Bridge Investment Group buys Tamarac office building from Piedmont

Deal is part of $426M selloff of Piedmont's office properties in the US

Jan.January 16, 2018 12:30 PM

Sawgrass Place West and Bridge Investment Group’s Jonathan Slager (Credit: Newmark Knight Frank and Bridge Investment Group)

An affiliate of Bridge Investment Group just paid $13.6 million for the Sawgrass Place West office building in Tamarac, property records show.

The Salt Lake City, Utah-based company paid about $135 per square foot for the 100,980-square-foot office building at 5601 North Hiatus Road. Piedmont Operating Partnership LP, a subsidiary of Piedmont Office Realty Trust, is the seller. Records show Piedmont paid $13.3 million for the office building in 2001.

Piedmont, a real estate investment trust based in Georgia, announced late last year it would be selling 14 office buildings across the country for $426 million. The properties are in Detroit, Nashville, South Florida and Phoenix.

Sawgrass Place West, completed in 2002, was built on a 12.6-acre lot on the northwest corner of Commercial Boulevard.

Newmark Knight Frank’s Jay Adams handled leasing of the Tamarac office building, which is 50 percent leased to management product company Convergys Corp., a source said.

Bridge Investment Group financed the multi-property deal with a $141 million loan from KeyBank.

The firm manages nearly $9 billion of multifamily, affordable housing, office, senior housing, medical properties and debt strategies, according to its website.

In December, Bridge paid $54.5 million for an office complex in Boca Raton.

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