Bridge Investment Group Acquires Two Office Properties Totaling 528,679 SF in Metro Miami
MEDLEY AND DORAL, FLA. — Bridge Investment Group LLC, a Salt Lake City-based investment firm, has acquired two office properties totaling more than 500,000 square feet in the western Miami metro area. The price was not disclosed.
The properties include the Offices at Flagler Station in Medley and the Offices at Doral Square in Doral. The buildings are approximately five miles away from each other, and just west of Miami International Airport.
The Offices at Flagler Station is a collection of three buildings totaling 387,474 square feet within the Flagler Station Business Park. Bridge plans to invest $5.2 million to renovate the fitness centers, conference facilities and cafes of all three buildings. Renovations are slated for completion in 2020.
At the time of sale, the buildings were 91 percent leased, with available offices ranging from 1,507 to 16,970 square feet.
The Offices at Doral Square is an eight-story, 141,205-square-foot property originally built in 1979. A recent $8.5 million renovation project upgraded the lobby, corridors, bathrooms and elevators. The investment also funded completion of a new roof and three-story parking deck.
At the time of sale, the building was 89 percent leased, with available offices ranging from 1,974 to 8,165 square feet.
The property is adjacent to the Doral Square mixed-use development, currently under construction and slated for completion in 2021. The development will include 15,000 square feet of retail and 30,000 square feet of restaurants.
“As Bridge remains bullish in South Florida, we’re thrilled to make our first foray into Miami-Dade County with two properties that are surrounded by vibrant growth and primed to meet the demands of a flourishing workforce in Doral and throughout western Dade county,” says Kelly Kuykendall, director of asset management for Bridge.
“We’re confident Miami Airport’s strong historical absorption, declining vacancies and minimal new office product combined with Bridge’s proven strategy for creating compelling, next-generation office environments not only equals healthy rents, but also a place where people want to come to work,” adds Kuykendall.
Christian Lee and José Lobón of CBRE represented the undisclosed sellers in both transactions. Gordon Messinger of Cushman & Wakefield assisted with the sale of Offices at Flagler Station. Juan Ruiz and Andres del Corral of Blanca Commercial Real Estate assisted with the sale of Offices at Doral Square.
— Alex Patton