Miami’s Waterford Centre Trades to Patton Real Estate Group
The 91,431-square-foot office building sold for $30.4 million, or $332 per square foot.
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.
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 Dr. 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 US 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.