Bridge Hands Struggling Miami-Dade Offices To New Lender
A Nashville-based firm picked up a three-building office portfolio in Flagler Station from Bridge Investment Group after climbing vacancy pushed the properties into distress.
Entities affiliated with Hamilton Development acquired three office buildings on a 24-acre lot in the Flagler Station business park west of Medley. The deal involved a deed-in-lieu-of-foreclosure and what appears to be a traditional sale with new financing, according to property records provided by Vizzda.
Salt Lake City-based Bridge purchased the buildings at 9675, 9725 and 10451 NW 117th Ave. in 2019 for $85.7M with a $64.5M mortgage from Wells Fargo, the South Florida Business Journal reported at the time.
As part of the transaction, Hamilton entities — Flagler Station Office LLC and HDCAL Flagler Station LLC — purchased the debt tied to the properties from Wells Fargo.
Bridge handed over the first building, Building 1100, via a deed-in-lieu-of-foreclosure transaction valued at $21M. Forty-nine percent of the four-story, 124K SF office building is listed as available, according to LoopNet.
Hamilton acquired the second office, Building 1300, for $21M with a $14.6M mortgage from Nashville-based Pinnacle Bank. The 156K SF office seemed to have a similar struggle, with 43% of its space available at the time of the sale, according to the LoopNet listing.
Bridge also transferred Building 1200, which spans 126K SF, to Hamilton, although that deal has yet to hit property records.
“We look forward to sharing more about our plans soon,” a Hamilton Development spokesperson told Bisnow in an email, declining to comment further.
Hamilton Development, founded in 2023, is led by former Panattoni Development Co. executives and brothers Whitfield and Hayne Hamilton. The firm focuses on office and industrial projects across the Southeast and mid-Atlantic.
In August, Hamilton filed plans to convert Baptist Health offices at 14100 SW 136th St. into 112K SF of warehouses, the South Florida Business Journal reported at the time. Hamilton recently began work on the project, the spokesperson confirmed.
Bridge's offloading of the buildings comes as the firm itself is in transition, with a $1.5B stock deal to be acquired by Apollo Global Management pending.
