Brookwood Business Center in Billerica and Tewksbury, MA sold for $40.45 million

A joint venture of Condyne Capital Partners and Westport Capital Partners has acquired Brookwood Business Center, a six-building, 448,707-square-foot office/flex park located across 44 acres in both Billerica and Tewksbury, MA, for $40.45 million. The sale amounts to approximately $90 per square foot. Brookline Bank and HarborOne Bank provided $30.5 million in financing towards the acquisition. Seller Brookwood Financial Partners purchased the park for $15 million through foreclosure in 2010.

The acquisition was brokered by Transwestern Consulting Group, who will now handle leasing of space at Brookwood Business Center. 15,375 square feet are available for lease at the park. “The new ownership team of Condyne and Westport successfully identified an asset that they believe has and will continue to outperform the market for years to come,” said Chris Skeffington of Transwestern in a prepared statement. “The supply of flex space in the market has gone down dramatically in the past 10 years, making more recently constructed parks like Brookwood Business Center very attractive to tenants and investors.” Brookwood Business Center was constructed between 1985 and 2001, and recently underwent renovations and improvements including reimagined landscaping, roof improvement, a new café, new building signage and refurbished common areas.

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