Bridge Investment Group Buys Charlotte Office Campus
- Feb 05, 2020
Bridge Office Fund Manager, a subsidiary of Bridge Investment Group, has purchased LakePointe Corporate Center 3 and 5, a two-building, 226,863-square-foot office campus in Charlotte, N.C.
According to Yardi Matrix data, the seller was Angelo Gordon, which bought the Class A asset in 2017 from Starwood Property Trust in a portfolio deal incorporating nearly 1.3 million square feet of office space across four states. Ryan Clutter of JLL represented the seller in the current transaction.
The office campus occupies more than 15 acres in the Airport submarket. Located at 3730 and 3735 Glen Lake Drive, the four-story buildings feature open floorplans and parking ratios of more than 4 spaces per 1,000 square feet. Completed between 2001 and 2006, the campus recently underwent a $1.6 million renovation plan. Amenities include a fitness center, community conference room and full-service cafe. The LEED Silver-certified assets are currently 52 and 100 percent occupied, respectively, with Compass Group, Toshiba and Westinghouse on the tenant roster.
Bridge intends to invest an additional $1.3 million in capital improvements at the site. Bridge Commercial Real Estate, the operating division of Bridge Office, will serve as property manager and also oversee all redevelopment work.
The office campus is some five miles west of city center, near Charlotte Douglas International Airport and easily accessible to interstates 77 and 485. The office park is roughly 14 miles south of another Bridge property, a 358,000-square foot office park the firm acquired in 2017.