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Brookwood Financial Exits South Florida

KENDALL, FL-DPI Acquisition Corp. buys 9350 Financial Centre, a 15-story class A building, for $30 million.

By Danielle Anderson | Updated on December 27, 2006

KENDALL, FL-Brookwood Financial Partners LP, which once owned a 12-property, two-million-sf South Florida portfolio, has exited the market with the recent sale of 9350 Financial Centre. DPI Acquisition Corp. paid approximately $30.2 million for the 105,137-sf office building in the Kendall/South Dade submarket of Miami.

Eve Trkla, chief operating officer of the Beverly, MA-based company, tells GlobeSt.com that Brookwood achieved its business plan during its three-year stint as owner of the 15-story office building. “We got in at the right time, we were able to enjoy the increase in value and we wanted to take advantage of the current market,” she says, adding that the property was highly sought after by investors.

Brookwood was able to sell the property, which also includes a 273-car parking garage, for $13.5 million more than it paid for the building in December 2003. The company had purchased the building from an affiliate of Principal Real Estate Investors for $16.7 million. Trkla attributes the jump in value to a slight increase in occupancy from 88% to 90% and growth in rental rates. Company officials say they were able to capitalize on a strong market that had no new office buildings under construction. The property, which was constructed in 1989 and renovated in 1993 and 1997, is situated on just over an acre along South Dixie Highway.

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