Bridge Investment Acquires Two Office Complexes in Miami-Dade
The firm’s subsidiary Bridge Office Fund Manager has purchased the Offices at Flagler Station, a three-building complex totaling 387,474 square feet along Florida’s Turnpike, and the Offices at Doral Square, an eight-story, 141,205-square-foot building, in Doral.
MIAMI—Bridge Investment Group has added nearly 529,000 square feet of office space to its portfolio with the acquisition of two office properties in Miami-Dade.
The firm’s subsidiary Bridge Office Fund Manager has purchased the Offices at Flagler Station, a three-building complex totaling 387,474 square feet along Florida’s Turnpike, and the Offices at Doral Square, an eight-story, 141,205-square-foot building in Doral.
As part of the Flagler Station Business Park in the “Doral North” neighborhood, the Offices at Flagler Station are among the newest institutional-quality office buildings in the Miami Airport submarket and are currently 91% leased. Bridge plans to invest $5.16 million to capital improvements at the Offices at Flagler Station, including the addition of a contemporary fitness center, conference facilities and convenient grab-and-go cafes throughout the campus.
The Offices at Doral Square are currently 89% leased. Originally built in 1979, the Offices at Doral Square recently underwent a comprehensive $8.5 million restoration, including cosmetic upgrades to the lobby, corridors and bathrooms, as well as capital improvements to the façade and base building, a new roof, full elevator modernization and a newly completed three-story parking deck.
No financial terms of the transactions were disclosed.
The Offices at Doral Square are adjacent to the forthcoming mixed-use development Doral Square, which will include 150,000 square feet of high-end retail and 30,000 square feet of restaurants, with construction beginning this fall and completion slated for 2021, Bridge Investment states. Doral Square is also a five-minute walk from CityPlace Doral, a new multi-block, lifestyle center boasting additional dining, shopping and entertainment options with 22 restaurants and bars, a luxury movie theatre, boutiques and an upscale bowling alley, as well as 700 apartments and 150 luxury townhouses.
“As Bridge remains bullish in South Florida, we’re thrilled to make our first foray into Miami-Dade County with two properties that are surrounded by vibrant growth and primed to meet the demands of a flourishing workforce in Doral and throughout western Dade county,” says Kelly Kuykendall, director, asset management for Bridge. “We’re confident Miami Airport’s strong historical absorption, declining vacancies and minimal new office product combined with Bridge’s proven strategy for creating compelling, next-generation office environments not only equals healthy rents, but also a place where people want to come to work.”
The pair of new acquisitions increases Bridge’s office portfolio in Florida to 2.3 million square feet. In addition to the Offices at Flagler Station and the Offices at Doral Square, Bridge acquired Sawgrass Technology Park in Sunrise earlier this year and recently completed renovations to Bayview in Fort Lauderdale and Fountain Square in Boca Raton.
Bridge Investment closed on nearly 4 million square feet of office space nationally over the last year. The firm has offices in Salt Lake City, New York City, San Mateo, CA, Orlando, FL and Atlanta.
Bridge Commercial Real Estate, the operating company for Bridge Office, will oversee leasing, property management and redevelopment work at both properties.
CBRE Capital Markets team, led by Vice Chairman Christian Lee and Executive Vice President José Lobón, represented the sellers in both transactions. Gordon Messinger with Cushman and Wakefield assisted with the sale of Offices at Flagler Station, while Juan Ruiz and Andres del Corral with Blanca Commercial Real Estate assisted with the sale of Offices at Doral Square.