A $500M fund operated by executives from the former Fairlead Commercial Real Estate firm has put on mouse ears in Orlando.
Bridge Office Fund Manager — a subsidiary of Salt Lake City-based Bridge Investment Group Partners, which merged with Atlanta-based Fairlead and launched a $500M office fund — purchased The Celebration Portfolio, a four-building, 286K SF office complex in Celebration, Florida, and home to Walt Disney Parks and Resorts offices and Disney Worldwide Services, from Blackstone for an undisclosed sum.
"Market fundamentals are exceptionally strong in greater Orlando, which has the lowest office vacancy of the major Florida markets and leads the nation in job growth," Bridge principal Jeff Shaw said. "The Celebration area has seen population grow nearly 20% over the past five years and is projected to continue to grow by more than 12% over the next five years."
According to Colliers International, Orlando generated 50,900 private sector jobs in 2016, and has an unemployment rate of 4.4%.
Bridge has closed on $325M in deals during the past year, and has another $70M under contract, Shaw said.
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