Bridge Investment Group buys Class A/B office buildings on Celebration Blvd

Affiliates of Salt Lake City-based Bridge Investment Group paid $30.25 million this week for four office buildings -- including Disney corporate offices -- on Celebration Boulevard.

Celebration Office Center comprises a pair of two-story buildings, each totaling 83,000 square feet, and sits on 12.6 acres with visibility from Interstate 4.

The Celebration Business Center sits on 9.6 acres and comprises two one-story Class B office buildings. Built in 1998, they total a combined 106,000 square feet.

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.

Christian Lee and Ron Rogg of CBRE represented the seller in the transaction. Darryl K. Hoffman of JLL will lead leasing efforts at the properties.

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.

Chicago-based Equity Office was the seller of both assets.

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. 

Adventist Health System also bought an 8-acre parcel for $4.3 million, and is now building a 120-bed skilled nursing and rehab facility. And last week, AHS's Florida Hospital Celebration Health confirmed plans for a new $80 million patient tower at the hospital.

Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407)420-6261, or tweet me at @LKinslerOGrowth. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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