The Real Deal Miami

Bridge Investment Group buys Sawgrass Technology Park for $73M

Oaktree Capital and Fifteen Group sold 11-building office park
By Katherine Kallergis | March 08, 2019 02:30PM

Sawgrass Technology Park and Bridge Investment Group chairman Robert Morse

Bridge Investment Group paid $74.3 million for Sawgrass Technology Park in Sunrise.

A joint venture between funds managed by Oaktree Capital Management L.P. and Fifteen Group sold the 11-building office park at 1601 Northwest 136th Avenue, according to a press release from CBRE.

Chris Lee, José Lobón and Marcos Minaya of CBRE represented the seller. The 56-acre property last sold for $52 million in 2013, records show. Lee said in the release that Oaktree and Fifteen Group sold one of the buildings for $10.5 million in 2017.

SR Technology is one of the major tenants at the office park. The software company leased 77,235 square feet at Sawgrass Technology Park last week, marking one of the largest office leases last year.

The complex was built in 1985, according to property records. Other tenants include Sheridan Health Care and CoreLogic. It’s not far from Sawgrass Mills Mall and the BB&T Center, both major attractions in west Broward.

The office vacancy rate is at 6 percent in the Sawgrass Park submarket. That area is home to regional headquarters for Ford, American Express, Harris Corp. and others.

Salt Lake City-based Bridge Investment Group has $10 billion in assets under management, according to its website. The real estate investment management firm focuses on multifamily, office, seniors housing, affordable housing and debt strategies. It announced last year that it was launching a $500 million Opportunity Zone fund, targeting “attractive opportunities” across the U.S.

The company owns other properties in South Florida, including the Fountain Square office complex in Boca Raton, which it acquired in 2017 for $54.5 million.