The Oakland property, built in 1971, sits on 4.59 acres within the Oakland Airport Business Park. The property address is 8000 Edgewater Dr. Brookwood acquired the property in mid-1998 for $3.40 million.
Brookwood VP John Meedzan tells GlobeSt.com the building is about 50% leased. The new owner, a private individual, was not named by the seller. The buyer's broker, Ricardo da Silva of locally based LOH Realty & Investments, could not be reached for comment. Greg Hugo and Al Musante of Colliers International represented Brookwood.
Meedzan says Brookwood is planning to unload another $170 million of commercial real estate by the end of March 2006 and over the past year has sold 1.6 million sf in 11 properties for proceeds of $250 million. On the flip side, Meedzan says the company is looking to use its proceeds to acquire additional office properties in places like Boston, Phoenix, parts of Florida and some secondary and tertiary markets. The company's sweet spot for acquisitions is in the $5- to $20-million range, he says.
In addition to the Oakland property, Brookwood also recently sold the Brookwood Commerce Center in Glendale, AZ, for $20.46 million. The 16.5-acre complex consists of a four-story building connected to a one-story structure for a total of 209,174 sf (net rentable).
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