Bridge Investment Group Buys Metro Miami Office Campus
- Mar 06, 2019
Bridge Office Fund Manager LLC, a subsidiary of Bridge Investment Group, has acquired Sawgrass Technology Park, an 11-building, 514,332-square-foot office complex in Sunrise, Fla. Fifteen Group sold the property for $74.3 million, according to the Broward County recorder.
Sawgrass Technology Park was 76 percent occupied at the time of the deal. Office spaces between 18,000 and 63,000 square feet are available for lease.
“The acquisition of Sawgrass Technology Park presents a rare value-add opportunity in a high-growth urban-suburban market featuring walkable amenities and robust employment growth,” Kelly Kuykendall, Bridge’s director, asset management, said in a prepared statement. “With limited speculative development in the region and no new construction occurring within the Sawgrass Park submarket, we anticipate favorable conditions for rent growth and long-term asset value increase in the years ahead.”
The acquisition expands the company’s portfolio in South Florida to more than 1 million square feet.
Located at 13975 W. Sunrise Blvd., just a mile from the union of South Florida’s three major highways (Sawgrass Expy., I-75, I-595), Sawgrass Technology Park is situated at the entrance of the 612-acre Sawgrass International Corporate Park.
Originally constructed in 1985 and once known as the Racal-Milgo world headquarters, the property has since become a superior-quality, campus-style, multi-tenant facility. In 2017, the previous owners signed Cable & Wireless Communications Inc. and Crown Castle USA Inc. to leases at the property.
According to Kuykendall, Bridge expects to make more than $5 million in capital improvements across the Sawgrass Technology Park. Planned upgrades include a tenant-exclusive amenity facility that will boast a gourmet café, state-of-the-art fitness center, flexible lounge and more. Additionally, there will be cosmetic renovations to common areas, lobbies and exterior of several buildings.
Bridge research on the area reveals the Sawgrass Park submarket has one of the lowest vacancy rates in all of Broward County.
Sawgrass Technology Park is close to the upcoming, $1.5 billion Metropica development, a 65-acre mixed-use project, which will be home to 500,000 square feet of restaurants, bars and high-street retail. Also included are 2,200 residential units and a 240-key luxury hotel. It’s also nearby the Sawgrass Mills Mall.
Bridge Commercial Real Estate will oversee all leasing, property management and redevelopment work at the campus. Renovations will begin immediately, with the first phase expected to be completed in 2019.
In January, a subsidiary of Bridge Investment Group acquired Station Square, a 510,200-square-foot Class A office complex in the heart of Silver Spring, Md., from Brandywine Realty Trust.
Image courtesy of Yardi Matrix