 |
| Kelly Kuykendall |
ATLANTA, GA, Nov. 12, 2020 – Bridge
Investment Group LLC’s (Bridge) subsidiary Bridge Office Fund Manager (Bridge
Office) announced today the acquisition of Tampa Commons, a
13-story, 253,922 square-foot Class A office building at 1 North Dale
Mabry in Tampa, Florida.
The acquisition marks Bridge Office’s return to
the metro Tampa Bay market, and further bolsters the company’s Florida
portfolio with nearly 2.4 million total square feet across nine properties.
 |
| Ryan Reynolds |
Originally built in 1985, Tampa Commons received more than $3 million in improvements in 2018, including a new covered mezzanine as the primary entrance from the renovated parking garage, upgrades to first-floor lighting, floors and furniture as well as the addition of a tenant conference room, concierge desk and management office.
 |
| John Heald |
In line with Bridge’s proven strategy for creating next-generation workplaces, the firm plans additional investment to revamp and reintroduce the property to the market as 1 North Dale Mabry, a nod to its physical address and connection to the surrounding community.
Improving the tenant experience is the focus, with planned improvements and amenities including a new fitness center, lawn games, upgraded outdoor seating area, move-in-ready suites and state of the art building systems.
“Historically Bridge has owned several
properties in Tampa. After successfully disposing of our last asset in 2019, 1
North Dale Mabry signaled the right opportunity for us to break back into the
market,” said Kelly Kuykendall, Director of Asset Management for Bridge
Investment Group.
 |
| Jackson Kilcoyne |
“At Bridge, we believe in the enduring value of the office for companies to foster necessary culture, collaboration and creativity.
"With the exciting momentum in Tampa’s
hottest submarket, we see an incredible opportunity to deliver a refreshed
option for businesses looking for a compelling office destination --
whether to occupy right now or in the near future -- where their teams will
want to come to work, connect and grow together.”
With an 83% occupancy rate, the property has
traditionally outperformed the submarket with rental rates comparable to Tampa’s
Central Business District.
Notable tenants include American insurance
company Travelers, Ideal Image’s corporate headquarters and med spa, and law
firm Rissman, Barrett, Hurt, Donahue, McLain & Mangan.
Available office spaces at Tampa Commons range
from 4,944 to 19,900 square feet. Bridge has hired Ryan Reynolds, John Heald
and Jackson Kilcoyne of CBRE to oversee leasing of the property.
“This is an iconic building at the intersection
of the two most well-known thoroughfares in Tampa,” said John Heald, Senior
Vice President at CBRE. “With the redevelopment taking place along the Dale
Mabry corridor, this asset will be among the most desirable suburban office
options.”
“We are incredibly excited to welcome Bridge
back into Tampa,” said Reynolds. “Their investment in this asset is a testament
to the strength and trajectory of the market.”
Eastdil Secured represented the seller in the
transaction.
CONTACT:
Nick Banaszak · Account Supervisor
1718 Peachtree St., Suite 1048
Atlanta, GA 30309
M: 256-457-5384
No comments:
Post a Comment