Ascentris and Bridge Sell South Florida Office Campus, Fountain Square
Denver, Colorado (September 30, 2021) – Ascentris, a Denver-based real estate private equity firm, and Bridge Investment Group LLC (“Bridge”) announced today the sale of Fountain Square, a three-building, 242K sf office campus in Boca Raton, FL.
Ascentris and Bridge acquired the campus in 2017 and implemented an extensive renovation program, which included modernized lobbies and restrooms, improved common areas, and expanded outdoor seating and collaboration space. The repositioning initiative also included construction of speculative suites which catered to tenants seeking high quality, move-in-ready space. Since its acquisition of the Property, ownership completed over 100K sf of leasing and increased rental rates by 28%.
Three premier retail centers, including Town Center at Boca and Boca Center, are located within two miles of Fountain Square, providing access to over two million square feet of retail destinations and some of Boca Raton’s top retail and dining options. Favorable demographics, a high quality of life, and lack of new supply have caused market rents in Boca Raton to increase 31% since 2013.
“Ascentris is very pleased with the outcome of this invesmtent,” said Ascentris Managing Director and Partner Tricia Noble. “The recent leasing velocity at the property demonstrates the continued demand for well-amenitized office space in growth markets. The investor interest in the property was very strong, as we are continuing to see in many of the top markets around the country,” added Noble.
Chris Lee and Jose Lobon marketed the property for sale, while Joe Frietas and John Criddle leased the property on behalf of ownership.
Ascentris is a real estate private equity firm based in Denver, Colorado. With over $2.2 billion in assets under management, Ascentris manages a series of fully discretionary institutional vehicles targeting both core and value-add investments across the major property types and geographic regions within the United States. Since 2003, Ascentris’ management team has relied on an investment philosophy and organizational structure that results in its investors getting to opportunities ahead of the market while receiving an unmatched level of service, transparency and accountability. Ascentris is a privately held and management-owned SEC registered investment adviser that maintains an unwavering commitment to put its investors’ needs first. Additional information is available at www.ascentris.com.
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.