Tag Archive for: sawgrass technology park

Bridge Investment Group Takes 35% Hit On Broward Office Park

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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

Cushman and Wakefield’s Deanna Lobinsky And Chase Kulp Rep Bridge In Two New Lease Deals At Sawgrass Technology Park

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Bridge Commercial Real Estate (Bridge), a commercial brokerage subsidiary of Bridge Investment Group, announced two new leases at Sawgrass Technology Park, a 514,332-square-foot, 11-building office complex in Broward County.

Kahane and Associates and Acentria Insurance, a Foundation Risk Partners Company will occupy approximately 27,000 square feet at the 56-acre campus known for its Mediterranean-style architectural design and surrounding lush landscape and lake. Centrally located in the heart of the thriving Sunrise submarket at the confluence of I-75 and I-595, the business park is surrounded by premier shopping, dining and entertainment destinations, bolstering the complex’s status as one of the most highly amenitized professional office buildings in Broward County.

Bridge signed a 12,000-square-foot deal with Kahane and Associates, P.A., a consumer finance litigation law firm relocating from Plantation, and a 15,000-square-foot lease with Acentria Insurance, an insurance company relocating from Fort Lauderdale. Sawgrass Technology Park’s upgraded amenities and central location positions the office park to be the ideal home for these new leases as they enter their next chapter of growth and expansion.

Cushman and Wakefield’s Deanna Lobinsky and Chase Kulp represented Bridge in both transactions.

The new leases reflect the broader “flight to quality” trend as office users across the U.S. seek highly amenitized and repositioned office buildings to provide for their employees and encourage retention. Bridge has invested $7.5 million in capital improvements across Sawgrass Technology Park, including an updated amenity hub with a fitness center, conference center, management office, game room, TVs and a modern cafe to serve as the center’s first on-campus food option.

“We are thrilled to welcome these dynamic companies to our tenant roster at Sawgrass Technology Park, which has become a top destination for professional talent in the region,” said Kelly Kuykendall, managing director at Bridge Investment Group. “The overall lack of new office products in surrounding submarkets has created new opportunities for landlords that made strategic investments to reposition their properties shortly before and during the pandemic. These leases reflect how many of those buildings are now capturing a healthy share of market demand in Broward.”

According to a recent report from Cushman & Wakefield, Sunrise and other submarkets in West Broward accounted for more than 246,000 square feet of positive net absorption in Q3, offsetting losses in other parts of the region. Year-over-year asking rents climbed by nearly 3% despite recent economic turbulence. Another recent study from CBRE shows Broward has registered nearly one-third of total leasing activity in South Florida over the last year, despite only having just over 25% of the region’s total inventory.

Bridge Completes Sale of Class A Office Tower in Ft. Lauderdale

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Bridge Investment Group LLC’s (Bridge) subsidiary Bridge Office Fund Manager (Bridge Office) has completed the sale of Bayview Corporate Tower, a 12-story, 413,833-square-foot Class A office building and five-story covered parking garage located at 6451 N. Federal Highway in Fort Lauderdale.

Bridge acquired the asset in September 2016 and has executed more than 265,000 total square feet of leasing agreements since, including approximately 235,000 square feet within the past 18 months. Notable tenants include CHG Healthcare, Whole Foods Market, CentralReach, Envision Pharm Group and Kovack Securities. More than 50% of the building’s executives reside within minutes of the property.

The property underwent a $5 million repositioning plan. Recently renovated areas include the lobbies common areas and move-in ready office suites as well as the addition of a new amenity lounge and game room, health club-level fitness center, onsite café and outdoor picnic area.

“The successful disposition of Bayview Corporate Tower reflects Bridge’s keen understanding of the Fort Lauderdale market and next-generation workspaces today’s tenants are looking for, which has taken on even greater importance in the new post-COVID era we are now entering,” said Kelly Kuykendall, director of Asset Management at Bridge Investment Group. “The building’s spacious floor plans enable the type of flexible workspace now essential for many businesses, and the high quality of capital improvements positions the property for long-term prosperity as one of Broward County’s most desirable workplace communities.”

Dominic Montazemi, Mike Davis, Rick Brugge, Rick Colon, Scott O’Donnell, Greg Miller, Mike Ciadella and Miguel Alcivar of Cushman & Wakefield represented Bridge in the transaction.

Following the disposition, Bridge’s Florida portfolio includes eight additional properties, including the 101,405-square-foot 5601 Hiatus Road and the 514,330-square-foot Sawgrass Technology Park in Broward County, the 241,750-square-foot Fountain Square in Boca Raton and 775,000 square feet across three assets in Miami-Dade County.

Sawgrass Office Park Changes Hands

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N/S Sawgrass Office Associates LLC, a company managed by Stiles Corp., sold Sawgrass Technology Park, located at 1601 NW 136th Ave. (N. Harrison Parkway) in Sunrise on Tuesday.

Fifteen Gap Sawgrass LLC, a company managed by Miami-based Fifteen Group, is the buyer. The company obtained a $40.84 million loan from Wells Fargo Bank N.A. for the acquisition.

In February 2012, Madelayne Garcia, Stiles Realty Director of Real Estate, inked a  long-term extension of the 116,000-square-foot Sheridan Healthcare lease in the park. Garcia received NAIOP’s prestigious Office Lease Transaction of the Year Award of Excellence for all of South Florida for that lease.

The Stiles-managed company paid $79 million in 2005 for the complex.