MIAMI—Earlier this week I reported on New Boston Fund's sale of Waterford Centre inMiami. I remember when Blanca Commercial RealEstate drove up occupancy more than 20% in about 12months.

|

It seems the time was right for New Boston to reap what it sowedinto the class A suburban office building. Nowthat the dust has settled, let's take a closer look at thedeal.

|

New Boston sold the 91,281-square-foot office building toIvy Realty, of Greenwich, CT. I still wasn't ableto get a sale price but what we know for sure is that the assetsold at 91% occupied. CBRE represented theseller.

|

New Boston acquired Waterford Centre in 2012.The firm hired Blanca to help execute a repositioning plan toattract high quality tenants to the suburban asset. It worked—andworked well.

|

“New Boston Fund's strategic purchase of the asset at 78%occupancy during the recession in 2012 has paid off,” says CBREvice chairman Christian Lee. “The company believedin the asset and the market, made judicious capital improvements,and stabilized the rent roll with several high quality tenants.That, along with the fact that market rents have risen considerablyover the past year, allowed them to achieve their investment goalsin under two years.”

|

Waterford Centre is located within the leading Waterford at BlueLagoon Business Park. Fronting the Dolphin Expressway anddirectly across from Miami International Airport, the park is thepremier corporate park in the state of Florida.

|

The 250-acre park offers quality suburban office andconsistently outperforms the market as a whole. This location hashistorically been, and continues to be, a choice destination forthe Latin American headquarters for the world's largestinternational tenants, pulling executives from around theglobe.

|

“We have effectively positioned Waterford Centre as an idealhome for major multinational corporate users,” says Tere Blanca,president and CEO of Blanca. She called the lease up a “testamentto the quality of the asset and its ownership.”

|

With help from Blanca, New Boston increased the building'soccupancy to 91% leased. The building has a diverse mix of nationaland international tenants, including McAfee (a subsidiary ofIntel), Whirlpool Corporation, Travel Traders, Xerox Corporation,and Remy Cointreau.

|

The Miami-based CBRE team representing New Boston Fund includedLee and José Lobón with CBRE's Capital MarketsInstitutional Group; and Charles Foschini andChris Apone with CBRE's Debt & Structured Finance Group. Blancaexecutive vice president Danet Linares assistedthe CBRE team. New Boston does not disclose sale prices for itstransactions.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.