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
Joshua D. Frank and 429 East Alexander Road, Boca Raton (Google Maps)
Investment management partner buys waterfront Boca Raton mansion for $10M
Investment management partner buys waterfront Boca Raton mansion for $10M
Lone Star Funds founder and chair John Grayken, Discovery Senior Living exec Richard Hutchinson and the Palm Beach Gardens location of Discovery Senior Living. (Discovery, Getty)
Lone Star Funds buys two Palm Beach County senior living complexes for $57M
Lone Star Funds buys two Palm Beach County senior living complexes for $57M
Grant Cardone with the Boca Raton apartments. (Facebook via Cardone, Realtor)
Grant Cardone pays $69M for Boca Raton multifamily project
Grant Cardone pays $69M for Boca Raton multifamily project
Michael Dell and Major Food Group heads (from left) Rich Torrisi, Jeff Zalanick and Mario Carbone with a rendering of The Flamingo Grill at Boca Raton Resort & Club (Getty)
New York restaurateurs Major Food Group, Gallaghers Steakhouse ink big deals in Boca Raton
New York restaurateurs Major Food Group, Gallaghers Steakhouse ink big deals in Boca Raton
(Photos courtesy of Miami Historic Preservation, Smith Aerials, Colliers)
Development site near MiamiCentral hits the market
Development site near MiamiCentral hits the market
(Photos courtesy of Uptown Boca)
Amazon Fresh to open 1st Florida store in west Boca Raton
Amazon Fresh to open 1st Florida store in west Boca Raton
Gregory L. Clayman and 4750 Sanctuary Lane, Boca Raton (Linkedin, Google Maps)
Video chat firm president buys waterfront Boca Raton home
Video chat firm president buys waterfront Boca Raton home
Healthpeak Properties CEO Thomas Herzog. (Healthpeak, Sonata)
Fortress buys three Palm Beach County assisted living facilities for $30M
Fortress buys three Palm Beach County assisted living facilities for $30M
arrow_forward_ios

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

Loading...