Bridge Investment Group buys Tamarac office building from Piedmont

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

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

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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.