MetLife Adds 591,000 SF to South Florida Office Portfolio

According to public records, MetLife paid nearly $41.8 million, or about $166.33 per sf, for Venture Corporate Center. Recorded transactions on the Blue Lagoon buildings are incomplete. A South Florida office specialist who covers both Miami-Dade and Broward counties falls short when he tells GlobeSt.com on condition of anonymity that the pricing for both portfolios "probably ranged somewhere between $135 per sf and $165 per sf. According to his calculations, he estimates the aggregate investment "in a range of from about $80 million to $90 million."

Bill Miller, director, and Glenn Becker, associate director of MetLife's Tampa regional office, led their company's acquisition effort. Chris Lee of the local office of CB Richard Ellis represented TIAA-CREF, the seller of the Blue Lagoon buildings. Jay Caplin, senior director of capital markets in the local office of Cushman & Wakefield, represented an affiliate of Americas Capital Partners, the seller of the Venture center.

Each of the three buildings in the Venture complex is approximately 84,000 sf, and they were built between 1982 and 1986, according to Miller and Becker. They tell GlobeSt.com occupancy in the complex is "at the low 80% level." They did not disclose the rental rate. According to data from the local office of CBRE, the overall office rate in Hollywood is $23.68 per sf. MetLife assigned management and leasing of this property to the Coral Gables office of Atlanta-based Taylor & Mathis. Allison Adler heads the effort. She could not be reached by deadline.

As GlobeSt.com previously reported, Jeannette Pay, marketing manager of Taylor & Mathis of Florida, heads management and leasing of the Waterford @ Blue Lagoon buildings. They were built between 1982 and 1987, according to Pay, and occupancy in the buildings ranges between 71% and 91%. The average asking rental rate ranges from $22 per sf to $24 per sf.