{"id":1004113996,"date":"2015-02-23T07:46:53","date_gmt":"2015-02-23T15:46:53","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004113996"},"modified":"2022-12-08T21:11:07","modified_gmt":"2022-12-09T05:11:07","slug":"brookwood-shops-in-suburban-san-diegos-lucrative-market","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/brookwood-shops-in-suburban-san-diegos-lucrative-market\/","title":{"rendered":"Brookwood Shops in Suburban San Diego\u2019s Lucrative Market"},"content":{"rendered":"
\"Thomas<\/a>

Thomas Brown, Brookwood Financial Partners<\/p><\/div>\n

By Barbra Murray, Contributing Editor<\/em><\/p>\n

Brookwood Financial Partners has picked up an approximately 480,000-square-foot office portfolio in metropolitan San Diego from Newport National Corp. for $113 million. The transaction comes three years after Newport came into possession of the seven buildings as part of a larger portfolio purchase.<\/p>\n

With a cost of approximately $235 per square-foot, the collection of Class A and Class B buildings in San Marcos and Carlsbad fits like a glove with Brookwood\u2019s investment strategy. \u201cBrookwood focuses on acquiring attractively priced, value-oriented properties, rather than aggressively-priced \u2018trophy\u2019 properties; skillfully managing and, where necessary, improving and re-tenanting such properties; and disposing of such properties at opportune times in the real estate cycle,\u201d Thomas Brown, Brookwood\u2019s president & director of Real Estate Acquisitions, told Commercial Property Executive<\/i>.<\/p>\n

The portfolio includes Civic View Corporate Center, a four-story Class A office building offering 95,500 square feet in San Marcos. The remaining assets, located in Carlsbad, are Ventana Real, a Class A complex consisting of three structures encompassing a total of 220,200 square feet; and The Campus, a Class B office destination offering three buildings accounting for an aggregate 163,000 square feet in the Carlsbad Research Center.<\/p>\n

All told, the portfolio has an average occupancy level of 71.3 percent, which provide a certain upside potential. In the fourth quarter, the average asking rent in the San Diego market was $2.41 per square-foot and it was forecasted to continue on an upswing throughout 2015, according to a report by commercial real estate services firm DTZ. And the Carlsbad portion of the portfolio has something to offer that has grown increasingly rare in the city: large blocks of contiguous space.<\/p>\n

Additionally, San Diego\u2019s vacancy rate of 16 percent, though relatively high, is on a steady decline, spurred by a few very important drivers. There\u2019s rapid population growth, and the population is young, diverse and well-educated, Brown said. \u201cSan Diego is one of the fastest metropolitan areas in the country, with unemployment dropping from 10.9 percent in 2010 to 5.9 percent in 2014,\u201d he added.<\/p>\n

Numbers are key in Brookwood\u2019s approach to investment. \u201cWe conduct specific research for the purpose of knowing everything about a specific real estate market–occupancy; absorption trends; new construction; construction replacement costs; trends in landlord concessions; proposed ADA and fire safety regulations; political developments; etcetera.\u00a0 We also research and act on very detailed macro-economic trends,\u201d Brown added. \u201cThe combination of this top-down and bottom-up approach informs our investment strategy, market and submarket selection and most importantly, the timing of when we enter and exit a property, portfolio or market.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Brookwood Financial hopes to contribute to San Diego’s steady vacancy-rate decline with its latest portfolio purchase.<\/p>\n","protected":false},"author":952,"featured_media":1004113999,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,21747,15],"tags":[],"class_list":["post-1004113996","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest","category-office","category-west"],"acf":[],"yoast_head":"\nBrookwood Shops in Suburban San Diego\u2019s Lucrative Market - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/brookwood-shops-in-suburban-san-diegos-lucrative-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brookwood Shops in Suburban San Diego\u2019s Lucrative Market\" \/>\n<meta property=\"og:description\" content=\"Brookwood Financial hopes to contribute to San Diego's steady vacancy-rate decline with its latest portfolio purchase.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/brookwood-shops-in-suburban-san-diegos-lucrative-market\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-02-23T15:46:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T05:11:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/02\/Thomas-Brown-Brookwood-Financial-Partners.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"132\" \/>\n\t<meta property=\"og:image:height\" content=\"129\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Anna Spiewak\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/brookwood-shops-in-suburban-san-diegos-lucrative-market\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/brookwood-shops-in-suburban-san-diegos-lucrative-market\\\/\"},\"author\":{\"name\":\"Anna Spiewak\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/1bbb99675c2609ea2e6792f8b25d7b76\"},\"headline\":\"Brookwood Shops in Suburban San Diego\u2019s Lucrative Market\",\"datePublished\":\"2015-02-23T15:46:53+00:00\",\"dateModified\":\"2022-12-09T05:11:07+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/brookwood-shops-in-suburban-san-diegos-lucrative-market\\\/\"},\"wordCount\":441,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/brookwood-shops-in-suburban-san-diegos-lucrative-market\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/02\\\/Thomas-Brown-Brookwood-Financial-Partners.jpg\",\"articleSection\":[\"News\",\"Office\",\"West\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/brookwood-shops-in-suburban-san-diegos-lucrative-market\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/brookwood-shops-in-suburban-san-diegos-lucrative-market\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/brookwood-shops-in-suburban-san-diegos-lucrative-market\\\/\",\"name\":\"Brookwood Shops in Suburban San Diego\u2019s Lucrative Market - 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