Miami’s Waterford Centre Trades to Patton Real Estate Group

Waterford Centre at Blue Lagoon

MIAMI—Ivy Realty has sold Waterford Centre at Blue Lagoon, a Class A, 91,431-square-foot office building in the city’s recently rebranded Waterford Business District corporate park. JB Waterford, LLC, an affiliate of Coral Gables, FL-based Patton Real Estate Group, acquired the property for $30.4 million, or $332 per square foot.

“The Miami office market remains strong,” Ivy Realty Chief Investment Officer David Archibald tells GlobeSt.com. “In particular, existing Class A assets like Waterford Centre at Waterford Business District have experienced considerable growth driven by South Florida’s burgeoning population, exceptional workforce demographics and the relative dearth of infill development opportunities.” Archibald said Ivy Realty invested $1.5 million in various capital improvement projects at the property.