Following multi-million dollar capital improvement plan, firm finalizes sale after increasing occupancy to 100%
ATLANTA (Aug. 2021) – Bridge Commercial Real Estate (Bridge) announced today it has completed the sale of Bridge Crossing, a three-story, 199,194-square-foot Class-A office building at 5301 Maryland Way in Brentwood, Tennessee near Nashville. Located just off Interstate 65 in the Maryland Farms development, Bridge Crossing recently underwent a $3 million dollar renovation plan and is surrounded by several shopping, dining and entertainment destinations.
Originally built in 1989, Bridge purchased the asset in January 2018 and subsequently rebranded the building for multi-tenant use with new signage and wayfinding. In order to attract new tenants, Bridge invested $1.8 million into a parking lot expansion, which provided 147 additional parking spaces. The third floor was updated to accelerate leasing activity and enhancements were made to common areas, lobbies and elevators. In line with Bridge’s office strategy, these investments allowed Bridge to secure two major leases which increased the building’s occupancy from 67% to 100%, through May 2026.
“The successful disposition of Bridge Crossing reflects our strategy of investing in value-add properties in prime locations and retrofitting them in ways to better serve current and future tenants,” said David McCleve, Director of Office Acquisitions at Bridge Investment Group. “The building’s high-quality capital improvements and convenient access to premier amenities give Bridge Crossing a competitive edge in the booming Nashville office market.”
Bridge Crossing’s unique layout and multiple entrances enhance the property’s appeal as a multi-tenant office building, providing further flexibility to its new owner. Notable tenants include information technology and services company Cognizant, and Comdata, a payment processing company which recently expanded its lease to 50,690 square feet on the third floor. Comdata’s lease commenced in Bridge Crossing on June 20, 1996 and this location still remains their headquarters.
According to CBRE Nashville’s Office MarketView Q2, the market saw 92,314 square feet of positive total net absorption in Q2 2021, bucking the negative absorption trend for the first time in over a year. Additionally, Nashville’s average asking rental rates are trending upward to $28.80 per square foot while leasing activity is increasing as new leases outpaced renewals in Q2.
CBRE Executive Vice President Jay O’Meara represented Bridge in the transaction with buyer, Pacific Oak Capital Advisors.
“We are thrilled to add Bridge Crossing to our portfolio and are pleased with Bridge’s successful repositioning plan which makes the property even more attractive to a variety of tenants,” said Jeff Rader, Executive Vice President at Pacific Oak Capital Advisors. “We look forward to building on this property’s positive momentum and furthering our presence in one of America’s fastest growing office markets.”
For more information about Bridge Commercial Real Estate, visit bridgecre-office.com.
About Bridge Commercial Real Estate: (“BCRE”) is a fast-rising player in the U.S. commercial office market that specializes in creating desirable, next-generation workspaces. BCRE provides world-class commercial office brokerage services, property management, accounting and commercial construction services for Bridge Office assets. With a proven blueprint that delivers long-term value for tenants and investors, our portfolio includes office properties uniquely positioned in dynamic, high-growth markets across the U.S. and continues to grow. We are laser focused on how companies work today – and will work tomorrow. Headquartered in Atlanta, Georgia and Salt Lake City, Utah, BCRE is a subsidiary of Bridge Investment Group.
About Bridge Investment Group: Bridge is a leading, vertically integrated real estate investment manager, diversified across specialized asset classes, with approximately $28.7 billion of assets under management as of June 30, 2021. Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on select U.S. real estate verticals: multifamily, affordable housing, seniors housing, office, development, logistics net lease, logistics properties, debt strategies and agency mortgage backed securities.