A Private Buyer Acquired the 91,431-Square-Foot Office Building in Miami’s Waterford Business District Park
MIAMI, FL, January 16, 2020 — Ivy Realty has sold Waterford Centre at Blue Lagoon, a Class A, 91,431-square-foot office building in the recently rebranded Waterford Business District corporate park.
JB Waterford, LLC, an affiliate of Coral Gables, FL-based Patton Real Estate Group, acquired the asset for $30.4 million ($332 per square foot).
Ivy Realty originally acquired Waterford Centre in a 2014 entity sale for $21.9 million. The Greenwich, CT-based investor was represented in the disposition by the Cushman & Wakefield capital markets team of Miguel Alcivar, Dominic Montazemi, Scott O’Donnell, Mike Davis, and Stuart Kapp of Kapp Morrison LLP.
Waterford Centre at Blue Lagoon is a six-story, institutional-grade office building developed in 1999 on a 3.98-acre site at 6205 Blue Lagoon Drive in Miami’s Waterford Business District, a 250-acre master-planned, mixed-use park located directly across the Dolphin Expressway from the Miami International Airport. The park comprises 22 office buildings totaling more than 3.3 million square feet, as well as four hotels, numerous restaurants, banking facilities, a day care center and a U.S. Post Office branch.
The building was 88.8% occupied at the time of sale. Notable tenants include The Parker Company, CheckAlt, Travel Traders and Cardinia Real Estate LLC (Omnicom Goup).
Ivy Realty is an active investor in the South Florida commercial real estate market. The company’s regional portfolio comprises nearly 1 million square feet of office space in Miami-Dade, Broward and Palm Beach Counties, including five other buildings in the park.
About Ivy Realty
Ivy Realty was founded in 1996 to acquire commercial real estate in the northeastern United States and later expanded into southeastern Florida. Since our inception, we have built a reputation as one of the finest real estate operators in the market having acquired over $1.5 billion and 11 million square feet in commercial real estate assets. We employ a patient and focused investment strategy concentrating in areas where we have superior market knowledge and value-added relationships. This focus enables our operating company to uncover and create value at the asset level. Our “on the ground” presence is essential in enabling us to consistently outperform the macro market and deliver superior returns to our investors.
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