sale also came sooner than Brookwood’s typical holding period, which lasts three to five years under its current strategy.
Source: The Real Deal
Get the latest industry news and information from CRE-sources delivered right to your email inbox! And we promise…no more than one email each morning.
And we promise…no more than one email each morning.