Done Deals: Feb 20, 2023

Monday, February 20, 2023

Bridge Investment Group Subsidiary Signs Two New Tenants at Sawgrass Technology Park Amid Broward Leasing Resurgence

Deanna Lobinsky

SUNRISE, FL, Feb. 20, 2023 – Bridge Commercial Real Estate (Bridge), a commercial brokerage subsidiary of Bridge Investment Group, announced today two new leases at Sawgrass Technology Park, a 514,332-square-foot, 11-building office complex in Broward County, Florida.

Kahane and Associates (12,000 SF) and Acentria Insurance, a Foundation Risk Partners Company (15,000 SF) will occupy approximately 27,000 square feet at the 56-acre campus known for its Mediterranean-style architectural design and surrounding lush landscape and lake.

Chase Kulp

Centrally located in the heart of the thriving Sunrise submarket at the confluence of I-75 and I-595, the business park is surrounded by premier shopping, dining and entertainment destinations, bolstering the complex’s status as one of the most highly amenitized professional office buildings in Broward County.

The new leases reflect the broader “flight to quality” trend as office users across the U.S. seek highly amenitized and repositioned office buildings to provide for their employees and encourage retention.

Kelly Kuykendall

Bridge has invested $7.5 million in capital improvements across Sawgrass Technology Park, including an updated amenity hub with a fitness center, conference center, management office, game room, TVs and a modern cafe to serve as the center’s first on-campus food option.

“We are thrilled to welcome these dynamic companies to our tenant roster at Sawgrass Technology Park, which has become a top destination for professional talent in the region,” said Kelly Kuykendall, managing director at Bridge Investment Group.

Sawgrass Technology Park, Sunrise, FL

“The overall lack of new office products in surrounding submarkets has created new opportunities for landlords that made strategic investments to reposition their properties shortly before and during the pandemic.

"These leases reflect how many of those buildings are now capturing a healthy share of market demand in Broward.”

Bridge signed a 12,000-square-foot deal with Kahane and Associates, P.A., a consumer finance litigation law firm relocating from Plantation, Florida, and a 15,000-square-foot lease with Acentria Insurance, an insurance company relocating from Fort Lauderdale.

Sawgrass Technology Park’s upgraded amenities and central location positions the office park to be the ideal home for these new leases as they enter their next chapter of growth and expansion.

Cushman and Wakefield’s Deanna Lobinsky and Chase Kulp represented Bridge in both of these transactions.

To learn more about Sawgrass Technology Park, please visit the website. To learn more about Bridge Commercial Real Estate, please visit bridgecre-office.com

CONTACT:

Nick Banaszak

Vice President

www.thewilbertgroup.com

m: 256.457.5384

JLL Capital Markets arranges refinancing for the 129-unit The Q at Maitland, FL apartments

Melissa Marcolina Quinn

TAMPA, FL, Feb. 20, 2023 – JLL Capital Markets announced today that it has arranged the refinancing for The Q at Maitland, a 129-unit, garden-style multi-housing community strategically located within the Maitland submarket of Orlando, Florida.

The Q at Maitland apartments, Maitland, FL

JLL represented the borrower, JT Capital, to secure the Fannie Mae loan. Financing details were not disclosed.

Built in 1966 and renovated in 2008 and 2022, The Q at Maitland features one-, two-, three- and four-bedroom units with stainless steel appliances, granite countertops, designer cabinetry and in-home washers and dryers.

Community amenities include a resort-inspired pool, a resident lounge, 24-hour fitness center and poolside grilling station with cabanas.

Lee Weaver

The JLL Capital Markets Debt Advisory team was led by Senior Managing Directors Melissa Quinn and Lee Weaver and Vice President Rob Rothaug.

“We are pleased to have refinanced The Q at Maitland, an exceptionally well-located asset in the heart of Orlando’s most sought-after neighborhoods,” said Quinn.

“This was a fixed-rate, full-term I/O Fannie Mae execution for our wonderful friends and clients at JT Capital. With the help of a rate buy-down option, we were able to obtain a lower, more favorable interest rate.”

Rob Rothaug

Sapan Talati, Partner with JT Capital, added, “This asset has been a strong performer in our portfolio. Along with being a fantastic property with a diverse tenant base, we are bullish on Florida in general given its status as the fastest-growing state in the nation, and Central Florida in particular given its solid growth prospects.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization.