Bridge Investment Group sold a 514,000-square-foot office park in Sunrise for $49M, a nearly 35% discount from what the firm paid for the property five years ago.
IMC Equity Group, a North Miami-based investment firm led by Yoram Izhak, purchased the 56-acre Sawgrass Technology Park at 601-1699 NW 136th Ave. It took a $30M mortgage from Israel Discount Bank of New York to close the deal, according to property records from property intelligence platform Vizzda.
Cushman & Wakefield’s Dominic Montazemi, Mike Davis, Mike Ciadella, Scott O’Donnell, Rick Brugge and Rick Colon represented Bridge in the sale.
Bridge purchased the property for $74M in March 2019 with a $59M loan from Capital One. The Utah-based investment firm, which has offices around the U.S., Seoul and Luxembourg, paid $144 per SF for the 11-building office park and sold it for around $95 per SF. The two-story buildings in the office park were built in 1984 and 1985, and Bridge pledged to invest $5M into capital improvements when it purchased the property. At the time, the property was 76% leased.
Online marketing material for the property indicates it is around 30% vacant, with 138K SF available, although some of that space could be occupied. Spaces at the property from 2K SF to 40K SF are listed by Cushman & Wakefield for $22 per SF.
Bridge completed tenant improvements at the property, including a new tenant amenity center with a café, lounge and fitness center, a marketing brochure says.
Sawgrass Technology Park is the second South Florida office property Bridge took a loss on this year. In January, the firm sold the 141K SF office building at 8600 NW 36th St. in Doral for $28.5M five years after paying $37M to acquire it. The 20-year-old property was 88% leased at the time of sale and traded at a roughly 10% capitalization rate.
https://sfoba.com/wp-content/uploads/2013/05/Sawgrass-Technology-Park-Sunrise.jpg270275SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2024-07-08 17:55:192024-07-08 17:55:19Bridge Investment Group Takes 35% Hit On Broward Office Park
If investors and developers are going to get into or stay in office, the best move is probably prime or Class A, according to CBRE.
They examined the top 2% to 4% of office properties — their definition of prime or Class A — across different metro markets in the U.S. That was in the context of the flight-to-quality many in the industry think is happening.
One of the difficulties in understanding the office marketplace is what one might call the tyranny of the average and advertised. First, there are distributions in all data; not everything experiences the same conditions. Second, when some story lines get broadly publicized, they can take on lives of their own.
“The growth in vacant space from Q1 2020 to Q2 2022 was entirely driven by the 10% of hardest hit buildings,” they wrote. “In fact, excluding the bottom 10% of properties that experienced the most vacant square footage increase, net absorption has been positive since 2020.”
About 70% of the hardest-hit buildings were actually Class A-, particularly the lowest tier, built in the 1980s and 1990s.
If Class A- might extend into B and lower, these observations, while not exactly the same, are similar in concept to those from other experts. Back in February, Brookfield argued that90% of all office vacancies are in the bottom 30% of buildings, “largely characterized by older offices with limited amenities and reduced functionality.” The top 25% of buildings, in comparison, see stable vacancy rates and record-high rents.
CBRE modeled the attractiveness of “new best-in-class” office buildings across 16 different markets. “The fraction of a market made up of prime space is an important variable in determining attractiveness of development,” they wrote.
“Markets with a low fraction of prime space, such as Boston or Miami, may be good candidates for new development due to relatively fewer competitors for top tenants,” they said. “Markets such as Seattle, with a high fraction of prime space already, may be over served.”
But a “high fraction” is relative. Seattle’s percentage of price was a hair over 18%. On the low end, Washington, D.C. barely cracked 4%.
Also, prime properties don’t outperform in every market. Take Austin, with about 11% prime. The city faces the high amounts of new delivered properties, and some of them aren’t in the hottest submarkets, so they remain relatively vacant. Or there can be imbalances of supply and demand.
There’s a natural question coming out of the above. If companies are moving upscale, can they all? Is there enough prime or A+ — or even plain old A — to satisfy everyone? At the beginning of the year, Cushman & Wakefield answered yes, but not for long.
The most attractive and desirable office space is only between 10% and 15% of total inventory, the firm said at the time. Demand for the buildings is high. Top-tier space in gateway markets enjoys vacancy rates that are 700 basis points lower than the remaining market. “Direct vacancy in the best buildings is sub-11%,” an impressive number in relative comparison.
Investors and developers then have to look for the right balance, availability of prime properties, yes, but ones where conditions keep them wanted.
00SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2024-07-01 09:10:422024-07-01 09:10:42Time For Trophy Office Development
Colliers | U.S. announced that Dustin Ballard has joined the company as Managing Director and Brokerage Market Leader for South Florida.
In his new role, Ballard will oversee all brokerage operations, recruitment, retention, and business development for the Colliers’ West Palm Beach, Fort Lauderdale, Boca Raton and Miami/Brickell offices. He will report to Stephanie Rodriguez, National Director, Industrial Services | U.S. and Executive Managing Director | Florida. Ballard replaces Rodriguez, who was serving as the interim Market Leader.
“I am very pleased to welcome Dustin to our team,” said Rodriguez. “Under his leadership, we are poised to further enhance our market leading position and accelerate opportunities for our clients and professionals alike.”
An experienced real estate executive, Ballard has spent more than 15 years in the public and private sector in significant markets such as South Florida, Nashville, Silicon Valley and Los Angeles. His expertise spans a variety of asset types, including office, retail and mixed-use. During his tenure as President and Head of Leasing at Tricera Capital, a Miami-based real estate investment firm, Ballard was instrumental in developing and implementing the company’s institutional leasing platform, a testament to his ability to drive growth.
“I am thrilled about my new role,” said Ballard. “An organization’s strength lies in its people, and having previously been a client of Colliers, I have seen first-hand its ability to attract and retain top talent that ensures we deliver best-in-class service to our clients. I am eager to leverage my experience to contribute significantly to the growth of our brokerage business in South Florida.”
00SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2024-06-23 16:30:192024-06-23 16:30:19Colliers Names Former Tricera Capital Exec Brokerage Market Leader For South Florida
Marcus & Millichap announced the sale of two office buildings in Boca Raton.
Branded as The Greenhouse, the buildings are located at 5255 and 5301 North Federal Highway in Boca Raton. The assets sold for a combined $15,675,000.
“The transaction of these office buildings demonstrates the continued strength of the office market and investor demand for office buildings in South Florida,” said Douglas Mandel, executive managing director investments. “Boca Raton has witnessed significant population growth in recent years, and the demand for leasing space remains strong,” continued Mandel.
Mandel and Zach Levine, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, Wigder Investment Group, and procured the buyer, Bark Management.
The multi-story buildings comprise approximately 93,000 square feet and sit on approximately 5-acres at the corner of North Federal Highway (US-1) and Yamato Road, near the Interstate-95 interchange. The Greenhouse brand aims to provide start-up businesses with flexible, turnkey space at affordable prices.
The properties include private offices ranging from individual suites to multi-office suites, spanning from 150 to 5,000 square feet. They are currently 96% occupied. The buildings feature a café, lobby, conference rooms, on-site property management and ample parking. The Greenhouse caters to Boca Raton’s growing start-up industry and is situated in the heart of growth and rejuvenation in the immediate area, including the newly opened Brightline station.
00SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2024-06-16 09:48:172024-06-16 09:48:17Marcus & Millichap Facilitates Sale Of Two Boca Raton Office Buildings
Office space provider International Workplace Group will open an outpost in Boca Raton, as part of an expansion in suburban and coastal areas of Florida.
International Workplace Group leased 13,000 square feet at 6501 Park of Commerce Boulevard, where it will operate through its Regus brand, according to the tenant’s news release. The branch is expected to open “soon,” according to the company’s website.
Led by Mark Dixon, International Workplace Group expanded to seven other outposts in Florida in a push to bring co-working and private offices, as well as meeting rooms to areas where workers generally have to drive to bigger cities for work.
The expansion brings the firm’s Florida footprint to 86 outposts.
00SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2024-06-09 08:58:282024-06-09 08:58:28International Workplace Group Leases 13,000 SF In Boca
As a reflection of its continued expansion and growth, Basis Industrial, a privately held and vertically integrated real estate owner and operator, purchased the 2,272-square-foot property at 347 NE 5th Ave in Delray Beach on May 24th for $1.57 million.
This will serve as Basis Industrial’s new headquarters. Basis’ current headquarters is in Boca Raton.
Basis President/COO Anthony Scavo represented the company in the transaction. Scott Pressman of The Keyes Company represented the seller. Banesco is providing financing for the purchase.
This move comes as the company has quickly expanded its presence nationally and needed a larger office space to accommodate its continued growth. Basis currently has 35 employees, up from just three in December 2020. In 2023, Basis Industrial was ranked No. 1 on South Florida Business Journal’s 2023 “Fast 50” list — the 50 fastest-growing private companies in South Florida.
The two-story, freestanding building is nestled just off the bustling Atlantic Avenue in downtown Delray Beach, providing an ideal space for Basis’ corporate headquarters. It includes ample private parking onsite, abundant storage areas, a large kitchen/break area, three bathrooms (one with a shower), impact windows throughout, three A/C systems, a newer roof and newer flooring.
Basis plans to build out the interior office space. With an open, modern concept, Basis also plans to hire a local mural artist to design and install a mural. Renovations will start in three months and are expected to be completed in six months. Basis plans to move into its new headquarters by the end of 2024.
“We are thrilled to continue Basis Industrial’s expansion with the purchase of our new headquarters in downtown Delray Beach,” said Scavo. “It was important to find the right space that would match our current and expected future growth. We are very happy with the convenient location right off Atlantic Avenue in Palm Beach County.”
00SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2024-06-02 16:40:202024-06-02 16:40:20Basis Industrial Expands, Purchases New Headquarters In Downtown Delray Beach
Bridge Investment Group Takes 35% Hit On Broward Office Park
/in Done Deals, News/by SFOBA STAFFBridge Investment Group sold a 514,000-square-foot office park in Sunrise for $49M, a nearly 35% discount from what the firm paid for the property five years ago.
IMC Equity Group, a North Miami-based investment firm led by Yoram Izhak, purchased the 56-acre Sawgrass Technology Park at 601-1699 NW 136th Ave. It took a $30M mortgage from Israel Discount Bank of New York to close the deal, according to property records from property intelligence platform Vizzda.
Cushman & Wakefield’s Dominic Montazemi, Mike Davis, Mike Ciadella, Scott O’Donnell, Rick Brugge and Rick Colon represented Bridge in the sale.
Bridge purchased the property for $74M in March 2019 with a $59M loan from Capital One. The Utah-based investment firm, which has offices around the U.S., Seoul and Luxembourg, paid $144 per SF for the 11-building office park and sold it for around $95 per SF. The two-story buildings in the office park were built in 1984 and 1985, and Bridge pledged to invest $5M into capital improvements when it purchased the property. At the time, the property was 76% leased.
Online marketing material for the property indicates it is around 30% vacant, with 138K SF available, although some of that space could be occupied. Spaces at the property from 2K SF to 40K SF are listed by Cushman & Wakefield for $22 per SF.
Bridge completed tenant improvements at the property, including a new tenant amenity center with a café, lounge and fitness center, a marketing brochure says.
Sawgrass Technology Park is the second South Florida office property Bridge took a loss on this year. In January, the firm sold the 141K SF office building at 8600 NW 36th St. in Doral for $28.5M five years after paying $37M to acquire it. The 20-year-old property was 88% leased at the time of sale and traded at a roughly 10% capitalization rate.
Source: Bisnow
Time For Trophy Office Development
/in News, Trends/by SFOBA STAFFIf investors and developers are going to get into or stay in office, the best move is probably prime or Class A, according to CBRE.
They examined the top 2% to 4% of office properties — their definition of prime or Class A — across different metro markets in the U.S. That was in the context of the flight-to-quality many in the industry think is happening.
One of the difficulties in understanding the office marketplace is what one might call the tyranny of the average and advertised. First, there are distributions in all data; not everything experiences the same conditions. Second, when some story lines get broadly publicized, they can take on lives of their own.
About 70% of the hardest-hit buildings were actually Class A-, particularly the lowest tier, built in the 1980s and 1990s.
If Class A- might extend into B and lower, these observations, while not exactly the same, are similar in concept to those from other experts. Back in February, Brookfield argued that 90% of all office vacancies are in the bottom 30% of buildings, “largely characterized by older offices with limited amenities and reduced functionality.” The top 25% of buildings, in comparison, see stable vacancy rates and record-high rents.
CBRE modeled the attractiveness of “new best-in-class” office buildings across 16 different markets. “The fraction of a market made up of prime space is an important variable in determining attractiveness of development,” they wrote.
But a “high fraction” is relative. Seattle’s percentage of price was a hair over 18%. On the low end, Washington, D.C. barely cracked 4%.
Also, prime properties don’t outperform in every market. Take Austin, with about 11% prime. The city faces the high amounts of new delivered properties, and some of them aren’t in the hottest submarkets, so they remain relatively vacant. Or there can be imbalances of supply and demand.
There’s a natural question coming out of the above. If companies are moving upscale, can they all? Is there enough prime or A+ — or even plain old A — to satisfy everyone? At the beginning of the year, Cushman & Wakefield answered yes, but not for long.
The most attractive and desirable office space is only between 10% and 15% of total inventory, the firm said at the time. Demand for the buildings is high. Top-tier space in gateway markets enjoys vacancy rates that are 700 basis points lower than the remaining market. “Direct vacancy in the best buildings is sub-11%,” an impressive number in relative comparison.
Investors and developers then have to look for the right balance, availability of prime properties, yes, but ones where conditions keep them wanted.
Source: GlobeSt.
Colliers Names Former Tricera Capital Exec Brokerage Market Leader For South Florida
/in News/by SFOBA STAFFColliers | U.S. announced that Dustin Ballard has joined the company as Managing Director and Brokerage Market Leader for South Florida.
In his new role, Ballard will oversee all brokerage operations, recruitment, retention, and business development for the Colliers’ West Palm Beach, Fort Lauderdale, Boca Raton and Miami/Brickell offices. He will report to Stephanie Rodriguez, National Director, Industrial Services | U.S. and Executive Managing Director | Florida. Ballard replaces Rodriguez, who was serving as the interim Market Leader.
An experienced real estate executive, Ballard has spent more than 15 years in the public and private sector in significant markets such as South Florida, Nashville, Silicon Valley and Los Angeles. His expertise spans a variety of asset types, including office, retail and mixed-use. During his tenure as President and Head of Leasing at Tricera Capital, a Miami-based real estate investment firm, Ballard was instrumental in developing and implementing the company’s institutional leasing platform, a testament to his ability to drive growth.
Marcus & Millichap Facilitates Sale Of Two Boca Raton Office Buildings
/in Done Deals, News/by SFOBA STAFFMarcus & Millichap announced the sale of two office buildings in Boca Raton.
Branded as The Greenhouse, the buildings are located at 5255 and 5301 North Federal Highway in Boca Raton. The assets sold for a combined $15,675,000.
Mandel and Zach Levine, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, Wigder Investment Group, and procured the buyer, Bark Management.
The multi-story buildings comprise approximately 93,000 square feet and sit on approximately 5-acres at the corner of North Federal Highway (US-1) and Yamato Road, near the Interstate-95 interchange. The Greenhouse brand aims to provide start-up businesses with flexible, turnkey space at affordable prices.
The properties include private offices ranging from individual suites to multi-office suites, spanning from 150 to 5,000 square feet. They are currently 96% occupied. The buildings feature a café, lobby, conference rooms, on-site property management and ample parking. The Greenhouse caters to Boca Raton’s growing start-up industry and is situated in the heart of growth and rejuvenation in the immediate area, including the newly opened Brightline station.
International Workplace Group Leases 13,000 SF In Boca
/in Done Deals, News/by SFOBA STAFFOffice space provider International Workplace Group will open an outpost in Boca Raton, as part of an expansion in suburban and coastal areas of Florida.
International Workplace Group leased 13,000 square feet at 6501 Park of Commerce Boulevard, where it will operate through its Regus brand, according to the tenant’s news release. The branch is expected to open “soon,” according to the company’s website.
Led by Mark Dixon, International Workplace Group expanded to seven other outposts in Florida in a push to bring co-working and private offices, as well as meeting rooms to areas where workers generally have to drive to bigger cities for work.
The expansion brings the firm’s Florida footprint to 86 outposts.
Source: The Real Deal
Basis Industrial Expands, Purchases New Headquarters In Downtown Delray Beach
/in Done Deals, News/by SFOBA STAFFAs a reflection of its continued expansion and growth, Basis Industrial, a privately held and vertically integrated real estate owner and operator, purchased the 2,272-square-foot property at 347 NE 5th Ave in Delray Beach on May 24th for $1.57 million.
This will serve as Basis Industrial’s new headquarters. Basis’ current headquarters is in Boca Raton.
Basis President/COO Anthony Scavo represented the company in the transaction. Scott Pressman of The Keyes Company represented the seller. Banesco is providing financing for the purchase.
This move comes as the company has quickly expanded its presence nationally and needed a larger office space to accommodate its continued growth. Basis currently has 35 employees, up from just three in December 2020. In 2023, Basis Industrial was ranked No. 1 on South Florida Business Journal’s 2023 “Fast 50” list — the 50 fastest-growing private companies in South Florida.
The two-story, freestanding building is nestled just off the bustling Atlantic Avenue in downtown Delray Beach, providing an ideal space for Basis’ corporate headquarters. It includes ample private parking onsite, abundant storage areas, a large kitchen/break area, three bathrooms (one with a shower), impact windows throughout, three A/C systems, a newer roof and newer flooring.
Basis plans to build out the interior office space. With an open, modern concept, Basis also plans to hire a local mural artist to design and install a mural. Renovations will start in three months and are expected to be completed in six months. Basis plans to move into its new headquarters by the end of 2024.