Bridge Investment Group Takes 35% Hit On Broward Office Park
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.
Source: Bisnow
