BEVERLY, MASS. – Brookwood Real Estate Partners II announced yesterday that it had purchased three office buildings in Middletown, including the home of KVH Industries Inc., for a total of $17.4 million.
With the purchase of the three buildings totaling 243,480 square feet – for $71.46 per square foot – the affiliate of Brookwood Financial Partners has made its first move into Rhode Island.
For Leaders Who Don't Have Time to Get Sick
Top performers guard their calendars, delegate relentlessly and optimize every hour of the day. Health,…
Learn More
In a news release, the company highlighted Middletown’s status as an emerging center for high-technology business, the majority of which have ties to the defense industry.
“The buildings are easily accessible, offer ocean views and are proximate to a variety of amenities,” said Thomas W. Brown, Brookwood’s director of acquisitions. “We believe we can lease up the vacant space because the buildings are an attractive value option for tenants in the market. In addition, we plan to make significant improvements to the properties, including upgrades to the common areas and landscaping.”
Commonly referred to as Tech 2, 3 and 4, the buildings are presently 77.6 percent leased and include tenants such as KVH Industries (Nasdaq: KVHI), Northrop Grumman Corp. and BAE Systems plc. The complex had previously been owned by Tech Plaza 2, 3, & 4 LLC, which was represented by Alden Anderson of CB Richard Ellis-New England in the transaction.
“This acquisition is consistent with our current strategy of acquiring real estate assets in secondary and tertiary markets,” Brown said. “While we previously purchased properties in major metro areas, we are now targeting smaller markets that offer more attractive pricing and higher yields. This purchase in Rhode Island is a direct result of expanding our targeted acquisition markets.”
The Massachusetts-based private equity firm said in a news release said that is has acquired 59 properties across the country totaling approximately 8.1 million square feet of office, retail and research & development space since 1993. Other transactions have included 143 hotel rooms, 138 condominium units and 572 apartments units.
For more information about Brookwood Financial Partners, go to www.bfplp.com.
