Denver, Colorado (September 30, 2021)
Ascentris, a Denver-based real estate private equity firm, and Bridge Investment Group LLC (“Bridge”) announced the sale of Fountain Square, a three-building, 242,000-square-foot office campus in Boca Raton, Florida.
Ascentris and Bridge acquired the campus in 2017 and implemented an extensive renovation program that included modernized lobbies and restrooms, improved common areas, and expanded outdoor seating and collaboration space. The repositioning initiative also included the construction of speculative suites designed for tenants seeking high-quality, move-in-ready space.
Since acquiring the property, ownership completed more than 100,000 square feet 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 more than two million square feet of retail destinations and many of Boca Raton’s leading dining and shopping options. Favorable demographics, a high quality of life and limited new supply have driven market rents in Boca Raton up 31% since 2013.
“Ascentris is very pleased with the outcome of this investment,” 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 handled leasing on behalf of ownership.
About Ascentris
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 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 enables investors to access opportunities ahead of the market while receiving a high level of service, transparency and accountability. Ascentris is a privately held and management-owned SEC registered investment adviser committed to putting its investors’ needs first. Additional information is available at www.ascentris.com.
About Bridge
Bridge is a vertically integrated real estate investment manager diversified across specialized asset classes, with approximately $28.7 billion in assets under management as of June 30, 2021.
Bridge combines its nationwide operating platform with dedicated investment teams focused on select U.S. real estate sectors including multifamily, affordable housing, seniors housing, office, development, logistics net lease, logistics properties, debt strategies and agency mortgage-backed securities.
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