Cushman & Wakefield announced today that it has negotiated the $68.25 million ($190.92 per square foot) sale of a five-building office portfolio in Miami’s Waterford at Blue Lagoon Business Park.
The brokerage team of Executive Director Mike Davis, Executive Director Scott O’Donnell, Senior Director Michael Lerner, Senior Director Rick Brugge, Senior Director Dominic Montazemi and Director Miguel Alcivar represented the seller, a fund managed by DRA Advisors, LLC, in the transaction.
Ivy Realty acquired the portfolio.
The portfolio totals 357,466 square feet and was built between 1982 and 1988. The five buildings are located at 5757, 5775, 5805, 6101 and 6161 Blue Lagoon Drive. The buildings range in size from 60,338 square feet to 88,835 square feet, each with an attractive four-story, mid-rise profile. The properties offer highly efficient floor plates averaging 15,000 square feet for buildings 5757, 5775, and 5805, and 22,000 square feet for buildings 6101 and 616. The portfolio was 79 percent occupied at the time of sale with nearly 60 percent of the tenancy consisting of national and regional companies.
Waterford at Blue Lagoon is a 250-acre master-planned, mixed-use, business park located directly across the Dolphin Expressway from the Miami International Airport. The park is comprised of 20 office buildings and more than 2.8 million square feet of development, including four hotels, numerous restaurants, banking facilities, a Publix supermarket and a U.S. Post Office branch. Its position southeast of the Dolphin Expressway and Palmetto Expressway interchange provides excellent access for tenants commuting from Coral Gables, Brickell and downtown Miami.
While rents have risen dramatically in the surrounding submarkets of Airport West, Brickell, Downtown and Coral Gables, tenants seeking more moderately priced, centrally located office space have migrated to Waterford.
“This portfolio offered an exceptional value-add opportunity in Miami’s premier mixed-use office park,” said Davis. “With modest common area upgrades, new ownership will be able to favorably position these assets to capitalize on the rapidly growing demand for high-quality space in the Waterford at Blue Lagoon micro-market.”
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