(4200-4400 Northcorp Parkway)
In 2016, in JV with Breakers Capital Partners, we acquired 4200-4400 Northcorp Parkway, a two-building, 115,000-square-foot Class A commercial property in Palm Beach Gardens, FL.
The property is part of the premier micro-market of Class A office space in northern Palm Beach County that has historically attracted strong tenants. We identified a unique opportunity where demand was poised to outpace supply and where broader market fundamentals were supportive of those trends. With a focus on driving value through astute operating and property oversite, we have ensured high-quality marketing, operations, arrears management, and building standard. Through our diligent building operations and successful rent roll management, we have generated strong returns and realized significant leasing upside.
Since acquisition, we have increased rents by nearly 20% and have brought the weighted average lease term to 7.6 years. The property is stabilized and consistently generates steady returns to our investors. We continue to realize the asset’s broader investment potential as the property’s net operating income continues to increase as South Florida’s economic and demographic shifts continue to fuel job growth.
(Atrium At Broken Sound)
In a joint venture with Alchemy-ABR Partners, we acquired Atrium at Broken Sound, a 100,729-square-foot office building located in The Park at Broken Sound, a mixed-use complex located in Boca Raton, Florida in 2018.
At acquisition, the property was 90% occupied, with a strong and diverse set of tenants ranging from regional headquarters to law, pharmaceutical, real estate, and marketing firms. The property had suffered from years of poor management and operating inefficiencies, but we saw an opportunity to drive value by capitalizing on the asset’s formidable appeal rooted in its location, aesthetic, bright atrium, covered parking, and generator.
We enacted a business plan to realize the asset’s full value by undergoing a capital improvement program including a complete lobby renovation, preventative maintenance initiatives, and a hands-on management strategy.
The Forest at Fenwick on Johns Island in Charleston, South Carolina—originally built in 2007—was purchased in 2018 and renovated that year. It features 80 two-bedroom apartments in ten two-story buildings and is located down a quiet drive. It’s close to everything but removed from the hustle and bustle. Upgrades include granite and quartz countertops, stylish maple and painted cabinets, luxury vinyl plank flooring, and modern lighting and plumbing fixtures.
Please visit our website at www.rentFenwick.com for more information.
Over the past 5 years, BCP has invested with Mobile Home specialists Three Pillar Communities, led by Yoel Kelman and Daniel Weisfeld, to acquire more than 10 different mobile home parks. Representative photos of the parks are displayed here. The properties include: Tulare Royal Palms, Emerald Estates, Heatherdale, Renton, Brookside, Foothills Solar, Alpine Meadows, Meadowland Estates, and Sequoia Estates.
Rams Plaza is a 14 acre, 113,000 square foot neighborhood shopping center in Chapel Hill, North Carolina, located two miles from UNC. Upon stabilization, Rams Plaza was 96% leased and anchored by Food Lion and CVS. Other current tenants include: Bailey’s Pub and Grill, Tire King, Tuesday Morning, Super Cuts, Bouncing Bulldogs, Dance Design, Eclipse Tanning, Jean Woods, DDS, Ladies Fitness & Wellness, Logen Shipping & Mailboxes, Simply Nails, The North Carolina Family Doctor and The Better Sleep Store. In a joint venture with Kalikow Properties and Argus Group, BCP acquired the property in 2012. After successfully moving CVS to an outparcel and redeveloping the entire site, the joint venture successfully exited the property in 2017.