Bridge Investment Group Unloads Three-Building Office Complex

A Nashville-based company, Hamilton Development, has acquired a three-building office complex in Flagler Station, located west of Medley, after rising vacancy rates led the properties into financial distress.

Entities tied to Hamilton bought the buildings, situated on a 24-acre site within the Flagler Station business park, from Bridge Investment Group. The transaction included both a deed-in-lieu-of-foreclosure and a conventional sale supported by new financing, according to property records from Vizzda.

Bridge Investment Group, based in Salt Lake City, had originally bought the properties—located at 9675, 9725, and 10451 NW 117th Avenue—in 2019 for $85.7 million, using a $64.5 million loan from Wells Fargo.

As part of the recent deal, Hamilton affiliates—Flagler Station Office LLC and HDCAL Flagler Station LLC—also acquired the outstanding debt on the buildings from Wells Fargo.

The first building, referred to as Building 1100, was transferred to Hamilton through a deed-in-lieu-of-foreclosure arrangement valued at $21 million. Approximately 49% of its 124,000 square feet is vacant, per LoopNet.

Hamilton purchased the second building, Building 1300, for $21 million, backed by a $14.6 million loan from Pinnacle Bank. That building, which is 156,000 square feet, also faced high vacancy, with 43% of the space available at the time of sale.

The third building, Building 1200, spans 126,000 square feet and was also handed over to Hamilton, though the transaction hasn’t yet been reflected in public records.

Founded in 2023 by brothers Whitfield and Hayne Hamilton—former executives at Panattoni Development Co.—Hamilton Development specializes in office and industrial real estate throughout the Southeast and Mid-Atlantic regions.

 

Source:  Bisnow