BEVERLY, Mass.--()--Brookwood Financial Partners, LLC (“Brookwood”), a leading real estate investment and asset management company, announced today that it acquired a non-performing note secured by 1600 Division Road in West Warwick, Rhode Island. Concurrent with the purchase of the note, Brookwood took direct title to the property by filing a pre‐negotiated deed‐in-lieu of foreclosure, which has been agreed to by RBS Citizens, N.A. (the "Seller") and TC Warwick, LLC (the "Owner"), an affiliate of Trammell Crow, a national real estate investor and developer.
“This property is in an excellent location with exceptional access to I-95, the major interstate leading north to Providence and Boston, and south to points in Connecticut and New York City”
Constructed in 1973, this multi-tenant warehouse and office building is 48.5% leased, sits on a 51.9-acre parcel of land and contains 547,910 rentable square feet, approximately 80% of which consists of warehouse space with clear heights ranging from 26 to 40 feet and 20% of which is two‐story office space. The property has an impressive mix of existing national and regional credit tenants including Metropolitan Life Insurance, Crimzon Rose, a subsidiary of Li and Fung Industries, and Nova Records, LLC.
“This property is in an excellent location with exceptional access to I-95, the major interstate leading north to Providence and Boston, and south to points in Connecticut and New York City” said Kurt Zernich, Brookwood’s Director of Asset Management. “It is well suited for companies looking to lease space ranging from 40,000 – 150,000 square feet and has ample parking for trailer storage, numerous loading docks and cross-dock capabilities. Given our low cost basis in the property, we will be able to offer very attractive rental rates and generous tenant improvement allowances.”
Consistent with Brookwood’s on-going value-add strategy, the note was acquired at a significant discount to both the current replacement value and the Owner’s purchase price in 2007.
About Brookwood Financial Partners, LLC
Brookwood is a Massachusetts-based private equity firm that acquires real estate and invests in private companies. Since 1993, Brookwood has acquired 115 properties throughout the United States including in Arizona, California, Colorado, Florida, Georgia, Maine, Maryland, Massachusetts, New Jersey, North Carolina, Rhode Island, Texas and Virginia. In addition, Brookwood has invested in private companies in the wireless communications, restaurant, software and outsourcing industries. Brookwood has invested over $503 million in equity to acquire assets with a realized and unrealized value of over $1.3 billion.