Firm makes first splash into booming Doral submarket with two acquisitions totaling 528,679 square feet
Bridge Investment Group LLC’s (Bridge) subsidiary Bridge Office Fund Manager (Bridge Office) announced today the acquisition of two office properties in the Miami metro area. Both properties — the Offices at Flagler Station, a collection of three buildings totaling 387,474 square feet along Florida’s Turnpike, and the Offices at Doral Square, an 8-story, 141,205-square-foot building at the intersection of “Main & Main” in the rapidly transforming city of Doral – are well located in the heart of the Miami Airport submarket. Considered the third fastest-growing city in the U.S., Doral is surrounded by a bevy of new mixed-use development and has emerged as a hub for corporate office users.
As part of the Flagler Station Business Park in the “Doral North” neighborhood, the Offices at Flagler Station are among the newest institutional-quality office buildings in the Miami Airport submarket and are currently 91% leased. Bridge plans to invest $5.16MM to amenitize the Offices at Flagler Station, including the addition of a contemporary fitness center, conference facilities and convenient grab-and-go cafes throughout the 3-building campus.
Positioned nearby in the epicenter of the rapidly urbanizing Doral community, the Offices at Doral Square are currently 89% leased. Originally built in 1979, the Offices at Doral Square recently underwent a comprehensive $8.5 million restoration, including cosmetic upgrades to the lobby, corridors and bathrooms, as well as capital improvements to the façade and base building, a new roof, full elevator modernization and a newly completed three-story parking deck.
The Offices at Doral Square are adjacent to the forthcoming mixed-use development Doral Square, which will include 150,000 square feet of high-end retail and 30,000 square feet of restaurants, with construction beginning this fall and completion slated for 2021. Doral Square is also a five-minute walk from CityPlace Doral, a new multi-block, lifestyle center boasting additional dining, shopping and entertainment options with 22 restaurants and bars, a luxury movie theatre, boutiques and an upscale bowling alley as well as 700 apartments and 150 luxury townhouses.
“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,” said Kelly Kuykendall, Director, 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.”
The pair of new acquisitions increases Bridge’s office portfolio in Florida to 2.3 million square feet. In addition to the Offices at Flagler Station and the Offices at Doral Square, Bridge acquired Sawgrass Technology Park in Sunrise earlier this year as well as recently completed renovations to Bayview in Fort Lauderdale and Fountain Square in Boca Raton.
Considered a fast-rising player in the U.S. commercial office market, Bridge has been increasingly active in the market. The company closed on nearly 4 million square feet of office space nationally over the last year.
Bridge Commercial Real Estate, the operating company for Bridge Office, will oversee leasing, property management and redevelopment work at both properties.
CBRE Capital Markets team, led by Vice Chairman Christian Lee and Executive Vice President José Lobón, represented the sellers in both transactions. Gordon Messinger with Cushman and Wakefield assisted with the sale of Offices at Flagler Station, while Juan Ruiz and Andres del Corral with Blanca Commercial Real Estate assisted with the sale of Offices at Doral Square.
Office spaces ranging from 1,507 to 16,970 square feet are currently available at the Offices at Flagler Station with renovations expected to be completed in 2020. Office spaces ranging from 1,974 to 8,165 square feet are currently available at the Offices at Doral Square. Leasing will be led by Eric Groffman and Cameron Tallon with JLL.
About Bridge Investment Group LLC
Bridge is a privately held real estate investment management firm with $16 billion in assets under management. Bridge combines its more than 2,700-person, nationwide operating platform with specialized teams of investment professionals focused on select US real estate verticals, which Bridge believes offer above-market opportunity: Multifamily; Office; Seniors Housing and Medical Properties, Affordable Housing and Real Estate Debt Strategies.
Bridge principals are owners and operators who are deeply rooted in their assets. In-depth knowledge of local markets, as well as extensive real asset and capital markets expertise, enable Bridge to develop prolific deal flow and to deploy active asset management and monitoring across its business lines.
Bridge’s asset management strategy is specialized and focused in a way that emphasizes current income and capital appreciation while mitigating risk. By making improvements that build lasting communities, increase renter satisfaction, and ultimately bring value to investors, Bridge seeks to create alpha at the asset level.
The principals of Bridge have been investing in and improving communities around the US since 1991 and manage private equity funds, separately managed account vehicles, co-investments, and joint ventures. Bridge seeks to transform assets in a manner that maximizes their potential.
