The Bridge Crossing office building in Brentwood has sold for $46 million following comprehensive renovations.
Positioned in the Maryland Farms development across the street from a local Primrose School, 200,000 square feet of office space sold for $9.6 million more than its seller, Bridge Office Fund Manager, paid when acquiring the property in 2018. A subsidiary of Atlanta-based, Bridge Commercial Real Estate, Bridge Office used its three years of ownership to put millions of dollars into enhancing the building before selling it to Los Angeles-based Pacific Oak Capital Advisors.
Bridge Crossing, built in 1989, is fully leased — and home to several tech companies, including anchor tenant FleetCor Technologies Inc., Cognizant and Comdata. The latter has been headquartered there since 1996.
CBRE Group Inc. represented Bridge Commercial in facilitating the transaction through a team of four: Jay O’Meara, Morgan Hillenmeyer, Roscoe High and Ryan Reethof.
Bridge Commercial attributed the quick turnaround to office properties in the Greater Nashville area becoming an increasingly lucrative market due partly to the high-octane development in Nashville’s downtown, its effect on surrounding areas and more employees returning to offices in Nashville than in most other markets.
This marks the third Maryland Farms property to sell in as many months. The YMCA of Middle Tennessee announced on June 3 an agreement with Highwoods Properties, which will eventually involve the sale of its property by 2023. Rhode Island-based American Finance Trust bought the lot of the Maryland Farms SunTrust Bank on June 10.
Maryland Farms is a 400-acre development comprised of over 6 million square feet in office space and 2.3 million square feet of retail. The master development accounts for 20,000 jobs.