Bridge Investment Group buys Boca Raton office complex for $55M

NAI/Merin Hunter Codman partnership sold the three-building, Class A property

Miami /
Dec.December 27, 2017 05:30 PM

Fountain Square and Bridge Investment Group’s Jonathan Slager (Credit: NAI/Merin Hunter Codman and Bridge Investment Group)

Bridge Investment Group dropped $54.5 million on the Fountain Square office complex in Boca Raton in one of the area’s priciest office sales this year, property records show.

The 241,000-square-foot, Class A complex at 2600, 2650 and 2700 North Military Trail sold for about $226 per square foot.

A joint venture between affiliates of the Greenwich, Connecticut-based investment management firm Contrarian Capital Management LLC and NAI/Merin Hunter Codman, Inc. sold the office tower. The partnership operated under the company name Fountain Square Owner LLC, which paid $37 million for the property in 2013, records show.

The deal is one of the most expensive office sales to close in Boca Raton this year. In August, Office Depot paid $132 million for its headquarters at 6600 North Military Trail. The trade broke down to about $211 per square foot.

Christian Lee and Jose Lobon of CBRE and Neil Merin of NAI/Merin Hunter Codman represented the seller in the latest transaction.

Built in 1998, Fountain Square includes three buildings, located on Military Trail near Glades Road and the nearby I-95 and Florida Turnpike. The complex recently went through a multimillion-dollar renovation, according to a press release. NAI/Merin Hunter Codman helped push occupancy up to 90 percent during the time of the sale, an increase from 62 percent, the release added.

Bridge financed the deal with a $42 million loan from a company tied to Principal Real Estate Investors LLC, based in Des Moines Iowa, records show.

The firm manages $8.85 billion in multifamily, affordable housing, office properties, senior housing and medical properties, and debt strategies, according to its website. In September, Bridge paid $77.2 million for the Carlisle Palm Beach, a luxury senior living community in Lantana.


Related Articles

arrow_forward_ios
Opterra Capital buys Holiday Inn & Suites Boca Raton for $13M
Opterra Capital buys Holiday Inn & Suites Boca Raton for $13M
Opterra Capital buys Holiday Inn & Suites Boca Raton for $13M
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
CP Group Managing Partner Angelo Bianco with One Town Center (CP Group)
Singaporean REIT pays $100M for One Town Center office building in Boca Raton
Singaporean REIT pays $100M for One Town Center office building in Boca Raton
5900 Northwest Broken Sound Parkway and Pebb Enterprises President and CEO Ian Weiner (CBRE, Pebb)
Pebb Enterprises buys Boca Raton office building for $15M
Pebb Enterprises buys Boca Raton office building for $15M
Alina Residences in Boca Raton (Alina Residences)
El-Ad scores $53M construction loan for Alina Residences in Boca Raton
El-Ad scores $53M construction loan for Alina Residences in Boca Raton
Rendering of Boca Ice and Fine Arts Center courtesy of Peninsula Ice LLC 
Ice skating gliding into Boca: Arena developers score $14M construction loan
Ice skating gliding into Boca: Arena developers score $14M construction loan
Moishe Mana and the downtown parking lot he purchased (Google Maps, Getty)
Moishe Mana expands downtown Miami assemblage with $12M purchase
Moishe Mana expands downtown Miami assemblage with $12M purchase
Pebb Enterprises CEO Ian Weiner and 1801 North Military Trail in Boca Raton (Pebb Enterprises)
Pebb Enterprises buys Boca Raton office building for $18M
Pebb Enterprises buys Boca Raton office building for $18M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...