Brookwood buys two buildings (452,000 SF) in Las Colinas

LAS COLINAS – A 451,195-sf office property consisting of 125 E. John Carpenter Fwy. and 5100 N. O’Connor Blvd. has been sold.

The Class A property is 61.1 percent occupied and is located adjacent to SH 114, near Gables Water Street and The Music Factory, two retail developments that are in the works.

Mass.-based Brookwood Financial Partners LLC, a real estate investment and asset management company, purchased the two-building, multitenant property.

Brookwood plans to enhance the property’s position in the Las Colinas submarket by investing $3.7 million in targeted capital improvements. The seller also recently completed improvements including a major lobby renovation, a new conference room, fitness center and cafe.

Rental rates in the Las Colinas submarket have increased 7.6 percent over the previous six quarters, but rates are still 5.4 percent below their pre-recession peak.

Read more at Business Wire.