Birmingham Firm Acquires Brookwood Office Center

BIRMINGHAM, AL — Birmingham and Atlanta-based firm 569 Shades Creek, LP recently announced the purchase of Brookwood Office Center next to Brookwood Village from Preferred Apartment Communities, Inc. The sale closed Nov. 12 for $55 million.

The firm, 569 Shades Creek, LP is a partnership between Birmingham-based Fairway Investments, LLC and Atlanta-based Pope & Land Enterprises, Inc. The two companies have worked together for more than 20 years on projects to develop and enhance commercial real estate throughout the Southeast.

“We think Brookwood Office Center is a wonderful asset to our community – one that has been well managed over the years, with a very strong mix of tenants,” said Sims Garrison, chief operating officer of Fairway Investments. “We are thrilled to add it to our growing portfolio of commercial properties and be a part of the continued growth of the Birmingham business market.”

The 169,489 square foot building, located at 569 Brookwood Village, was built in 2007 and is anchored by Kinder Morgan, one of the largest energy-infrastructure companies in North America. The tenant mix includes household names such as Surgical Care Affiliates, Merrill Lynch, and PricewaterhouseCooper. Colliers will retain property management and leasing under the new ownership.

The office building is adjacent to the Brookwood Village Mall and Macy’s, which the Fairway Investments, Pope & Land and Colliers teams purchased earlier this year.

The future of Brookwood Village and nearby properties has been somewhat convoluted, as Collier's International and Arlington Properties backed out of a plan to redevelop the property into a mixed-use project last year.

SEE ALSO:

New Developer In Line To Buy Brookwood Village

Brookwood Village Could Undergo Major Redesign