Bridge Investment to pay $123M for offices in Medley and Doral

Both deals are expected to close this week

Aug.August 14, 2019 12:30 PM
Offices at Flagler Station and Offices at Doral Square and Bridge Investment Group executive chairman Robert Morse

Offices at Flagler Station and Offices at Doral Square and Bridge Investment Group Executive Chairman Robert Morse

Bridge Investment Group is buying two office properties in Medley and Doral for nearly $123 million, a source told The Real Deal.

New York-based investment manager DRA Advisors is selling the 387,000-square-foot Offices at Flagler Station in Medley and the 141,000-square-foot Offices at Doral Square, according to the company’s website. DRA’s partner on the Doral property is Banyan Street Capital, a Miami-based firm.

The deals are expected to close this week, the source confirmed.

CBRE’s Chris Lee, Jose Lobon, Amy Julian and Andrew Chilgren brokered the deal.  CBRE declined to comment.

Offices at Flagler Station, at 1045, 9675 and 9725 Northwest 117th Avenue, has three Class A buildings that are 91 percent occupied, according to DRA’s website. Tenants include Brightstar Corp.; State Farm Insurance, with 62,000 square feet; University of Miami, with 25,000 square feet; CVS with 25,000 square feet and Progressive Insurance with 17,000 square feet.

The buildings are part of the 980-acre Flagler Station office park.

DRA and Banyan Street recently completed a renovation of the lobby, common areas and mechanical systems, and added a $4.5 million, three-story garage to the Doral property, at 8600 Northwest 36th Street. The Doral project is 89 percent occupied, according to DRA’s website. The property is near CityPlace Doral, a mixed-use project with retail, residential, and office space that was completed in 2017.

Salt Lake City-based Bridge Investment Group has $16 billion in assets under management, according to its website. It announced last year that it was launching a $500 million Opportunity Zone fund, targeting “attractive opportunities” across the U.S.

Earlier this year, Bridge Investment Group paid $74.3 million for Sawgrass Technology Park, an 11-building office park at 1601 Northwest 136th Avenue in Sunrise.

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