In June, 2011, BRG sold a 187,000 square foot office building on East 46th Street in Manhattan held in partnership with Extell Development to a publicly traded REIT for a price in excess of $114 million. As a result of its success, BRG launched a commercial division in 2013. To date, BRG has purchased eighteen commercial buildings along the East Coast, or approximately 700,000 square feet. These transactions include medical office buildings, core+ office buildings and a high end retail building. Examples of transactions include the following:
Heron Bay, Florida
In July, 2015, BRG purchased two Class A office buildings totaling over 90,000 square feet in this supply constrained sub-market of West Broward County with attractive population characteristics and demographics at a price significantly below replacement cost.The Heron Bay Corporate Center caters to small, medium, and larger businesses that benefit from immediate access to major thoroughfares and expressways. BRG maintains a high occupancy rate,
Garden City, New York
BRG purchased a 118,000 square foot office/medical condo in Garden City, New York, for $16.4 million. The condo is adjacent to the 2.2 million square foot Roosevelt Field Mall and is near well-known local hospitals as well as convenient transportation options. Tenants include credit medical practices, among others.
This property was acquired with significant vacant space. Through targeted marketing and a finger on the pulse of the needs of the geographic area, BRG engaged with interested parties and increased occupancy and leased the significant space to brand name, credit medical tenants.
In December, 2015, BRG purchased an approximate 25,000 square foot retail building on Harding Avenue in Surfside, Florida from New York Community Bank. The property is located directly across the street from the super high-end Bal Harbour Shops, which is reported to be the top producing high-end shopping center in the United States. BRG sold this property in September, 2016 after receiving an offer it could not refuse.
Englewood, New Jersey
IIn January, 2015, BRG purchased a fully occupied 40,000 square foot MOB in Englewood, N.J. located approximately 1 mile South of Englewood Hospital and very close to the Route 4 corridor. BRG is investing significant capital to upgrade the quality of the building.
Providence, Rhode Island
In September, 2016, BRG purchased twelve medical office buildings, totaling over 350,000 square feet, in Providence, Rhode Island which are located close to Rhode Island Hospital. The buildings were all recently renovated and close to 100% occupied. Providence benefits from a diverse economic base of university, healthcare, government and manufacturing sectors.
In July, 2017, BRG purchased a Class A medical office building totaling 104,000 square feet in West Greenwich, Connecticut across the street from Greenwich Hospital’s Holly Hill Campus. Recently, Stamford Hospital expanded their space in the building by leasing the entire second floor with approximately 31,000 square feet. Greenwich Hospital is a tenant in the building as well as other medical-related tenants and non-medical tenants such as Signature Bank. The building was purchased with some vacancy and BRG is in active leasing discussions with a number of potential tenants. The building is in an excellent location which continues to improve with the addition of Westchester Medical and other medical tenants nearby as well as attractive retail and residential options.
Yonkers, New York
In May, 2021, BRG purchased two single tenant buildings totaling 130,000 square feet leased on a long-term basis to Montefiore Medical Center. The buildings are located in Yonkers, New York, very close to many of Montefiore Hospital’s critical services.