Brookwood Financial Partners, LLC (“Brookwood”), a nationally-recognized real estate private equity firm, today announced that it has sold 125 East John Carpenter Freeway in Irving, Texas to the KBS Strategic Opportunity REIT II.
“When we acquired 125 East John Carpenter, our business plan was to increase the property’s occupancy by making major capital improvements, including upgrading all the common areas, entryways, restrooms, elevators, HVAC systems, and landscaping and renovating the parking garage,” stated Thomas W. Brown, Brookwood’s President and Director of Acquisitions. “These improvements were well received in the market, and tenant interest in leasing space at the building increased immediately,” he added. “These improvements, coupled with the tremendous job accomplished by our leasing team, enabled us to increase the property’s occupancy from 62% to 83%, monetizing the value we created for our clients.”
Prior to this sale, Brookwood owned six properties in the greater Dallas MSA totaling over 1,800,000 square feet, including two other properties in Las Colinas, 5601, 5605, and 5525 MacArthur Boulevard and The Embassy. The fundamentals of the greater Dallas office market are strong and the Urban Center submarket of Las Colinas is particularly well-positioned as a suburban market with an urban feel that has tremendous amenities. The new developments in the area, including Gables Water Street and the Music Factory, will further increase the attractiveness of this office market. “The urban feel of Las Colinas has always been a draw for the market, and the addition of these new amenities are helping to further elevate it as a premier office destination,” stated Mr. Brown.
“Our strategy of buying high quality properties at deep discounts to replacement cost in improving markets is the cornerstone of our value-add real estate investment philosophy,” Mr. Brown noted. “125 East John Carpenter Freeway is the largest single asset sale in the history of Brookwood and we are pleased that we could achieve our business plan so quickly. We expect to continue selling additional properties in our portfolio as we complete respective property business plans.”
Brookwood was represented by HFF on the sale of this property.
Presented by Brookwood Financial Partners, September 22, 2017