Brookwood acquires Lakeside Office Center in Plantation, Florida
Brookwood Financial Partners has acquired Lakeside Office Center, a five-storey, multi-tenant Class A office building located in Plantation, Florida.
Lakeside, which has 134,443 square feet of space and sits on a 12.43-acre parcel, was constructed in 1986 and renovated in 2006. The property is located approximately eight miles from downtown Fort Lauderdale, approximately two and a half miles north of Interstate 595, the main east-west roadway that provides access to the Four Lauderdale CBD, airport and other major highways.
“The property provides excellent exposure and proximity to a critical mass of business infrastructure, executive neighbourhoods, restaurants, entertainment venues and retail centres,” says Thomas W Brown, Brookwood’s director of acquisitions. “We are acquiring the property at an attractive purchase price at a time when the Plantation submarket is beginning to stabilize, and intend to add value to Lakeside by increasing the property’s occupancy through leasing up the remaining 33,000 rentable square feet of vacant space.”
Brookwood anticipates that with no new construction planned for this area, and as the general economy continues to improve, absorption, vacancy rates and rental rates will be positively impacted.
Brookwood plans to renovate the lobby, building entrance and select common areas and to perform upgrades to the mechanical systems and elevators of the building, which they believe will make the property even more attractive to new tenants.
CB-Richard Ellis represented the seller in the transaction, while Brookwood was self-represented.