Ivy Realty Sells Miami Office Building

Patton Real Estate Group acquired the Class A, 91,431-square-foot property in the Waterford Business District.
Waterford Centre at Blue Lagoon
Waterford Centre at Blue Lagoon

Ivy Realty has sold Waterford Centre at Blue Lagoon, a 91,431-square-foot office building in Miami’s Waterford Business District. Patton Real Estate Group acquired the Class A asset for $30.4 million.

Cushman & Wakefield and Kapp Morrison assisted the seller in the disposition. The property last traded in 2014, when Ivy Realty purchased it for $21.6 million from New Boston Fund, according to Yardi Matrix data.

Developed in 1999 on almost 4 acres, the six-story asset is at 6205 Blue Lagoon Drive within Waterford Business District, the 250-acre master-planned professional hub. The mixed-use development comprises more than 3.3 million square feet of office space in 22 buildings, as well as four hotels, numerous restaurants, banking facilities, a day-care center and a U.S. Post Office branch.

Waterford Centre at Blue Lagoon features 32,742-square-foot floorplates and a parking ratio of 3.6 spaces per 1,000 square feet. The property was 88 percent occupied at the time of sale, with The Parker Co., CheckAlt and Travel Traders on the tenant roster.

The property is adjacent to the Dolphin Expressway, directly across from Miami International Airport. There are many hotels, restaurants and shops within a 2-mile radius, including the Mall of the Americas.

The Cushman & Wakefield team of Miguel Alcivar, Dominic Montazemi, Scott O’Donnell and Mike Davis represented the seller in the deal, while Stuart Kapp of Kapp Morrison LLP served as legal counsel.

Ivy Realty sold another two office buildings from its Southeast Florida portfolio in November. Denholtz Properties paid $27.7 million for the Class B assets totaling 157,438 square feet in Deerfield Beach, Fla.