Brookdale, Crescent form Joint Venture

ATLANTA-Brookdale Investors Four, an investment fund of locally based Brookdale Group, is committing an undisclosed amount into a recently developed 1.6 million-sf class A, suburban office portfolio segment of Charlotte-based Crescent Resources at five master-planned parks in three Southeast cities.

The 10 properties of the joint venture, Crescent Brookdale Associates, are Satellite Place 300, 400 and 600 and Corporate Center One at Deerfield in Atlanta; Corporate Center One at International Plaza and Hidden River One, Two and Three in Tampa; and One and Two Resource Square in Orlando. The properties are 90% leased.

Brookdale and Crescent didn’t disclose terms of their deal or estimate the value of the 1.6 million-sf portfolio in a prepared statement. But area brokers familiar with the suburban office markets tell GlobeSt.com on condition of anonymity the 10 properties are worth at least $240 million, based on their estimated hard construction cost alone.