UPDATED, July 10, 2020, 10:18 a.m: Bridge Investment Group sold the Bayview Corporate Tower in Fort Lauderdale for $82.5 million, marking one of the largest commercial real estate deals in South Florida during the pandemic, The Real Deal has learned.
Ten Capital Management and Somerset Properties bought the 12-story, 413,833-square-foot office building at 6451 North Federal Highway, according to sources. The price equates to $199 per square foot.
Dominic Montazemi, Mike Davis, Rick Brugge, Rick Colon, Scott O’Donnell, Greg Miller, Mike Ciadella and Miguel Alcivar of Cushman & Wakefield represented Bridge Investment in the sale.
Somerset financed the purchase with a $58.4 million commercial mortgage-backed securities loan from Barclays, according to Montazemi.
Salt Lake City-based Bridge Investment bought the property in September 2016 for $56.3 million, and inked leases for 265,000 square feet since then, according to a release. Tenants include CHG Healthcare, Whole Foods Market, CentralReach, Envision Pharm Group and Kovack Securities.
Bridge Investment also spent $5 million renovating the lobbies, common areas and office suites and added a new amenity lounge and game room, fitness center, onsite café and outdoor picnic area.
The sale represents one of the first office sales during the coronavirus pandemic, as demand for office space remains uncertain. In the second quarter, only one office property sold in each of Fort Lauderdale and Miami, according to a recent report from Newmark Knight Frank.
Bridge Investment is a privately held real estate investment management firm with $20.2 billion in assets under management across the U.S. The company has a large focus on Opportunity Zones. Its Florida portfolio includes eight additional properties, including the 101,405-square-foot office property on 5601 Hiatus Road, the 514,330-square-foot Sawgrass Technology Park in Sunrise, and the 241,750-square-foot Fountain Square in Boca Raton.
Lower Gwynedd, Pennsylvania-based Somerset Properties is a real estate investment firm that has acquired and repositioned over 100 properties valued at $650 million, according to its website.
Ten Capital Management is a privately held real estate firm which focuses on making equity investments between $10 and $35 million, according to a release.