{"id":1004305937,"date":"2019-03-06T04:37:53","date_gmt":"2019-03-06T12:37:53","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004305937"},"modified":"2019-03-06T05:04:28","modified_gmt":"2019-03-06T13:04:28","slug":"bridge-investment-group-buys-metro-miami-office-campus","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/bridge-investment-group-buys-metro-miami-office-campus\/","title":{"rendered":"Bridge Investment Group Buys Metro Miami Office Campus"},"content":{"rendered":"
\"Sawgrass<\/a>

Sawgrass Technology Park<\/p><\/div>\n

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.<\/p>\n

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.<\/p>\n

\u201cThe 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,\u201d <\/em>Kelly Kuykendall, Bridge\u2019s director, asset management, said in a prepared statement. \u201cWith 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.\u201d<\/em><\/p>\n

The acquisition expands the company’s portfolio in South Florida to more than 1 million square feet.<\/p>\n

Located at 13975 W. Sunrise Blvd., just a mile from the union of South Florida\u2019s 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.<\/p>\n

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.<\/a> to leases at the property.<\/p>\n

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 caf\u00e9, 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.<\/p>\n

Burgeoning area<\/strong><\/h2>\n

Bridge research on the area reveals the Sawgrass Park submarket has one of the lowest vacancy rates in all of Broward County.<\/p>\n

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\u2019s also nearby the Sawgrass Mills Mall.<\/p>\n

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.<\/p>\n

In January, a subsidiary of Bridge Investment Group acquired Station Square, a 510,200-square-foot Class A office complex<\/a> in the heart of Silver Spring, Md., from Brandywine Realty Trust.<\/p>\n

Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Through one of its affiliates, the company paid $74.3 million to acquire Sawgrass Technology Park, an 11-building, 514,332-square-foot complex in Sunrise, Fla.<\/p>\n","protected":false},"author":451,"featured_media":1004305991,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,1492,21742,21747],"tags":[35288,36236],"class_list":["post-1004305937","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-miami","category-latest","category-office","tag-bridge-investment-group-partners","tag-fifteen-group"],"acf":[],"yoast_head":"\nBridge Investment Group Buys Metro Miami Office Campus - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/bridge-investment-group-buys-metro-miami-office-campus\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bridge Investment Group Buys Metro Miami Office Campus\" \/>\n<meta property=\"og:description\" content=\"Through one of its affiliates, the company paid $74.3 million to acquire Sawgrass Technology Park, an 11-building, 514,332-square-foot complex in Sunrise, Fla.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/bridge-investment-group-buys-metro-miami-office-campus\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-03-06T12:37:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-03-06T13:04:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Sawgrass-Technology-Park.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"512\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/bridge-investment-group-buys-metro-miami-office-campus\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/bridge-investment-group-buys-metro-miami-office-campus\/\",\"name\":\"Bridge Investment Group Buys Metro Miami Office Campus - 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