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

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

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

Bob Sheetz and 133 West Coconut Palm Road

Ah Sheetz! Founder of popular convenience store sells Boca Raton estate

The Meridian at Boca Raton at 21865 Ponderosa Drive, and Kenneth Assiran

Meridian Senior Living buys community near Boca Raton for $61M

Michael and Michelle Hagerty, and their home in Royal Palm Yacht & Country Club (Credit: Keeping the Promise, Realtor)

Vodka heir pays $6M straight up for Boca Raton estate

Clockwise from left: Jason Hochman, Dominic Montazemi, Miguel Alcivar, Michael Ciadella, and Scott O’Donnell with 2601 Building

Netz USA sells Fort Lauderdale office building to NAI/Merin fund

Neil Merin

NAI/Merin Hunter Codman, partner raise fund with plans to invest $200M in CRE

James Batmasian and Trail Plaza in Deerfield Beach (Credit: Google Maps)

James Batmasian nabs retail center in Deerfield Beach for $17M

300 East Key Palm Road

Transportation execs pay $12M for waterfront Boca Raton estate

James Batmasian and 22973-23071 State Road 7

James Batmasian buys Publix-anchored Boca Raton shopping center