Bridge Investment Group has entered the Greater Philadelphia market with its $58.25 million acquisition of the Bay Colony office complex in Wayne, writes Natalie Kostelni for the Philadelphia Business Journal.
The Salt Lake City firm purchased the 249,522-square-foot, four-building complex from Equus Capital Partners.
The newly acquired buildings located at 565, 575, 585, and 595 East Swedesford are 91 percent leased. However, occupancy is expected to decline later this year when Bracket, which leases 37,000 square feet of space, relocates to Blue Bell.
Bridge, which focuses on value-add opportunities in its investments, was attracted to Bay Colony by the pending vacancy and the additional improvements it plans to make to the complex.
“At first, we thought it may have been too improved,” said Brian Tretinik, managing director at Bridge.
The firm plans to invest an additional $5 million in renovations over the next three years.
Read more about the Bridge Investment Group in the Philadelphia Business Journal here.