Bridge Investment Group buys Tamarac office building from Piedmont

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

Miami /
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.


Related Articles

arrow_forward_ios
Hollywood Locations' Christopher Ursitti and 1400 Northwest 31st Avenue (Hollywood Locations, Google Maps)
Movie studio complex may rise on former incinerator site in Fort Lauderdale
Movie studio complex may rise on former incinerator site in Fort Lauderdale
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
Jackie Soffer with 2750 Northeast 199th Street (Google Maps, Turnberry.com)
Jackie Soffer’s Turnberry proposes office/retail project near Aventura Mall
Jackie Soffer’s Turnberry proposes office/retail project near Aventura Mall
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
New York, Miami, Chicago, Los Angeles, San Francisco and Chicago (iStock)
As rent explodes nationally, Miami tops the charts
As rent explodes nationally, Miami tops the charts
Lease roundup: Plum Market to open in Aventura, Sprouts in Boca Raton, Best Buy in Dania Beach
Lease roundup: Plum Market to open in Aventura, Sprouts in Boca Raton, Best Buy in Dania Beach
Lease roundup: Plum Market to open in Aventura, Sprouts in Boca Raton, Best Buy in Dania Beach
Alta Developers’ Raimundo Onetto in front of the development site (Google Maps)
Heading south: Alta buys dev site for apartment complex near Homestead
Heading south: Alta buys dev site for apartment complex near Homestead
Grant Cardone and a rendering of LAs Olas Walk (Cardone Capital, ZOM/McNeal Realty)
Grant Cardone to buy $750M in SoFla apartments
Grant Cardone to buy $750M in SoFla apartments
arrow_forward_ios

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

Loading...