Brookwood Financial Partners, a real estate investment and asset management company, acquired Comerica Tower, an 11-story, multi tenant office property in the Central Business District of Fort Lauderdale, Florida
, from Beacon Investment Properties of Hallandale Beach, Florida.
The property contains 166,098 square feet and is located three miles from the Fort Lauderdale-Hollywood International Airport and one mile from both U.S. Highway 1 and Interstate 95, providing easy access to both Palm Beach and Miami-Dade Counties. The property is currently 82 percent occupied, according to Brookwood.
Brookwood said it is acquiring the property at an attractive price and at a time when Fort Lauderdale’s downtown office fundamentals are showing signs of improvement. “The submarket has experienced positive absorption in every quarter of 2013 and has a current vacancy rate of 14.3 pecent, down from 18.9 percent in the first quarter of 2013,” stated Thomas W. Brown, Brookwood’s Director of Acquisitions.
“Similar to all of our value-add acquisitions over the last few years, our primary objective is to reposition the property in the market, which we expect will increase the appeal of the building to current and prospective tenants and enable us to lease the vacant space and renew expiring leases at higher rental rates.” Of Beacon, Brown added, “They made a good buy several years ago and have done an excellent job in creating value and stabilizing the asset at its current occupancy of 82 percent. In addition, they have been very responsive and terrific to work with throughout the acquisition process.”
Beacon initiated a capital improvement program several years ago, which Brookwood intends to continue with upgrades to the restrooms and the mechanical and vertical systems in the building, Massachusetts-based Brookwood said. In addition, given the amount of residential and retail development that is expected to occur in the area, the plaza level and front entrance to the building will be renovated to incorporate new signage and outdoor seating.