Brookwood buys Southwest Florida portfolio

Dec. 22, 2017

Brookwood Financial Partners LLC, a Beverly, Mass.-based private equity firm with a total capitalization of $2.4 billion, has purchased a portfolio of more than a dozen office buildings in Fort Myers and Bonita Springs.

The $43.15 million acquisition involved the Renaissance Center in Fort Myers, the Bonita Bay Executive Center in Bonita Springs and the Riverview Center, also in Bonita Springs.

Combined, the three projects contain 15 buildings and 421,324 square feet and were nearly 84% occupied at the time of the purchase.

Kurt Zernich, Brookwood's director of asset management, says the company saw the portfolio as a “diverse array of both building and suite sizes, which will enable us to attract a wide range of potential tenants.”

Renaissance Center is a four-story, Class A business park; Bonita Bay Executive Center contains five buildings; and Riverview Center contains nine separate buildings.

Brookwood, which bought the properties from Variable Life Insurance Co., intends to invest roughly $3 million to modernize and upgrade lobbies, elevators, restrooms and building systems.

The 24-year-old company in all has invested more than $900 million to purchase some 185 properties nationwide, according to its website.