Jeff Shaw, Principal with Bridge Office and CEO of Bridge Commercial Real Estate, said the firm is bullish on greater Orlando's office market, particularly the Kissimmee submarket, which has vacancy rates below 6 percent.
"The portfolio is 88 percent leased to 15 tenants, and we expect a successful lease up at these conveniently located properties that offer Class A office space and outstanding amenities in the master-planned community," he said in a written statement.
Bridge is a SEC-registered investment adviser with $6.7 billion in assets under management. Bridge manages private equity funds, separately managed accounts, co-investments, and joint ventures.
Bridge operates in 22 states and is heavily invested in Central Florida's multifamily sector. Earlier this year the firm acquired Atlanta-based Fairlead Commercial Real Estate to build its office investment management platform.
The firm's portfolio included eight office sector assets in Florida, but this is its first office property in the Greater Orlando market. Former Fairlead CEO Jeff Shaw, now with Bridge, oversaw the Celebration acquisitions.
The sale represents the second major office asset in the Celebration submarket to trade in the last year. South Florida investor Jeffrey Weiss paid $17.2 million in June 2016 for a 106,200-square-foot office building nearby.